Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Financial Instruments

Note 19 – 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, 2020 and 2021:

	Fair Value Measurements
			Quoted		Significant
			Prices in		Other
			Active		Observable
			Markets		Inputs
	Total		(Level 1)		(Level 2)
	(In millions)
December 31, 2020:
Marketable securities:
Current	$	4.4	$	—	$	4.4
Noncurrent		2.9		.2		2.7
December 31, 2021:
Marketable securities:
Current	$	2.6	$	—	$	2.6
Noncurrent		3.3		2.0		1.3

See Note 6 for information on how we determine the fair value of our marketable securities.

The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure as of December 31, 2020 and 2021:

	December 31, 2020				December 31, 2021
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
	(In millions)
Cash, cash equivalents and restricted cash equivalents	$	570.3	$	570.3	$	792.9	$	792.9
Deferred payment obligation		1.3		1.3		—		—
Long-term debt (excluding capitalized leases):
Kronos Senior Notes		485.7		499.9		448.8		460.2
Valhi credit facility with Contran		270.7		270.7		172.9		172.9
BMI bank note payable		16.3		16.9		15.4		15.9
LandWell bank note payable		14.2		14.2		13.5		13.5

At December 31, 2021, the estimated market price of Kronos’ Senior Notes was €1,018 per €1,000 principal amount. The fair value of Kronos’ Senior Notes was based on quoted market prices; however, these quoted market prices represent Level 2 inputs because the markets in which the Senior Notes trade were not active.   Fair values of variable interest rate debt and other fixed-rate debt 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. See Notes 4 and 10.