Investment in Kronos Worldwide, Inc.

3 Months Ended

Mar. 31, 2026

Investment in Kronos Worldwide, Inc.

Investment in Kronos Worldwide, Inc.

Note 6 – Investment in Kronos Worldwide, Inc.:

At December 31, 2025 and March 31, 2026, we owned approximately 35.2 million shares of Kronos common stock. At March 31, 2026, the quoted market price of Kronos’ common stock was $6.57 per share, or an aggregate market value of $231.4 million. At December 31, 2025, the quoted market price was $4.42 per share, or an aggregate market value of $155.7 million.

The change in the carrying value of our investment in Kronos during the first three months of 2026 is summarized below.

	Amount
	(In millions)
Balance at the beginning of the period	$	230.1
Equity in losses of Kronos		(1.5)
Dividends received from Kronos		(1.8)
Equity in Kronos' other comprehensive income:
Currency translation		1.3
Defined benefit pension plans		.1
Balance at the end of the period	$	228.2

Selected financial information of Kronos is summarized below:

	December 31,		March 31,
	2025		2026
	(In millions)
Current assets	$	994.5	$	988.5
Property and equipment, net		724.3		712.6
Other noncurrent assets		98.0		97.2
Total assets	$	1,816.8	$	1,798.3
Current liabilities	$	368.8	$	311.0
Long-term debt		557.4		602.7
Accrued pension costs		80.9		76.4
Other noncurrent liabilities		58.6		63.2
Stockholders’ equity		751.1		745.0
Total liabilities and stockholders’ equity	$	1,816.8	$	1,798.3

	Three months ended
	March 31,
	2025		2026
	(In millions)
Net sales	$	489.8	$	509.8
Cost of sales		383.0		426.5
Income from operations		38.4		12.6
Income tax expense		7.6		2.8
Net income (loss)		18.1		(4.8)