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Financial Instruments
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Financial instruments

Note 19 – Financial instruments:

See Note 6 for information on how we determine the fair value of our marketable securities.

The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure as of December 31, 2021 and 2022:

    

December 31, 2021

    

December 31, 2022

Carrying

Fair

Carrying

Fair

amount

value

amount

value

(In millions)

Cash, cash equivalents and restricted cash equivalents

$

792.9

$

792.9

$

562.0

$

562.0

Long-term debt:

 

 

  

 

 

  

Kronos Senior Notes

 

448.8

 

460.2

 

424.1

 

374.2

Valhi credit facility with Contran

 

172.9

 

172.9

 

121.4

 

121.4

LandWell bank note payable

 

13.5

 

13.5

 

12.9

 

12.9

BWC bank note payable

 

15.4

 

15.9

 

 

At December 31, 2022, the estimated market price of Kronos’ Senior Notes was €877 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 Senior Notes trade were not active. Fair values of variable interest rate debt and other fixed-rate debt are deemed to approximate book value. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 4 and 10.

BWC is no longer consolidated in our Consolidated Financial Statements at December 31, 2022 (see Notes 2 and 9).