Financial Instruments

12 Months Ended

Dec. 31, 2014

Note 19 - Financial instruments:

The following table summarizes the valuation of our short-term investments and marketable securities on a fair value basis as of December 31, 2013 and 2014:

	Fair value measurements
	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(In thousands
December 31, 2013
Marketable securities	$	252,677	$	252,677	$	-	$	-
December 31, 2014
Marketable securities	$	92,131	$	92,131	$	-	$	-

The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure as December 31, 2013 and 2014:

	December 31, 2013				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
	(In thousands)
Cash, cash equivalents and restricted cash	$	57,639	$	57,639	$	77,975	$	77,975
Noncontrolling interest in CompX common stock		13,615		23,119		14,428		19,936
NL stockholders' equity		355,380		544,174		237,022		418,673

The fair value of our noncontrolling interest in CompX and NL stockholder’s equity are based upon quoted market prices at each balance sheet date, which represent Level 1 inputs. The fair value of our promissory notes payable and our variable interest rate debt represent Level 2 inputs and are deemed to approximate book value. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value.