Fair Value Measurements and Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

Note 16 – Fair value measurements and financial instruments:

The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure:

	December 31, 2021				September 30, 2022
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
	(In millions)
Cash, cash equivalents and restricted cash equivalents	$	792.9	$	792.9	$	663.1	$	663.1
Long-term debt (excluding capitalized leases):
Kronos Senior Notes		448.8		460.2		390.2		341.4
Valhi credit facility with Contran		172.9		172.9		134.8		134.8
LandWell bank note payable		13.5		13.5		13.2		13.2
BWC bank note payable		15.4		15.9		—		—

At September 30, 2022, the estimated market price of Kronos’ Senior Notes was €869 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 term loan trades were not active. The fair value of variable interest rate debt and other fixed-rate debt, which represents Level 2 inputs, is deemed to approximate carrying values. See Note 6. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 3 and 7.

BWC is no longer consolidated in our Condensed Consolidated Financial Statements at September 30, 2022 (see Notes 2 and 6).