Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

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)
Asset (liability)
December 31, 2012:
Marketable securities:
Current	$	.9			$	—			$	.9		$	—
Noncurrent		256.8				3.5				3.3			250.0
Currency forward contracts		1.8				1.8				—			—
June 30, 2013:
Marketable securities:
Current	$	1.6			$	—			$	1.6		$	—
Noncurrent		254.1				1.9				2.2			250.0
Currency forward contracts		(2.0	)			(2.0	)			—			—

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, 2012				June 30,2013
	Carrying amount		Fair value		Carrying amount			Fair value
	(In millions)
Cash, cash equivalents and restricted cash equivalents	$	395.9	$	395.9		$	208.1		$	208.1
Long-term debt (excluding capitalized leases):
Kronos note payable to Contran	$	—	$	—		$	180.0		$	180.0
Kronos term loan		384.5		396.8			98.6			100.4
Snake River Sugar Company fixed rate loans		250.0		250.0			250.0			250.0
WCS fixed rate debt		77.1		77.1			76.4			76.4
Valhi credit facility with Contran		157.6		157.6			159.7			159.7
Kronos variable rate bank credit facility		13.2		13.2			26.1			26.1
CompX variable rate promissory note		18.5		18.5			18.0			18.0
Noncontrolling interest in:
Kronos common stock	$	267.0	$	442.6		$	242.2		$	368.7
NL common stock		77.8		94.8			74.4			93.6
CompX common stock		13.3		23.4			13.4			22.9
Valhi stockholders’ equity	$	733.6	$	4,238.9		$	606.9		$	4,659.5

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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