Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Measurements of Financial Instruments

The following table summarizes the valuation of our short-term investments and financial instruments by the ASC Topic 820 categories as of December 31, 2014 and 2015:

	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, 2014:
Marketable securities:
Current	$	2.7		$	1.7		$	1.0		$	—
Noncurrent		255.6			2.5			3.1			250.0
Currency forward contracts		(4.2	)		(4.2	)		—			—
December 31, 2015:
Marketable securities:
Current	$	2.0		$	—		$	2.0		$	—
Noncurrent		254.9			3.5			1.4			250.0
Currency forward contracts		(1.2	)		(1.2	)		—			—
Interest rate swap		(3.5	)		—			(3.5	)		—

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 as of December 31, 2014 and 2015:

	December 31, 2014				December 31, 2015
	Carrying amount		Fair value		Carrying amount		Fair value
	(In millions)
Cash, cash equivalents and restricted cash equivalents	$	280.3	$	280.3	$	229.1	$	229.1
Deferred payment obligation		8.5		8.5		8.8		8.8
Long-term debt (excluding capitalized leases):
Kronos term loan	$	340.9	$	341.5	$	338.0	$	309.5
Snake River Sugar Company fixed rate loans		250.0		250.0		250.0		250.0
WCS fixed rate debt		67.1		67.1		65.6		65.6
Valhi credit facility with Contran		223.7		223.7		263.8		263.8
Tremont promissory note payable		17.4		17.4		17.1		17.1
BMI bank note payable		10.2		10.3		9.3		9.4
LandWell note payable to the City of Henderson		3.1		3.1		3.1		3.1