Fair Value Measurements and Financial Instruments

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

Note 16 – Fair value measurements and financial instruments:

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

	December 31, 2021				March 31, 2022
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
	(In millions)
Cash, cash equivalents and restricted cash equivalents	$	792.9	$	792.9	$	739.8	$	739.8
Long-term debt (excluding capitalized leases):
Kronos Senior Notes		448.8		460.2		442.9		435.7
Valhi credit facility with Contran		172.9		172.9		167.2		167.2
BMI bank note payable		15.4		15.9		15.4		15.9
LandWell bank note payable		13.5		13.5		13.5		13.5

At March 31, 2022, the estimated market price of Kronos’ Senior Notes was €977 per €1,000 principal amount. The fair value of Kronos’ Senior Notes was based on quoted market prices; however, these quoted market prices represent Level 2 inputs because the markets in which the term loan trades were not active. The fair value of variable interest rate debt and other fixed-rate debt, which represents Level 2 inputs, is deemed to approximate carrying values. See Note 6. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 3 and 7.