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Fair Value Measurements and Financial Instruments
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Financial instruments

Note 17 – Fair value measurements and financial instruments:

See Note 5 for amounts related to our marketable securities.

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

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December 31, 2022

    

September 30, 2023

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Carrying

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Fair

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Carrying

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Fair

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amount

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value

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amount

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value

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(In millions)

Cash, cash equivalents and restricted cash equivalents

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$

562.0

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$

562.0

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$

396.7

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$

396.7

Long-term debt:

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Kronos Senior Notes

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424.1

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374.2

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422.5

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385.0

Valhi credit facility with Contran

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121.4

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121.4

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97.7

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97.7

LandWell bank note payable

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12.9

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12.9

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12.5

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12.5

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At September 30, 2023, the estimated market price of Kronos’ Senior Notes was €908 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. 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 7. 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 8.