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Fair value measurements and financial instruments
6 Months Ended
Jun. 30, 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

    

June 30, 2024

Carrying

Fair

Carrying

Fair

amount

value

amount

value

(In millions)

Cash, cash equivalents and restricted cash equivalents

$

462.0

$

462.0

$

427.3

$

427.3

Long-term debt:

 

 

  

 

  

 

  

Kronos fixed rate 9.50% Senior Secured Notes due 2029

289.8

321.1

Kronos fixed rate 3.75% Senior Secured Notes due 2025

 

440.9

 

424.5

 

80.2

 

79.3

LandWell bank note payable

 

12.2

 

12.2

 

11.9

 

11.9

At June 30, 2024, the estimated market price of Kronos’ 9.50% Senior Secured Notes due 2029 was €1,087 per €1,000 principal amount, and the estimated market price of Kronos’ 3.75% Senior Secured Notes due 2025 was €989 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.