Marketable securities

3 Months Ended

Mar. 31, 2023

Marketable securities

Marketable securities

Note 4 – Marketable securities:

Our current marketable securities are invested in U.S. government treasuries with original maturities ranging in length from 4 months to 12 months.  The fair value of our current marketable securities are determined using Level 2 inputs (because although these securities are traded, in many cases the market is not active and the period-end valuation is generally based on the last trade of the period, which may be several days prior to the end of the period).

Our noncurrent marketable securities consist of our investment in the publicly-traded shares of our immediate parent company Valhi, Inc. Our shares of Valhi common stock are accounted for as available-for-sale securities, which are carried at fair value using quoted market prices in active markets and represent a Level 1 input within the fair value hierarchy.

	Fair value			Cost or
	measurement	Market		amortized		Unrealized
	level	value		cost		gain (loss)
		(In thousands)
December 31, 2022
Current assets
Fixed income securities	2	$	70,164	$	70,226		(62)
Noncurrent assets
Valhi common stock	1	$	26,350	$	24,347	$	2,003
March 31, 2023
Current assets
Fixed income securities	2	$	95,688	$	95,830	$	(142)
Noncurrent assets
Valhi common stock	1	$	20,852	$	24,347	$	(3,495)

At December 31, 2022 and March 31, 2023, we held approximately 1.2 million shares of common stock of our immediate parent company, Valhi, Inc. At December 31, 2022 and March 31, 2023, the quoted per share market price of Valhi common stock was $22.00 and $17.41, respectively.

The Valhi common stock we own is subject to restrictions on resale pursuant to certain provisions of the SEC Rule 144. In addition, as a majority-owned subsidiary of Valhi, we cannot vote our shares of Valhi common stock under Delaware General Corporation Law, but we receive dividends from Valhi on these shares, when declared and paid.