Financial instruments and fair value measurements (Tables)

9 Months Ended

Sep. 30, 2012

Marketable Securities and Financial Instruments on Fair Value Basis

The following table summarizes the valuation of our marketable securities, financial instruments and other items recorded on a fair value basis as of:

	Fair Value Measurements
	Total			Quoted Prices in Active Markets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
December 31, 2011:
Marketable securities:
Current	$	22.5		$	20.9		$	1.6	$	—
Noncurrent		354.1			100.3			3.8		250.0
Currency forward contracts		(.8	)		(.8	)		—		—
Contingent consideration		.7			—			—		.7
September 30, 2012:
Marketable securities:
Current	$	.8		$	—		$	.8	$	—
Noncurrent		338.9			83.7			5.2		250.0
Currency forward contracts		2.2			2.2			—		—

Financial Instruments not Carried at Fair Value

The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure:

	December 31, 2011				September 30, 2012
	Carrying amount		Fair value		Carrying amount		Fair value
	(In millions)
Cash, cash equivalents and restricted cash equivalents	$	109.3	$	109.3	$	141.8	$	141.8
Note receivable from Contran		11.2		11.2		11.2		11.2
Long-term debt (excluding capitalized leases):
Publicly-traded fixed rate debt - KII Senior Secured Notes	$	360.6	$	362.6	$	—	$	—
Kronos term loan		—		—		389.3		400.4
Snake River Sugar Company fixed rate loans		250.0		250.0		250.0		250.0
WCS fixed rate debt		82.8		82.8		82.1		82.1
Kronos variable rate bank credit facility		—		—		45.2		45.2
CompX variable rate promissory note		22.2		22.2		20.5		20.5
NL variable rate promissory note		9.0		9.0		5.1		5.1
CompX variable rate bank credit facility		2.0		2.0		2.0		2.0
Noncontrolling interest in:
Kronos common stock	$	240.2	$	409.4	$	277.5	$	339.1
NL common stock		84.6		107.3		78.6		95.1
CompX common stock		11.0		23.9		11.4		24.8
Valhi stockholders’ equity	$	657.2	$	6,835.3	$	775.6	$	4,137.2