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Investment in Kronos Worldwide, Inc. | 12 Months Ended
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Dec. 31, 2019
Equity Method Investments And Joint Ventures [Abstract] |
Investment in Kronos Worldwide, Inc. | Note 6 - Investment in Kronos Worldwide, Inc.: At December 31, 2018 and 2019, we owned approximately 35.2 million shares of Kronos common stock. The per share quoted market price of Kronos at December 31, 2018 and 2019 was $11.52 and $13.40 per share, respectively, or an aggregate market value of $405.7 million and $471.9 million, respectively. The change in the carrying value of our investment in Kronos during the past three years is summarized below:
| Years ended December 31, |
| 2017 |  |  | 2018 |  |  | 2019 |
| (In millions) |
Balance at the beginning of the year | $ | 120.3 |  |  | $ | 229.5 |  |  | $ | 255.5 |
Equity in earnings of Kronos |  | 107.8 |  |  |  | 62.3 |  |  |  | 26.5 |
Dividends received from Kronos |  | (21.1 | ) |  |  | (23.9 | ) |  |  | (25.4 | )
Equity in Kronos' other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Currency translation |  | 17.5 |  |  |  | (10.1 | ) |  |  | (.5 | )
Defined benefit pension plans |  | 3.6 |  |  |  | (2.2 | ) |  |  | (6.7 | )
Other postretirement benefit plans |  | (.2 | ) |  |  | (.1 | ) |  |  | (.1 | )
Marketable securities |  | .9 |  |  |  | - |  |  |  | - |
Interest rate swap |  | .6 |  |  |  | - |  |  |  | - |
Other |  | .1 |  |  |  | - |  |  |  | (.9 | )
Balance at the end of the year | $ | 229.5 |  |  | $ | 255.5 |  |  | $ | 248.4 |
Selected financial information of Kronos is summarized below:
| December 31, |
| 2018 |  |  | 2019 |
| (In millions) |
Current assets | $ | 1,201.4 |  |  | $ | 1,219.7 |
Property and equipment, net |  | 486.4 |  |  |  | 490.6 |
Investment in TiO2 joint venture |  | 81.3 |  |  |  | 90.2 |
Other noncurrent assets |  | 129.0 |  |  |  | 165.3 |
Total assets | $ | 1,898.1 |  |  | $ | 1,965.8 |
Current liabilities | $ | 233.4 |  |  | $ | 270.6 |
Long-term debt |  | 455.1 |  |  |  | 444.0 |
Accrued pension costs |  | 262.9 |  |  |  | 307.4 |
Other noncurrent liabilities |  | 106.9 |  |  |  | 127.7 |
Stockholders' equity |  | 839.8 |  |  |  | 816.1 |
Total liabilities and stockholders' equity | $ | 1,898.1 |  |  | $ | 1,965.8 |
| Years ended December 31, |
| 2017 |  |  | 2018 |  |  | 2019 |
| (In millions) |
Net sales | $ | 1,729.0 |  |  | $ | 1,661.9 |  |  | $ | 1,731.1 |
Cost of sales |  | 1,159.3 |  |  |  | 1,099.7 |  |  |  | 1,344.9 |
Income from operations |  | 347.8 |  |  |  | 330.1 |  |  |  | 145.8 |
Income tax expense (benefit) |  | (48.8 | ) |  |  | 88.8 |  |  |  | 34.0 |
Net income |  | 354.5 |  |  |  | 205.0 |  |  |  | 87.1 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SX 210.3A-04) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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