Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Measurements of Financial Instruments

The following table summarizes the valuation of our marketable securities, financial instruments and other items recorded on a fair value basis as of:

	Fair Value Measurements
	Total			Quoted Prices in Active Markets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Asset (liability)
December 31, 2014:
Marketable securities:
Current	$	2.7		$	1.7		$	1.0	$	—
Noncurrent		255.6			2.5			3.1		250.0
Currency forward contracts		(4.2	)		(4.2	)		—		—
June 30, 2015:
Marketable securities:
Current	$	.9		$	—		$	.9	$	—
Noncurrent		256.2			2.8			3.4		250.0
Currency forward contracts		(2.0	)		(2.0	)		—		—

Financial Instruments not Carried at Fair Value

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

	December 31, 2014				June 30, 2015
	Carrying amount		Fair value		Carrying amount		Fair value
	(In millions)
Cash, cash equivalents and restricted cash equivalents	$	280.3	$	280.3	$	235.5	$	235.5
Deferred payment obligation	$	8.5	$	8.5	$	8.6	$	8.6
Long-term debt (excluding capitalized leases):
Kronos term loan	$	345.9	$	341.5	$	344.3	$	345.6
Snake River Sugar Company fixed rate loans		250.0		250.0		250.0		250.0
WCS fixed rate debt		67.1		67.1		66.4		66.4
Valhi credit facility with Contran		223.7		223.7		237.2		237.2
Tremont promissory note payable		17.4		17.4		17.3		17.3
BMI bank note payable		10.3		10.3		9.9		9.9
LandWell note payable to the City of Henderson		3.1		3.1		3.1		3.1

Noncontrolling interest in:
Kronos common stock	$	211.0	$	295.1	$	165.7	$	248.4
NL common stock		54.4		71.3		48.2		61.5
CompX common stock		14.4		19.9		15.0		19.4
Valhi stockholders’ equity	$	477.6	$	2,173.8	$	337.6	$	1,919.5