Table of Contents 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 quarterly period ended March 31, 2023 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) (State or other jurisdiction of incorpo ...

[Part I](index=4&type=section&id=PART%20I) [Business Overview](index=4&type=section&id=ITEM%201.%20BUSINESS) Kronos Worldwide, Inc. is a leading global producer and marketer of titanium dioxide (TiO2), a key pigment used in coatings, plastics, and paper, operating primarily in Europe and North America General Overview - Kronos Worldwide, Inc. (NYSE: KRO) is a major global producer and marketer of value-added titanium dioxide (TiO2) pigments, serving approximately **4,000 customers** in **100 countries**[12](index=12&type=chunk) - TiO2 is a critical white pigment used for its durability, whiteness, brightness, and opacity in applications like coatings, plastics, and paper, considered superior to alternatives for comparable performance cost-effectively[13](index=13&type=chunk)[14](index=14&type=chunk) - Demand for TiO2 is linked to global GDP and rising standards of living, with consumption growing at a compound annual rate of approximately **2%** since 2000[15](index=15&type=chunk) - As of December 31, 2022, Valhi, Inc. owned approximately **50%** of Kronos's common stock, and a subsidiary of NL Industries, Inc. owned about **31%**[16](index=16&type=chunk) Products and End-Use Markets Market Share in Key Regions (2020-2022) | Region | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | | Europe | 17% | 15% | 14% | | North America | 18% | 17% | 17% | 2022 Sales Volume Breakdown | By Geographic Region | Percentage | By End-Use | Percentage | | :--- | :--- | :--- | :--- | | Europe | 45% | Coatings | 50% | | North America | 39% | Plastics | 29% | | Asia Pacific | 9% | Paper | 8% | | Rest of World | 7% | Other | 13% | - The company's core TiO2 pigments represented approximately **92% of net sales** in 2022, with complementary businesses accounting for the remaining **8%**[19](index=19&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) Manufacturing, Operations, and Properties - Kronos produces TiO2 using both the chloride process (preferred for coatings and plastics) and the sulfate process (preferred for specialty applications), with chloride process facilities representing about **45% of industry capacity** in 2022[23](index=23&type=chunk)[25](index=25&type=chunk) TiO2 Production Volumes and Capacity Utilization | Year | Production (Metric Tons) | Capacity Utilization | | :--- | :--- | :--- | | 2020 | 517,000 | 92% | | 2021 | 545,000 | Full Practical Capacity | | 2022 | 492,000 | 89% | - Production was curtailed in Q4 2022 due to reduced demand and high energy costs in Europe, with expectations to operate at **80-90% capacity** in the first half of 2023, returning to near full capacity in the second half[26](index=26&type=chunk)[28](index=28&type=chunk) Expected 2023 Manufacturing Capacity by Process | Process | % of Total Capacity | | :--- | :--- | | Chloride | 79% | | Sulfate | 21% | Raw Materials - The company is vertically integrated for its European sulfate process, sourcing ilmenite from its own mine in Norway, which has reserves expected to last at least **50 years**[24](index=24&type=chunk)[38](index=38&type=chunk) - For the chloride process, Kronos relies on a limited number of suppliers for titanium-containing feedstock, with supply contracts extending through 2026 in some cases[37](index=37&type=chunk) - Many raw material contracts have fixed purchase quantity commitments, with pricing generally negotiated quarterly or semi-annually[39](index=39&type=chunk) Sales and Marketing - The marketing strategy focuses on building strong, multi-level relationships with customers through a direct sales force and technical service group, particularly in Europe and North America[41](index=41&type=chunk)[43](index=43&type=chunk) - The company has a diverse customer base, with the largest ten customers accounting for approximately **33% of net sales** in 2022, and Behr Process Corporation being the only customer representing **10% or more of net sales**[44](index=44&type=chunk) - TiO2 sales are generally higher in the second and third quarters due to seasonal painting demand, with the company historically operating at near full capacity year-round, building inventory in Q1 and Q4 to meet peak demand[45](index=45&type=chunk)[46](index=46&type=chunk) Competition - The TiO2 industry is highly competitive, with key factors being price, product quality, technical service, and availability, and Kronos's principal competitors include The Chemours Company, Tronox Incorporated, LB Group Co. Ltd., and Venator Materials PLC[47](index=47&type=chunk)[48](index=48&type=chunk) Estimated Worldwide Production Capacity - 2022 | Company | Capacity Share | | :--- | :--- | | Chemours | 15% | | Tronox | 12% | | LB Group Co. Ltd. | 11% | | Venator | 7% | | Kronos | 7% | | Other | 48% | - The industry has high barriers to entry, including high capital costs and proprietary technology, with no significant new capacity additions by major competitors expected in Europe or North America, other than debottlenecking and a planned LB Group expansion[50](index=50&type=chunk) Human Capital Resources Employee Count as of December 31, 2022 | Region | Number of People | | :--- | :--- | | Europe | 1,841 | | Canada | 369 | | United States | 56 | | **Total** | **2,266** | - Approximately **88%** of the company's worldwide workforce is organized under collective bargaining agreements, with no work stoppages occurring in 2022[71](index=71&type=chunk) [Risk Factors](index=16&type=page&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant risks related to its operations, finances, and the legal/regulatory environment, including market cyclicality, intense competition, supplier dependency, substantial debt, currency fluctuations, and evolving environmental regulations - **Operational Risk:** The company's profitability is highly dependent on the cyclical TiO2 industry, with demand linked to global GDP and pricing subject to alternating periods of increasing and decreasing demand in a concentrated and highly competitive market[78](index=78&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk) - **Raw Material Risk:** The company depends on a limited number of suppliers for key raw materials like titanium-containing feedstocks, with supply contracts requiring minimum purchase commitments of approximately **$1.0 billion** from 2023 through 2026, which could be adverse if production is significantly reduced[82](index=82&type=chunk)[83](index=83&type=chunk) - **Financial Risk:** As of December 31, 2022, the company had approximately **$425 million** in consolidated debt, which could impair its ability to satisfy obligations, fund operations, and compete effectively, while a significant portion of sales and costs in foreign currencies creates exposure to exchange rate fluctuations[84](index=84&type=chunk)[88](index=88&type=chunk) - **Regulatory & Legal Risk:** The company is exposed to potential litigation and evolving environmental, health, and safety regulations that could increase costs, limit TiO2 marketability, or restrict operations, despite the annulment of the EU's classification of TiO2 as a suspected carcinogen in November 2022[63](index=63&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk) [Properties](index=23&type=section&id=ITEM%202.%20PROPERTIES) Information regarding the company's properties, including its production facilities and corporate headquarters, is detailed in Item 1 under 'Manufacturing, Operations and Properties' - Details on the company's properties are incorporated by reference from the 'Manufacturing, Operations and Properties' section in Item 1 of this report[100](index=100&type=chunk) [Legal Proceedings](index=23&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company is involved in various legal claims incidental to its business, with further details incorporated by reference from Note 15 to the Consolidated Financial Statements - Information on legal proceedings is incorporated by reference from Note 15 to the Consolidated Financial Statements[101](index=101&type=chunk) [Part II](index=24&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=24&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT'S%20COMMON%20EQUITY,%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) Kronos Worldwide's common stock trades on the NYSE under the symbol KRO, with the company repurchasing **217,778 shares** in 2022 and **1,331,332 shares** remaining available for repurchase as of year-end, while its cumulative total return underperformed both the S&P 500 and a peer group index over the five-year period ending December 31, 2022 Issuer Purchases of Equity Securities (Q4 2022) | Period | Total Shares Purchased | Average Price Paid | Shares Purchased Under Plan | Max Shares Remaining Under Plan | | :--- | :--- | :--- | :--- | :--- | | November 2022 | 46,931 | $9.71 | 46,931 | 1,428,298 | | December 2022 | 96,966 | $9.46 | 96,966 | 1,331,332 | - In 2022, the company repurchased a total of **217,778 shares**, with **1,331,332 shares** still available for repurchase under the authorized program at December 31, 2022[105](index=105&type=chunk) Cumulative Total Stockholder Return (2017-2022, $100 Investment) | Index | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kronos common stock | $100 | $46 | $56 | $67 | $70 | $47 | | S&P 500 Composite | $100 | $96 | $126 | $149 | $192 | $157 | | Peer Group | $100 | $48 | $39 | $53 | $77 | $61 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=ITEM%207.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In 2022, net income decreased to **$104.5 million** from **$112.9 million** in 2021, driven by lower sales volumes and significantly higher production costs, partially offset by higher average TiO2 selling prices, with the company anticipating lower operating results for 2023 but maintaining sufficient liquidity Results of Operations Financial Performance Summary (2021 vs. 2022) | Metric | 2021 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,939.4 million | $1,930.2 million | 0% | | Gross Margin | 23% | 20% | (3 pts) | | Income from Operations | $187.1 million | $159.6 million | (15)% | | Net Income | $112.9 million | $104.5 million | (7)% | | TiO2 Sales Volumes (kMT) | 563 thousand metric tons | 481 thousand metric tons | (15)% | | TiO2 Production Volumes (kMT) | 545 thousand metric tons | 492 thousand metric tons | (10)% | - The slight decrease in 2022 net sales was due to a **21% increase** in average TiO2 selling prices being offset by a **15% decrease** in sales volumes and a **5% negative impact** from currency exchange rates[121](index=121&type=chunk) - Gross margin decreased from **23% to 20%** in 2022, as higher production costs (raw materials, energy) and **$26 million** in unabsorbed costs from production curtailments outweighed the benefit of higher selling prices[122](index=122&type=chunk) Financial Performance Summary (2020 vs. 2021) | Metric | 2020 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,638.8 million | $1,939.4 million | 18% | | Gross Margin | 21% | 23% | +2 pts | | Income from Operations | $116.2 million | $187.1 million | 61% | | Net Income | $63.9 million | $112.9 million | 77% | | TiO2 Sales Volumes (kMT) | 531 thousand metric tons | 563 thousand metric tons | 6% | | TiO2 Production Volumes (kMT) | 517 thousand metric tons | 545 thousand metric tons | 5% | - The **18% increase** in net sales in 2021 was driven by an **8% increase** in average TiO2 selling prices and a **6% increase** in sales volumes, reflecting recovery from the COVID-19 impact in 2020[131](index=131&type=chunk) Outlook - The company expects lower operating results for the full year of 2023 compared to 2022[148](index=148&type=chunk) - Demand weakness from late 2022 continued into early 2023, particularly in North America, though pockets of improving demand were seen in Europe and export markets due to customer inventory replenishment[147](index=147&type=chunk)[148](index=148&type=chunk) - The company began a measured ramp-up of production at the start of 2023, expecting to operate at full practical capacity by the end of Q2 2023, with selling prices anticipated to rise during the last three quarters of 2023 to counter higher production costs[148](index=148&type=chunk) Liquidity and Capital Resources Cash Flow Summary | Cash Flow (in millions) | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $102.5 million | $206.5 million | $81.7 million | | Net cash used in investing activities | ($61.3 million) | ($58.6 million) | ($63.1 million) | | Net cash used in financing activities | ($85.3 million) | ($86.7 million) | ($91.5 million) | - Cash from operations decreased by **$124.8 million** in 2022 compared to 2021, primarily due to lower income from operations and a significant increase in cash used for inventory[170](index=170&type=chunk) - At December 31, 2022, total debt was **$425.2 million**, primarily consisting of **€400 million** in **3.75% Senior Secured Notes** due 2025, with no outstanding borrowings on its **$225 million** global revolving credit facility and **$211 million** available[177](index=177&type=chunk)[314](index=314&type=chunk) - Capital expenditures were **$63.2 million** in 2022 and are planned to be approximately **$46 million** in 2023, with **$20 million** targeted for environmental compliance and efficiency programs[173](index=173&type=chunk)[186](index=186&type=chunk) - The company paid dividends of **$0.76 per share** in 2022, totaling **$87.8 million**, and declared a regular quarterly dividend of **$0.19 per share** for Q1 2023[175](index=175&type=chunk)[176](index=176&type=chunk) Critical Accounting Policies and Estimates - The most critical accounting policies involve significant judgment and relate to long-lived assets, defined benefit pension plans, and income taxes[154](index=154&type=chunk) - **Defined Benefit Pension Plans:** Accounting for these plans requires significant assumptions for discount rates, long-term rate of return on assets, and future compensation levels, with a **25 basis point decrease** in the discount rate at year-end 2022 increasing projected benefit obligations by approximately **$18 million**[155](index=155&type=chunk)[166](index=166&type=chunk) - **Income Taxes:** The company has substantial net operating loss (NOL) carryforwards in Germany (**$414 million**) and Belgium (**$13 million**) with indefinite carryforward periods, for which no valuation allowance was deemed necessary at year-end 2022[168](index=168&type=chunk)[350](index=350&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is exposed to market risks from changes in interest rates, currency exchange rates, and raw material prices, though interest rate risk is minimized by fixed-rate debt, while significant currency risk exists due to global operations and euro-denominated debt, and raw material price risk is managed through long-term supply agreements with periodic price renegotiations - The majority of the company's debt is comprised of fixed-rate, euro-denominated Senior Secured Notes, which minimizes earnings volatility from interest rate changes[190](index=190&type=chunk) - The company is exposed to currency exchange risk from its global operations, where a hypothetical **10% adverse change** in exchange rates at December 31, 2022, would increase the U.S. dollar equivalent of its euro-denominated debt by approximately **$43 million**[192](index=192&type=chunk)[196](index=196&type=chunk) - Exposure to raw material price changes is managed via long-term supply agreements, but pricing is generally renegotiated quarterly or semi-annually, leaving the company subject to price volatility[197](index=197&type=chunk) [Financial Statements and Supplementary Data](index=44&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section indicates that the company's audited financial statements and supplementary data are included in a separate section of the Annual Report, starting on page F-1 - The required financial statements and supplementary data are located in the 'Index of Financial Statements' on page F-1 of the report[200](index=200&type=chunk) [Controls and Procedures](index=44&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) As of December 31, 2022, the company's management, including the CEO and CFO, concluded that its disclosure controls and internal control over financial reporting were effective, an assessment confirmed by PricewaterhouseCoopers LLP, with no material changes to internal controls reported during Q4 2022 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[201](index=201&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2022, based on the 2013 COSO framework[203](index=203&type=chunk) - PricewaterhouseCoopers LLP, the independent auditor, also issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2022[204](index=204&type=chunk) [Part III](index=47&type=section&id=PART%20III) [Items 10-14](index=47&type=section&id=ITEM%2010,%2011,%2012,%2013,%2014) Information required for Items 10 through 14, covering Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, Certain Relationships and Related Transactions, and Principal Accounting Fees and Services, is incorporated by reference from the company's definitive proxy statement to be filed with the SEC - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the Registrant's definitive proxy statement for its 2023 annual meeting[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk) [Part IV](index=48&type=section&id=PART%20IV) [Exhibits and Financial Statement Schedules](index=48&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists the financial statements and exhibits filed as part of the Annual Report, including the consolidated financial statements with an index on page F-1, and an Exhibit Index detailing all accompanying documents - The consolidated financial statements for the Registrant are filed with this Annual Report, with an index provided on page F-1[219](index=219&type=chunk) - An index of all exhibits filed with the report is provided, including key agreements such as the Indenture for the Senior Notes, the Global Revolver Credit Agreement, and various intercompany and joint venture agreements[221](index=221&type=chunk)[222](index=222&type=chunk) [Financial Statements and Supplementary Data](index=52&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) [Consolidated Financial Statements](index=56&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements present Kronos Worldwide, Inc.'s financial position and results for 2020-2022, showing total assets decreasing from **$2,012.8 million** in 2021 to **$1,934.4 million** in 2022, total liabilities decreasing from **$1,142.6 million** to **$977.2 million**, and total stockholders' equity increasing from **$870.2 million** to **$957.2 million**, with net income for 2022 at **$104.5 million** Consolidated Balance Sheet Highlights (in millions) | Account | Dec 31, 2021 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Current Assets | $1,258.0 | $1,242.2 | | Net Property and Equipment | $503.4 | $484.5 | | **Total Assets** | **$2,012.8** | **$1,934.4** | | Total Current Liabilities | $288.8 | $326.7 | | Total Noncurrent Liabilities | $853.8 | $650.5 | | **Total Liabilities** | **$1,142.6** | **$977.2** | | **Total Stockholders' Equity** | **$870.2** | **$957.2** | Consolidated Statement of Income Highlights (in millions) | Account | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | | Net Sales | $1,638.8 | $1,939.4 | $1,930.2 | | Gross Margin | $351.2 | $446.2 | $391.1 | | Income from Operations | $116.2 | $187.1 | $159.6 | | **Net Income** | **$63.9** | **$112.9** | **$104.5** | [Notes to Consolidated Financial Statements](index=63&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosure on the company's accounting policies, segment information, debt structure, employee benefit plans, income taxes, and related party transactions, including its **50% ownership** in the LPC joint venture, the terms of the **€400 million Senior Notes** due 2025, significant underfunded non-U.S. pension plans, and substantial NOL carryforwards in Germany Note 5 – Investment in TiO2 manufacturing joint venture - Kronos owns a **50% interest** in Louisiana Pigment Company, L.P. (LPC), a manufacturing joint venture with Venator Investments LLC, requiring Kronos to purchase one-half of the TiO2 produced by LPC[302](index=302&type=chunk)[303](index=303&type=chunk) - The joint venture operates on a break-even basis, resulting in no equity in earnings reported by Kronos, which made net contributions of **$10.5 million** to LPC in 2022, a shift from net distributions of **$3.8 million** in 2021[303](index=303&type=chunk)[304](index=304&type=chunk) Note 8 – Long-term debt Long-Term Debt Summary (in millions) | Debt Instrument | Dec 31, 2021 | Dec 31, 2022 | | :--- | :--- | :--- | | 3.75% Senior Notes (KII) | $448.8 | $424.1 | | Other | $2.4 | $1.1 | | **Total Debt** | **$451.2** | **$425.2** | - The primary debt is **€400 million** in **3.75% Senior Secured Notes** due September 2025, issued by subsidiary Kronos International, Inc. (KII)[314](index=314&type=chunk) - The company has a **$225 million** global revolving credit facility maturing in April 2026, with no borrowings outstanding at year-end 2022 and approximately **$211 million** available[316](index=316&type=chunk)[317](index=317&type=chunk) Note 10 – Defined contribution and defined benefit retirement plans - The company sponsors various defined benefit pension plans, primarily for non-U.S. employees, with the total net underfunded status decreasing significantly from **$287.4 million** in 2021 to **$128.6 million** in 2022[247](index=247&type=chunk)[322](index=322&type=chunk) - The decrease in the underfunded status was mainly due to a large decrease in the Projected Benefit Obligation (PBO) from **$748.1 million** to **$502.8 million** for non-U.S. plans, driven by higher discount rates (actuarial gains) and favorable currency fluctuations[325](index=325&type=chunk)[326](index=326&type=chunk) - The company expects to contribute approximately **$17 million** to all defined benefit pension plans in 2023[324](index=324&type=chunk) Note 12 – Income taxes - The company's effective tax rate was **22.0%** in 2022, down from **26.4%** in 2021, primarily due to lower earnings, the jurisdictional mix of earnings, and the release of a valuation allowance related to business interest expense carryforwards[126](index=126&type=chunk)[347](index=347&type=chunk) - At December 31, 2022, the company had substantial net operating loss (NOL) carryforwards in Germany (equivalent of **$414 million**) and Belgium (equivalent of **$13 million**), both with indefinite carryforward periods[350](index=350&type=chunk) - The balance of the unpaid one-time repatriation tax (Transition Tax) from the 2017 Tax Act was **$44.7 million** at December 31, 2022, payable in installments through 2025[352](index=352&type=chunk) Note 15 – Commitments and contingencies - The company has long-term supply contracts for TiO2 feedstock with minimum purchase commitments of approximately **$1.0 billion** for years subsequent to 2022, including about **$600 million** committed for 2023[379](index=379&type=chunk) - One customer, Behr Process Corporation, accounted for approximately **10% of net sales** in 2022, while the top ten customers accounted for **33% of net sales**[44](index=44&type=chunk)[377](index=377&type=chunk) - As a member of the Contran Tax Group, Kronos is jointly and severally liable for the federal income tax liability of the entire group, but is indemnified by Valhi for any liability in excess of its own calculated share[380](index=380&type=chunk)

Table of Contents 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 quarterly period ended September 30, 2022 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) (State or other jurisdiction of DEL ...

Table of Contents 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 quarterly period ended June 30, 2022 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) (State or other jurisdiction of incorpor ...

Table of Contents Commission file number 1-31763 KRONOS WORLDWIDE, INC. (Exact name of registrant as specified in its charter) 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 quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (State or other jurisdiction of incorpo ...

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, 2021 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 ...

Part I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201%2E%20Financial%20Statements) Presents Kronos Worldwide's unaudited financial statements as of September 30, 2021, showing significant increases in net income and operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$2,004.5 million** by September 30, 2021, with liabilities decreasing and stockholders' equity increasing Condensed Consolidated Balance Sheet Highlights (In millions) | Balance Sheet Item | Dec 31, 2020 | Sep 30, 2021 (unaudited) | | :--- | :--- | :--- | | **Total current assets** | $1,218.3 | $1,219.1 | | **Total assets** | $2,036.7 | $2,004.5 | | **Total current liabilities** | $260.2 | $259.7 | | **Total liabilities** | $1,240.2 | $1,182.5 | | **Total stockholders' equity** | $796.5 | $822.0 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net income surged to **$36.0 million** in Q3 2021 and **$81.3 million** for nine months, driven by higher net sales and improved gross margins Income Statement Summary (In millions, except per share data) | Metric | Q3 2020 | Q3 2021 | Nine Months 2020 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $416.9 | $499.8 | $1,223.9 | $1,443.4 | | **Gross margin** | $80.6 | $123.0 | $264.5 | $327.7 | | **Income from operations** | $19.3 | $57.3 | $95.8 | $135.1 | | **Net income** | $8.1 | $36.0 | $53.7 | $81.3 | | **Net income per share** | $0.07 | $0.31 | $0.46 | $0.70 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly improved to **$126.0 million** for nine months, driven by higher net income and favorable working capital changes Cash Flow Summary - Nine Months Ended Sep 30 (In millions) | Cash Flow Activity | 2020 | 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $56.1 | $126.0 | | **Net cash used in investing activities** | ($36.8) | ($35.9) | | **Net cash used in financing activities** | ($63.6) | ($64.7) | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Details basis of presentation, ownership, and revenue disaggregation, noting a new **$225 million** credit facility and compliance with debt covenants - The company is indirectly controlled by Ms. Lisa K. Simmons and the Family Trust through their control of Contran Corporation and its subsidiaries, Valhi and NL Industries[22](index=22&type=chunk) Net Sales by Customer Location (Point of Destination) - Nine Months Ended Sep 30 (In millions) | Region | 2020 | 2021 | | :--- | :--- | :--- | | Europe | $578.6 | $712.1 | | North America | $434.4 | $476.9 | | Other | $210.9 | $254.4 | | **Total** | **$1,223.9** | **$1,443.4** | - In April 2021, the company entered into a new **$225 million** global revolving credit facility maturing in April 2026, which was **fully available** at September 30, 2021 The company was in compliance with all debt covenants[31](index=31&type=chunk)[32](index=32&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong performance to higher TiO2 sales volumes and prices, expecting continued demand but facing supply chain and cost challenges [Results of Operations](index=16&type=section&id=Results%20of%20Operations) Operating results significantly improved, with Q3 net sales up **20%** and operating income up **197%**, driven by price and volume growth Q3 2021 vs Q3 2020 Performance (Dollars in millions) | Metric | Q3 2020 | Q3 2021 | % Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $416.9 | $499.8 | 20% | | **Gross Margin** | $80.6 | $123.0 | 53% | | **Income from Operations** | $19.3 | $57.3 | 197% | - The **20% increase** in Q3 2021 net sales was primarily driven by an **11% increase** in average TiO2 selling prices and a **6% increase** in sales volumes[61](index=61&type=chunk) Nine Months 2021 vs 2020 Performance (Dollars in millions) | Metric | Nine Months 2020 | Nine Months 2021 | % Change | | :--- | :--- | :--- | :--- | | **Net Sales** | $1,223.9 | $1,443.4 | 18% | | **Gross Margin** | $264.5 | $327.7 | 24% | | **Income from Operations** | $95.8 | $135.1 | 41% | - For the first nine months of 2021, currency exchange rate fluctuations increased net sales by **approximately $47 million** but decreased income from operations by **approximately $15 million** compared to the same period in 2020[77](index=77&type=chunk)[84](index=84&type=chunk) [Outlook](index=22&type=section&id=Outlook) Strong global demand is expected to continue, leading to higher sales and production, despite rising costs and supply chain disruptions - The company expects sales and production volumes to be **higher in 2021 than in 2020** due to **strong global demand**[85](index=85&type=chunk) - Ongoing **challenges include** supply chain disruptions, availability of feedstock, transportation delays, and **increasing production costs** (raw materials, shipping, energy)[85](index=85&type=chunk) - Management expects TiO2 selling prices will **continue to rise** through the remainder of 2021, mitigating cost increases and leading to **higher full-year sales and income from operations** compared to 2020[85](index=85&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is strong with **$126.0 million** cash from operations and a new **$225 million** credit facility, sufficient for obligations - Cash provided by operating activities **increased by $69.9 million** in the first nine months of 2021 compared to 2020, primarily due to **higher income from operations** and favorable changes in working capital[89](index=89&type=chunk) - The company has a **new $225 million** Global Revolver maturing in April 2026, with the **full amount available** for borrowing as of September 30, 2021[93](index=93&type=chunk)[99](index=99&type=chunk) - Planned capital expenditures for 2021 are **approximately $70 million**, primarily for maintaining and improving existing facilities[100](index=100&type=chunk) [Item 3. Quantitative and Qualitative Disclosure About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) No material changes in market risk exposure (currency, interest, equity, raw material prices) since the 2020 Annual Report - There have been **no material changes** in market risks (currency exchange, interest rates, equity security, and raw material prices) since the 2020 Annual Report[105](index=105&type=chunk) [Item 4. Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were **effective** as of September 30, 2021, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2021[106](index=106&type=chunk)[107](index=107&type=chunk) - **No changes occurred** in internal control over financial reporting during the quarter ended September 30, 2021, that materially affected or are likely to materially affect internal controls[110](index=110&type=chunk) Part II. OTHER INFORMATION [Item 1. Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 12 and the 2020 Annual Report for legal proceedings, noting no material loss from litigation is probable - For information on legal proceedings, the report refers to Note 12 of the financial statements and the 2020 Annual Report[113](index=113&type=chunk) [Item 1A. Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the 2020 Annual Report on Form 10-K - The report refers to the risk factors section in the 2020 Annual Report, indicating **no material changes**[114](index=114&type=chunk) [Item 5. Other Information](index=27&type=section&id=Item%205.%20Other%20Information) A dam at the Norway mine was reclassified to the **highest level**, increasing regulatory oversight with unknown operational impact - A dam at the company's mine in Norway was reclassified to the **highest level**, resulting in **increased regulatory oversight** The potential impact on operations is **not yet known**[115](index=115&type=chunk) [Item 6. Exhibits](index=27&type=section&id=Item%206.%20Exhibits) Lists exhibits filed, including CEO and CFO certifications and Inline XBRL data files - The exhibits filed with this report include officer certifications and Inline XBRL data files[116](index=116&type=chunk)

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 quarterly period ended June 30, 2021 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) Indicate by check mark whether the registrant (1) has file ...

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 quarterly period ended March 31, 2021 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 (IRS Employer Identification No.) 5430 LBJ Freeway, Suite 1700 Dallas, Texas 75240-2620 (Address of principal executive offices) Regist ...

Part I [Business Overview](index=4&type=section&id=ITEM%201.%20BUSINESS) Kronos Worldwide is a leading global producer and marketer of titanium dioxide (TiO2) pigments for various industries - Kronos is a leading global producer and marketer of value-added titanium dioxide pigments (TiO2), selling to approximately **4,000 customers in 100 countries**[11](index=11&type=chunk) - At December 31, 2020, approximately **50% of the company's common stock was owned by Valhi, Inc.**, and **30% by a subsidiary of NL Industries, Inc.**, indicating a concentrated ownership structure[15](index=15&type=chunk) 2020 Sales Volume Breakdown | By Geographic Region | Percentage | By End-Use | Percentage | | :--- | :--- | :--- | :--- | | Europe | 46% | Coatings | 58% | | North America | 36% | Plastics | 30% | | Asia Pacific | 11% | Paper | 6% | | Rest of World | 7% | Other | 6% | Market Share in Key Regions | Region | 2018 | 2019 | 2020 | | :--- | :--- | :--- | :--- | | Europe | 13% | 18% | 17% | | North America | 17% | 19% | 18% | - The company's business is enhanced by three complementary businesses which comprised approximately **7% of net sales in 2020**: operating ilmenite mines, manufacturing iron-based chemicals, and producing titanium specialty chemicals[27](index=27&type=chunk) TiO2 Production Volumes and Capacity Utilization | Year | Production (Metric Tons) | Capacity Utilization | | :--- | :--- | :--- | | 2018 | 536,000 | 95% | | 2019 | 546,000 | 98% | | 2020 | 517,000 | 92% | - As of December 31, 2020, the company employed **2,242 people**, with approximately **86% of the worldwide workforce** organized under collective bargaining agreements[60](index=60&type=chunk)[62](index=62&type=chunk) - On February 18, 2020, the European Union published a regulation classifying TiO2 powder as a **suspected carcinogen via inhalation**, requiring new hazard labels on certain products[73](index=73&type=chunk) [Risk Factors](index=14&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces operational, financial, legal, and general risks, including industry cyclicality, competition, leverage, and regulatory changes - **Operational Risks**: Profitability is highly dependent on the cyclical TiO2 industry, where the top five producers account for about **52% of global capacity**, and faces risks from raw material costs and availability[79](index=79&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - **Financial Risks**: As of December 31, 2020, total consolidated debt was approximately **$487 million**, and the company is exposed to currency exchange rate risks with **46% of 2020 sales volumes** in European markets[87](index=87&type=chunk)[91](index=91&type=chunk) - **Legal and Regulatory Risks**: The company is exposed to potential litigation and increased compliance costs from new regulations, such as the EU's classification of TiO2 powder as a suspected carcinogen[92](index=92&type=chunk)[93](index=93&type=chunk)[97](index=97&type=chunk) - **COVID-19 Impact**: The pandemic significantly impacted 2020 operations, primarily through **reduced demand**, with the future extent of the impact remaining uncertain[85](index=85&type=chunk) Part II [Market for Common Equity and Related Stockholder Matters](index=19&type=section&id=ITEM%205.%20MARKET%20FOR%20COMMON%20EQUITY%20AND%20RELATED%20STOCKHOLDER%20MATTERS) The company's common stock (NYSE: KRO) has an active repurchase program, and its five-year total return has underperformed its peer group - The company's common stock is listed on the NYSE under the symbol **KRO**[106](index=106&type=chunk) - In 2020, the company repurchased **122,489 shares** of its common stock, with **1,563,519 shares** remaining available for repurchase under the authorized program[107](index=107&type=chunk) Cumulative Total Stockholder Return (2015-2020) | Year | Kronos Common Stock | S&P 500 Composite Stock Index | Peer Group | | :--- | :--- | :--- | :--- | | 2015 | $100 | $100 | $100 | | 2016 | $230 | $112 | $374 | | 2017 | $512 | $136 | $828 | | 2018 | $238 | $130 | $395 | | 2019 | $292 | $171 | $323 | | 2020 | $346 | $203 | $441 | [Selected Financial Data](index=20&type=section&id=ITEM%206.%20SELECTED%20FINANCIAL%20DATA) The five-year financial summary from 2016 to 2020 shows significant fluctuations in performance, with peak net income in 2017 followed by a decline Selected Financial Data (2016-2020) | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net sales ($M)** | 1,364.3 | 1,729.0 | 1,661.9 | 1,731.1 | 1,638.8 | | **Income from operations ($M)** | 92.9 | 347.8 | 330.1 | 145.8 | 116.2 | | **Net income ($M)** | 43.3 | 354.5 | 205.0 | 87.1 | 63.9 | | **Net income per share ($)** | 0.37 | 3.06 | 1.77 | 0.75 | 0.55 | | **Total assets ($M)** | 1,179.6 | 1,824.4 | 1,898.1 | 1,965.8 | 2,036.7 | | **Long-term debt ($M)** | 339.0 | 474.5 | 456.6 | 445.5 | 487.4 | | **Operating cash flow ($M)** | 89.6 | 276.1 | 188.5 | 160.3 | 102.5 | | **Sales volumes (k metric tons)** | 559 | 586 | 491 | 566 | 531 | | **Production volumes (k metric tons)** | 546 | 576 | 536 | 546 | 517 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=21&type=section&id=ITEM%207.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management analyzes financial performance, attributing the 2020 income decline to pandemic impacts while confirming sufficient liquidity and outlining critical accounting policies [Results of Operations](index=21&type=section&id=Results%20of%20Operations) The company's 2020 net income declined due to lower sales volumes and prices from the COVID-19 pandemic, though a recovery is expected in 2021 Comparison of Results of Operations (2020 vs. 2019) | Metric | 2019 ($M) | 2020 ($M) | % Change | | :--- | :--- | :--- | :--- | | Net sales | 1,731.1 | 1,638.8 | (5)% | | Gross margin | 386.2 | 351.2 | (9)% | | Income from operations | 145.8 | 116.2 | (20)% | | TiO2 Sales volumes (k tons) | 566 | 531 | (6)% | - The **5% decrease in 2020 net sales** was primarily due to a **6% decrease in sales volumes** and a **2% decrease in average TiO2 selling prices**[124](index=124&type=chunk) Comparison of Results of Operations (2019 vs. 2018) | Metric | 2018 ($M) | 2019 ($M) | % Change | | :--- | :--- | :--- | :--- | | Net sales | 1,661.9 | 1,731.1 | 4% | | Gross margin | 562.2 | 386.2 | (31)% | | Income from operations | 330.1 | 145.8 | (56)% | | TiO2 Sales volumes (k tons) | 491 | 566 | 15% | - The **4% increase in 2019 net sales** was driven by a **15% increase in sales volumes**, which was partially offset by a **6% decrease in average TiO2 selling prices**[137](index=137&type=chunk) - **Outlook for 2021**: Management expects sales and income from operations to be **higher than in 2020**, driven by anticipated higher average TiO2 selling prices and sales volumes[157](index=157&type=chunk) [Critical Accounting Policies and Estimates](index=28&type=section&id=Critical%20accounting%20policies%20and%20estimates) Key accounting judgments involve impairment of long-lived assets, pension plan assumptions, and the realizability of deferred tax assets - The most critical accounting policies involve significant judgment regarding **long-lived assets, defined benefit pension plans, and income taxes**[164](index=164&type=chunk) Pension Plan Discount Rate Assumptions (for Obligations) | Region | at Dec 31, 2018 | at Dec 31, 2019 | at Dec 31, 2020 | | :--- | :--- | :--- | :--- | | Germany | 1.8% | 1.0% | 0.7% | | Canada | 3.5% | 3.0% | 2.4% | | Norway | 2.5% | 2.3% | 1.7% | | U.S. | 4.1% | 3.1% | 2.2% | - The company has substantial net operating loss carryforwards in Germany (**$531 million**) and Belgium (**$20 million**) as of December 31, 2020[179](index=179&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintains sufficient liquidity through cash from operations and credit facilities despite a decrease in operating cash flow in 2020 Consolidated Cash Flow Summary | Cash Flow Activity ($M) | 2018 | 2019 | 2020 | | :--- | :--- | :--- | :--- | | Operating activities | 188.5 | 160.3 | 102.5 | | Investing activities | (42.7) | (52.5) | (61.3) | | Financing activities | (80.4) | (87.9) | (85.3) | - At December 31, 2020, the company had consolidated debt of **$487.4 million**, primarily comprising **€400 million of 3.75% Senior Secured Notes due 2025**[188](index=188&type=chunk)[190](index=190&type=chunk) - At December 31, 2020, the company had **$107.6 million** available under its North American revolving credit facility and the full **€90 million** ($110.3 million) available under its European facility[192](index=192&type=chunk) - The company intends to spend approximately **$85 million on capital expenditures in 2021**, including **$23 million for environmental programs**[201](index=201&type=chunk) Contractual Commitments as of December 31, 2020 | Contractual Commitment ($M) | 2021 | 2022/2023 | 2024/2025 | 2026 and after | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Indebtedness (Principal & Interest) | 19.1 | 37.8 | 521.9 | - | 578.8 | | Operating leases | 7.4 | 6.8 | 3.1 | 20.1 | 37.4 | | Long-term supply contracts (TiO2 feedstock) | 483.5 | 690.1 | - | - | 1,173.6 | | Other supply contracts & obligations | 79.8 | 53.8 | 46.0 | 3.3 | 182.9 | | **Total** | **$590.8** | **$788.5** | **$571.0** | **$23.4** | **$1,973.7** | [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risks stem from currency exchange rates, interest rates, and raw material prices, with significant exposure from non-U.S. operations - The company's primary market risks are from changes in **currency exchange rates, interest rates, and raw material prices**[210](index=210&type=chunk) - The majority of the company's debt is **fixed-rate**, which minimizes earnings volatility from interest rate changes, but the euro-denominated Senior Secured Notes expose the company to currency exchange rate risk[211](index=211&type=chunk)[216](index=216&type=chunk) - A hypothetical **10% adverse change in the euro exchange rate** at December 31, 2020, would increase the U.S. dollar equivalent of the Senior Secured Notes by approximately **$49 million**[216](index=216&type=chunk) Financial Statements and Supplementary Data [Consolidated Financial Statements](index=49&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show a decrease in 2020 net income and operating cash flow, alongside an increase in total assets and long-term debt Consolidated Balance Sheet Highlights (in millions) | Account | Dec 31, 2019 | Dec 31, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | $390.8 | $355.3 | | Total current assets | $1,219.7 | $1,218.3 | | Net property and equipment | $490.6 | $524.6 | | **Total assets** | **$1,965.8** | **$2,036.7** | | Total current liabilities | $270.6 | $260.2 | | Long-term debt | $444.0 | $486.7 | | **Total liabilities** | **$1,149.7** | **$1,240.2** | | **Total stockholders' equity** | **$816.1** | **$796.5** | Consolidated Statement of Income Highlights (in millions) | Account | 2018 | 2019 | 2020 | | :--- | :--- | :--- | :--- | | Net sales | $1,661.9 | $1,731.1 | $1,638.8 | | Gross margin | $562.2 | $386.2 | $351.2 | | Income from operations | $330.1 | $145.8 | $116.2 | | **Net income** | **$205.0** | **$87.1** | **$63.9** | | **Net income per share** | **$1.77** | **$0.75** | **$0.55** | [Notes to Consolidated Financial Statements](index=56&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail key accounting policies, debt instruments, pension plans, income taxes, and significant related party transactions - The company accounts for its **50% interest** in the Louisiana Pigment Company, L.P. (LPC) joint venture using the equity method[328](index=328&type=chunk)[329](index=329&type=chunk) - Long-term debt primarily consists of **€400 million in 3.75% Senior Secured Notes** issued by subsidiary KII, due in 2025[340](index=340&type=chunk) - At year-end 2020, the non-U.S. pension plans had a total underfunded status of **$364.9 million**, while the U.S. plan had an underfunded status of **$3.3 million**[353](index=353&type=chunk)[361](index=361&type=chunk) - The company has significant net operating loss (NOL) carryforwards in Germany (**$531 million**) and Belgium (**$20 million**) with indefinite carryforward periods[381](index=381&type=chunk) - **Significant related party transactions** exist with parent and affiliated companies, including intercorporate service agreements, shared insurance programs, and tax sharing agreements[397](index=397&type=chunk)[400](index=400&type=chunk)[405](index=405&type=chunk) - The company has long-term supply contracts with minimum purchase commitments for TiO2 feedstock aggregating approximately **$1.2 billion** subsequent to December 31, 2020[414](index=414&type=chunk)