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Investment in Kronos Worldwide, Inc. (Tables) | 12 Months Ended
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Dec. 31, 2016
Equity Method Investments And Joint Ventures [Abstract] |
Changes in Carrying Value of Investment | The change in the carrying value of our investment in Kronos during the past three years is summarized below:
| Years ended December 31, |
| 2014 |  |  | 2015 |  |  | 2016 |
| (In millions) |
Balance at the beginning of the year | $ | 284.5 |  |  | $ | 237.7 |  |  | $ | 140.7 |
Equity in earnings (losses) of Kronos |  | 30.2 |  |  |  | (52.8 | ) |  |  | 13.2 |
Dividends received from Kronos |  | (21.1 | ) |  |  | (21.1 | ) |  |  | (21.1 | )
Equity in Kronos' other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Marketable securities |  | (4.2 | ) |  |  | 0.7 |  |  |  | .7 |
Currency translation |  | (31.3 | ) |  |  | (28.0 | ) |  |  | (5.4 | )
Interest rate swap |  | - |  |  |  | (0.7 | ) |  |  | .1 |
Defined benefit pension plans |  | (20.1 | ) |  |  | 4.9 |  |  |  | (7.8 | )
Other postretirement benefit plans |  | (0.3 | ) |  |  | - |  |  |  | (.1 | )
Other |  | - |  |  |  | - |  |  |  | - |
Balance at the end of the year | $ | 237.7 |  |  | $ | 140.7 |  |  | $ | 120.3 |
Selected Financial Information of Kronos Balance Sheet | Selected financial information of Kronos is summarized below:
| December 31, |
| 2015 |  |  | 2016 |
| (In millions) |
Current assets | $ | 710.8 |  |  | $ | 650.4 |
Property and equipment, net |  | 429.5 |  |  |  | 434.0 |
Investment in TiO2 joint venture |  | 82.9 |  |  |  | 78.9 |
Other noncurrent assets |  | 19.5 |  |  |  | 16.3 |
Total assets | $ | 1,242.7 |  |  | $ | 1,179.6 |
Current liabilities | $ | 201.7 |  |  | $ | 182.1 |
Long-term debt |  | 337.2 |  |  |  | 335.4 |
Accrued pension and postretirement benefits |  | 209.4 |  |  |  | 234.2 |
Other noncurrent liabilities |  | 32.5 |  |  |  | 32.9 |
Stockholders' equity |  | 461.9 |  |  |  | 395.0 |
Total liabilities and stockholders' equity | $ | 1,242.7 |  |  | $ | 1,179.6 |
Selected Financial Information of Kronos Income Statement |
| Years ended December 31, |
| 2014 |  |  | 2015 |  |  | 2016 |
| (In millions) |
Net sales | $ | 1,651.9 |  |  | $ | 1,348.8 |  |  | $ | 1,364.3 |
Cost of sales |  | 1,302.2 |  |  |  | 1,156.5 |  |  |  | 1,107.3 |
Income (loss) from operations |  | 149.7 |  |  |  | (1.1 | ) |  |  | 81.1 |
Income tax expense |  | 34.5 |  |  |  | 142.8 |  |  |  | 17.9 |
Net income (loss) |  | 99.2 |  |  |  | (173.6 | ) |  |  | 43.3 |

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