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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Fair Value Measurements of Financial Instruments

The following table summarizes the valuation of our short-term investments and financial instruments by the ASC Topic 820 categories as of December 31, 2013 and 2014:

 

 

 

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, 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$

3.8

 

 

$

2.4

 

 

$

1.4

 

 

$

—  

 

Noncurrent

 

 

253.3

 

 

 

1.4

 

 

 

1.9

 

 

 

250.0

 

Currency forward contracts

 

 

(1.0

)

 

 

(1.0

)

 

 

—  

 

 

 

—  

 

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

)

 

 

—  

 

 

 

—  

 

 
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 as of December 31, 2013 and 2014:

 

 

  

December 31, 2013

 

  

December 31, 2014

 

 

  

Carrying
amount

 

  

Fair
value

 

  

Carrying
amount

 

  

Fair
value

 

 

  

(In millions)

 

Cash, cash equivalents and restricted cash equivalents

  

$

186.8

  

  

$

186.8

  

  

$

280.3

  

  

$

280.3

  

Deferred payment obligation

  

 

8.2

  

  

 

8.2

  

  

 

8.5

  

  

 

8.5

  

Long-term debt (excluding capitalized leases):

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Kronos term loan

  

$

—  

  

  

$

—  

  

  

$

345.9

  

  

$

341.5

  

Kronos note payable to Contran

  

 

170.0

  

  

 

170.0

  

  

 

—  

  

  

 

—  

  

Snake River Sugar Company fixed rate loans

  

 

250.0

  

  

 

250.0

  

  

 

250.0

  

  

 

250.0

  

WCS fixed rate debt

  

 

72.4

  

  

 

72.4

  

  

 

67.1

  

  

 

67.1

  

Valhi credit facility with Contran

  

 

206.5

  

  

 

206.5

  

  

 

223.7

  

  

 

223.7

  

Kronos variable rate bank credit facilities

  

 

11.1

  

  

 

11.1

  

  

 

—  

  

  

 

—  

  

Tremont promissory note payable

  

 

19.1

  

  

 

19.1

  

  

 

17.4

  

  

 

17.4

  

BMI bank note payable

  

 

11.2

  

  

 

11.2

  

  

 

10.3

  

  

 

10.3

  

LandWell note payable to the City of Henderson

  

 

3.1

  

  

 

3.1

  

  

 

3.1

  

  

 

3.1

  

Noncontrolling interest in:

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Kronos common stock

  

$

241.9

  

  

$

431.6

  

  

$

211.0

  

  

$

295.1

  

NL common stock

  

 

74.5

  

  

 

92.6

  

  

 

54.4

  

  

 

71.3

  

CompX common stock

  

 

13.6

  

  

 

23.1

  

  

 

14.4

  

  

 

19.9

  

Valhi stockholders’ equity

  

$

601.3

  

  

$

5,916.7

  

  

$

477.6

  

  

$

2,173.8