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Fair Value Measurements and Financial Instruments
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Financial instruments

Note 17 – Fair value measurements and financial instruments:

See Note 5 for amounts related to our marketable securities.

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

    

December 31, 2022

    

September 30, 2023

Carrying

Fair

Carrying

Fair

amount

value

amount

value

(In millions)

Cash, cash equivalents and restricted cash equivalents

$

562.0

$

562.0

$

396.7

$

396.7

Long-term debt:

 

 

  

 

  

 

  

Kronos Senior Notes

 

424.1

 

374.2

 

422.5

 

385.0

Valhi credit facility with Contran

 

121.4

 

121.4

 

97.7

 

97.7

LandWell bank note payable

 

12.9

 

12.9

 

12.5

 

12.5

At September 30, 2023, the estimated market price of Kronos’ Senior Notes was €908 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. 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 7. 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 8.