Investment in Kronos Worldwide, Inc.

3 Months Ended

Mar. 31, 2014

Investment in Kronos Worldwide, Inc.

Note 5 - Investment in Kronos Worldwide, Inc.:

At December 31, 2013 and March 31, 2014, we owned approximately 35.2 million shares of Kronos common stock. At March 31, 2014, the quoted market price of Kronos’ common stock was $16.68 per share, or an aggregate market value of $587.5 million. At December 31, 2013, the quoted market price was $19.05 per share, or an aggregate market value of $670.9 million.

The change in the carrying value of our investment in Kronos during the first quarter of 2014 is summarized below:

	Amount
	(In millions)
Balance at the beginning of the period	$	284.5
Equity in earnings of Kronos		4.3
Dividends received from Kronos		(5.3	)
Other, principally equity in Kronos’ other comprehensive loss		(3.4	)
Balance at the end of the period	$	280.1

Selected financial information of Kronos is summarized below:

	December 31,2013		March 31, 2014
	(In millions)
Current assets	$	781.2	$	937.9
Property and equipment, net		536.3		534.4
Investment in TiO2 joint venture		102.3		97.8
Other noncurrent assets		199.3		185.9
Total assets	$	1,619.1	$	1,756.0
Current liabilities	$	278.0	$	274.9
Long-term debt		180.4		346.6
Accrued pension and postretirement benefits		171.6		165.7
Other noncurrent liabilities		54.0		48.2
Stockholders’ equity		935.1		920.6
Total liabilities and stockholders’ equity	$	1,619.1	$	1,756.0

	Three months ended March 31,
	2013			2014
	(In millions)
Net sales	$	463.6		$	420.1
Cost of sales		459.7			339.6
Income (loss) from operations		(46.9	)		26.0
Net income (loss)		(41.1	)		14.3