Fair value measurements and financial instruments

3 Months Ended

Mar. 31, 2024

Fair value measurements and financial instruments

Fair value measurements and financial instruments

Note 17 – Fair value measurements and financial instruments:

See Note 5 for amounts related to our marketable securities.

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

	December 31, 2023				March 31, 2024
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
	(In millions)
Cash, cash equivalents and restricted cash equivalents	$	462.0	$	462.0	$	399.6	$	399.6
Long-term debt:
Kronos fixed rate 9.50% Senior Secured Notes due 2029		—		—		292.3		318.5
Kronos fixed rate 3.75% Senior Secured Notes due 2025		440.9		424.5		80.9		79.9
LandWell bank note payable		12.2		12.2		12.2		12.2

At March 31, 2024, the estimated market price of Kronos’ 9.50% Senior Secured Notes due 2029 was €1,069 per €1,000 principal amount, and the estimated market price of Kronos’ 3.75% Senior Secured Notes due 2025 was €987 per €1,000 principal amount. The fair values of Kronos’ Senior Secured Notes were based on quoted market prices; however, these quoted market prices represented Level 2 inputs because the markets in which the Senior Secured Notes trade were not active. The fair value of other fixed-rate debt, which represents Level 2 inputs, is deemed to approximate carrying value. 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.