Marketable Securities

6 Months Ended

Jun. 30, 2014

Marketable Securities

Note 4 - Marketable securities:

	Fair value measurementlevel	Market value		Cost basis		Unrealized gains
		(In thousands)
December 31, 2013
Noncurrent assets
Valhi common stock	1	$	252,677	$	24,347	$	228,330
June 30, 2014
Noncurrent assets
Valhi common stock	1	$	92,274	$	24,347	$	67,927

At December 31, 2013 and June 30, 2014, we held approximately 14.4 million shares of common stock of our immediate parent company, Valhi.  We account for our investment in Valhi common stock as available-for-sale marketable equity securities and any unrealized gains or losses on the securities are recognized through other comprehensive income, net of deferred income taxes.  Our shares of Valhi common stock are carried at fair value based on quoted market prices, representing a Level 1 input within the fair value hierarchy.  At December 31, 2013 and June 30, 2014, the quoted per share market price of Valhi common stock was $17.58 and $6.42, respectively.

The Valhi common stock we own is subject to the 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 Corporation Law, but we do receive dividends from Valhi on these shares, when declared and paid.