Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

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, 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	)		—
March 31, 2016:
Marketable securities:
Current	$	1.7		$	—		$	1.7		$	—
Noncurrent		254.6			3.2			1.4			250.0
Currency forward contracts		(.1	)		(.1	)		—			—
Interest rate swap		(8.0	)		—			(8.0	)		—

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, 2015				March 31, 2016
	Carrying amount		Fair value		Carrying amount		Fair value
	(In millions)
Cash, cash equivalents and restricted cash equivalents	$	229.1	$	229.1	$	190.2	$	190.2
Deferred payment obligation		8.8		8.8		8.8		8.8
Long-term debt (excluding capitalized leases):
Kronos term loan	$	338.0	$	309.5	$	337.5	$	304.8
Snake River Sugar Company fixed rate loans		250.0		250.0		250.0		250.0
WCS fixed rate debt		65.6		65.6		65.2		65.2
Valhi credit facility with Contran		263.8		263.8		276.5		276.5
Kronos North American credit facility		—		—		9.2		9.2
Tremont promissory note payable		17.1		17.1		17.1		17.1
BMI bank note payable		9.3		9.4		9.1		9.2
LandWell note payable to the City of Henderson		3.1		3.1		3.1		3.1