Investment in Kronos Worldwide, Inc.

9 Months Ended

Sep. 30, 2013

Investment in Kronos Worldwide, Inc.

Note 6 - Investment in Kronos Worldwide, Inc.:

At December31, 2012 and September30, 2013, we owned approximately 35.2million shares of Kronos common stock. At September30, 2013, the quoted market price of Kronos’ common stock was $15.49 per share, or an aggregate market value of $545.5 million. At December31, 2012, the quoted market price was $19.50 per share, or an aggregate market value of $686.8 million.

The change in the carrying value of our investment in Kronos during the first nine months of 2013 is summarized below:

	Amount
	(Inmillions)
Balance at the beginning of the period	$	323.1
Equity in loss of Kronos		(31.9	)
Dividends received from Kronos		(15.8	)
Other, principally equity in Kronos’ other comprehensive income		4.7
Balance at the end of the period	$	280.1

Selected financial information of Kronos is summarized below:

	December31, 2012		September30, 2013
	(In millions)
Current assets	$	1,223.4	$	821.5
Property and equipment, net		522.5		524.0
Investment in TiO2 joint venture		109.9		105.9
Other noncurrent assets		171.2		222.4
Total assets	$	2,027.0	$	1,673.8
Current liabilities	$	328.4	$	297.4
Long-term debt		378.9		203.3
Accrued pension and postretirement benefits		203.3		198.4
Other noncurrent liabilities		54.3		54.2
Stockholders’ equity		1,062.1		920.5
Total liabilities and stockholders’ equity	$	2,027.0	$	1,673.8

	Threemonthsended September30,					Ninemonthsended September30,
	2012		2013				2012		2013
	(In millions)
Net sales	$	472.9	$	419.1			$	1,579.5		$	1,363.8
Cost of sales		386.9		371.9				1,068.7			1,303.1
Income (loss) from operations		38.5		(37.0	)			358.5			(131.6	)
Net income (loss)		35.2		(29.9	)			236.6			(104.9	)