[Part I. FINANCIAL INFORMATION](index=3&type=section&id=Part%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Kronos Worldwide reported decreased Q1 2020 net income and total assets, a shift to negative operating cash flow, and anticipates future COVID-19 impacts [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities decreased, leading to a decline in total stockholders' equity from year-end 2019 to Q1 2020 Condensed Consolidated Balance Sheet Highlights (In millions) | Account | Dec 31, 2019 | Mar 31, 2020 (unaudited) | | :--- | :--- | :--- | | **Total Current Assets** | $1,219.7 | $1,163.4 | | **Total Assets** | **$1,965.8** | **$1,874.8** | | **Total Current Liabilities** | $270.6 | $231.2 | | **Total Liabilities** | $1,149.7 | $1,092.5 | | **Total Stockholders' Equity** | $816.1 | $782.3 | | **Total Liabilities and Stockholders' Equity** | **$1,965.8** | **$1,874.8** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net income decreased in Q1 2020 due to lower net sales and gross margin, despite a positive currency transaction gain Condensed Consolidated Statements of Income (In millions, except per share data) | Metric | Q1 2019 | Q1 2020 | | :--- | :--- | :--- | | Net sales | $436.5 | $421.0 | | Gross margin | $109.3 | $88.1 | | Income from operations | $49.0 | $43.5 | | **Net income** | **$30.3** | **$27.0** | | Net income per share | $0.26 | $0.23 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company reported a comprehensive loss in Q1 2020, a significant reversal from prior year's income, primarily driven by a net loss from currency translation Comprehensive Income (Loss) (In millions) | Metric | Q1 2019 | Q1 2020 | | :--- | :--- | :--- | | Net income | $30.3 | $27.0 | | Other comprehensive income (loss), net | $2.1 | $(39.0) | | **Comprehensive income (loss)** | **$32.4** | **$(12.0)** | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Total stockholders' equity decreased in Q1 2020 due to a comprehensive loss and dividend payments, partially offset by net income - Dividends of **$0.18 per share** were paid in Q1 2020, totaling **$20.8 million**[18](index=18&type=chunk) - The company acquired **$1.0 million** of its common stock as treasury stock during Q1 2020[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow shifted to a net use in Q1 2020 due to working capital changes, while investing and financing cash flows remained relatively stable Net Cash Flow Summary (In millions) | Activity | Q1 2019 | Q1 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $7.0 | $(9.8) | | Net cash used in investing activities | $(17.5) | $(13.8) | | Net cash used in financing activities | $(21.0) | $(21.9) | | **Net change in Cash** | **$(31.5)** | **$(45.5)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail ownership, presentation, and disaggregated net sales, noting the adoption of ASU 2019-12 and the expected negative impact of the COVID-19 pandemic - At March 31, 2020, **Valhi, Inc. held approximately 50%** and an **NL Industries, Inc. subsidiary held 30%** of the company's outstanding common stock[25](index=25&type=chunk) Net Sales by Point of Destination (In millions) | Region | Q1 2019 | Q1 2020 | | :--- | :--- | :--- | | Europe | $215.2 | $214.5 | | North America | $146.8 | $132.3 | | Other | $74.5 | $74.2 | | **Total** | **$436.5** | **$421.0** | - The CARES Act provided a **$0.5 million cash tax benefit** in Q1 2020 from the reversal of a valuation allowance on disallowed interest expense[47](index=47&type=chunk) - The **COVID-19 pandemic** is expected to result in **lower sales and earnings** for the remainder of 2020, with the full extent of impact uncertain[56](index=56&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2020 net income decline to lower sales volumes and higher costs, anticipates negative COVID-19 impacts, but maintains strong liquidity [Results of Operations](index=17&type=section&id=Results%20of%20Operations) Income from operations decreased in Q1 2020 due to lower TiO2 sales volumes and gross margin, partially offset by favorable currency exchange rates TiO2 Operating Statistics (Thousands of metric tons) | Metric | Q1 2019 | Q1 2020 | % Change | | :--- | :--- | :--- | :--- | | Sales volumes | 143 | 136 | (5)% | | Production volumes | 134 | 132 | (1)% | - Net sales decreased by **4% ($15.5 million)**, primarily due to a **5% decrease in sales volumes**, with comparable average TiO2 selling prices year-over-year[69](index=69&type=chunk) - Currency exchange rate changes decreased net sales by approximately **$7 million** but increased income from operations by approximately **$11 million** in Q1 2020[71](index=71&type=chunk)[74](index=74&type=chunk)[79](index=79&type=chunk) [Outlook](index=21&type=section&id=Outlook) Management anticipates lower sales and earnings for the remainder of 2020 due to COVID-19, despite essential operations, with the full impact remaining uncertain - The company's manufacturing facilities are designated as essential businesses and remain open, operating at near planned capacities[82](index=82&type=chunk) - Due to COVID-19's global economic impact, the company expects **lower sales and earnings** than originally planned for 2020[84](index=84&type=chunk) - The company maintains sufficient liquidity with over **$341 million in cash** and over **$200 million in available credit**, prepared for cash-saving strategies if needed[81](index=81&type=chunk)[86](index=86&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with substantial cash and credit, despite negative operating cash flow in Q1 2020, and plans approximately $60 million in capital expenditures - Cash used in operating activities was **$9.8 million** in Q1 2020, a **$16.8 million decrease** from cash provided of $7.0 million in Q1 2019[88](index=88&type=chunk) Key Working Capital Metrics | Metric | Dec 31, 2019 | Mar 31, 2020 | | :--- | :--- | :--- | | DSO (Days Sales Outstanding) | 71 days | 69 days | | DSI (Days Sales in Inventory) | 83 days | 66 days | - At March 31, 2020, the company had **$342.9 million in cash** and access to approximately **$216.2 million in available credit**[98](index=98&type=chunk) - The company plans to invest approximately **$60 million** in capital expenditures during 2020[99](index=99&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=24&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) No material changes in the company's exposure to market risks, including currency, interest rates, equity, and commodity prices, have occurred since the 2019 Annual Report - There have been **no material changes** to the company's market risk exposures, including currency, interest rates, and commodity prices, since the 2019 Annual Report[105](index=105&type=chunk) [Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2020, with no material changes to internal control over financial reporting during Q1 - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2020[106](index=106&type=chunk) - No material changes to internal control over financial reporting occurred during Q1 2020[109](index=109&type=chunk) [Part II. OTHER INFORMATION](index=26&type=section&id=Part%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) The company has not accrued for litigation matters, believing a material loss is not reasonably possible, as detailed in Note 13 and the 2019 Annual Report - The company has **not accrued amounts for litigation matters**, as a material loss is not reasonably possible[52](index=52&type=chunk)[112](index=112&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred during the first quarter of 2020 since the 2019 Annual Report - There have been **no material changes** to the company's risk factors during the first quarter of 2020[113](index=113&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 122,489 shares of common stock for approximately $1.0 million in Q1 2020, with 1,563,519 shares remaining available for repurchase Common Stock Purchases - Q1 2020 | Period | Total Shares Purchased | Average Price Paid | Shares Remaining for Repurchase | | :--- | :--- | :--- | :--- | | March 2020 | 122,489 | $8.00 | 1,563,519 | [Exhibits](index=26&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL interactive data files - Filed exhibits include **CEO and CFO certifications** under Sarbanes-Oxley and **XBRL data files**[116](index=116&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-31763 KRONOS WORLDWIDE, INC. (Exact name of Registrant as specified in its charter) DELAWARE 76-0294959 (State or other jurisdiction of incorporat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-31763 KRONOS WORLDWIDE, INC. (Exact name of registrant as specified in its charter) DELAWARE 76-0294959 (State or other jurisdiction of incorporation or organization) Was ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2019 Commission file number 1-31763 KRONOS WORLDWIDE, INC. (Exact name of registrant as specified in its charter) DELAWARE 76-0294959 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 5430 LBJ Freeway, Suite 1700 Dallas, Texas 75240-2620 (Address of principal exec ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2019 Commission file number 1-31763 KRONOS WORLDWIDE, INC. (Exact name of registrant as specified in its charter) DELAWARE 76-0294959 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 5430 LBJ Freeway, Suite 1700 Dallas, Texas 75240-2620 (Address of principal exe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934: For the fiscal year ended December 31, 2018 Commission file number 1-31763 KRONOS WORLDWIDE, INC. (Exact name of Registrant as specified in its charter) DELAWARE 76-0294959 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 5430 LBJ Freeway, Suite 1700 Dallas, Texas 75240-2620 (Address of pr ...