Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Measurements of Financial Instruments

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, 2013:
Marketable securities:
Current	$	3.8		$	2.4		$	1.4	$	—
Noncurrent		253.3			1.4			1.9		250.0
Currency forward contracts		(1.0	)		(1.0	)		—		—
September 30, 2014:
Marketable securities:
Current	$	3.4		$	2.3		$	1.1	$	—
Noncurrent		255.1			—			5.1		250.0
Currency forward contracts		.6			.6			—		—

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, 2013				September 30,2014
	Carrying amount		Fair value		Carrying amount		Fair value
	(In millions)
Cash, cash equivalents and restricted cash equivalents	$	186.8	$	186.8	$	269.3	$	269.3
Deferred payment obligation		8.2		8.2		8.4		8.4
Long-term debt (excluding capitalized leases):
Kronos term loan	$	—	$	—	$	346.7	$	343.9
Kronos note payable to Contran		170.0		170.0		—		—
Snake River Sugar Company fixed rate loans		250.0		250.0		250.0		250.0
WCS fixed rate debt		72.4		72.4		69.9		69.9
Valhi credit facility with Contran		206.5		206.5		221.6		221.6
Kronos variable rate bank credit facilities		11.1		11.1		—		—
Tremont promissory note payable		19.1		19.1		17.4		17.4
BMI bank note payable		11.2		11.2		10.5		10.5
LandWell note payable to the City of Henderson		3.1		3.1		3.1		3.1

Noncontrolling interest in:
Kronos common stock	$	241.9	$	431.6	$	234.7	$	312.3
NL common stock		74.5		92.6		58.8		61.0
CompX common stock		13.6		23.1		14.3		17.0
Valhi stockholders’ equity	$	601.3	$	5,916.7	$	576.4	$	2,214.5

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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