Investment in Kronos Worldwide, Inc.

6 Months Ended

Jun. 30, 2014

Investment in Kronos Worldwide, Inc.

Note 5 - Investment in Kronos Worldwide, Inc.:

At December 31, 2013 and June 30, 2014, we owned approximately 35.2 million shares of Kronos common stock.  At June 30, 2014, the quoted market price of Kronos’ common stock was $15.67 per share, or an aggregate market value of $551.9 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 six months of 2014 is summarized below.  See also Note 12.

	Amount
	(In millions)
Balance at the beginning of the period	$	284.5
Equity in earnings of Kronos		14.4
Dividends received from Kronos		(10.6	)
Other, principally equity in Kronos’ other comprehensive loss		(4.9	)
Balance at the end of the period	$	283.4

Selected financial information of Kronos is summarized below:

	December 31,2013		June 30, 2014
	(In millions)
Current assets	$	781.2	$	943.9
Property and equipment, net		536.3		529.0
Investment in TiO2 joint venture		102.3		88.6
Other noncurrent assets		199.3		171.5
Total assets	$	1,619.1	$	1,733.0
Current liabilities	$	278.0	$	249.0
Long-term debt		180.4		345.8
Accrued pension and postretirement benefits		171.6		163.4
Other noncurrent liabilities		54.0		43.5
Stockholders’ equity		935.1		931.3
Total liabilities and stockholders’ equity	$	1,619.1	$	1,733.0

	Three months ended June 30,					Six months endedJune 30,
	2013			2014		2013			2014
	(In millions)
Net sales	$	481.1		$	443.5	$	944.7		$	863.6
Cost of sales		471.5			349.7		931.2			689.3
Income (loss) from operations		(47.7	)		44.3		(94.6	)		70.3
Net income (loss)		(33.9	)		33.1		(75.0	)		47.4