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Financial Instruments | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Financial Instruments | Note 19—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, 2019 and 2020:
| Fair Value Measurements |
| Total |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |
| (In millions) |
Asset (liability) |  |  |  |  |  |  |  |  |  |  |
December 31, 2019: |  |  |  |  |  |  |  |  |  |  |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |
Current | $ | 2.1 |  |  | $ | - |  |  | $ | 2.1 |
Noncurrent |  | 6.2 |  |  |  | 1.3 |  |  |  | 4.9 |
December 31, 2020: |  |  |  |  |  |  |  |  |  |  |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |
Current | $ | 4.4 |  |  | $ | - |  |  | $ | 4.4 |
Noncurrent |  | 2.9 |  |  |  | .2 |  |  |  | 2.7 |
See Note 6 for information on how we determine the fair value of our marketable securities. The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure as of December 31, 2019 and 2020:
| December 31, 2019 |  |  | December 31, 2020 |
| Carrying amount |  |  | Fair value |  |  | Carrying amount |  |  | Fair value |
| (In millions) |
Cash, cash equivalents and restricted cash equivalents | $ | 583.8 |  |  | $ | 583.8 |  |  | $ | 570.3 |  |  | $ | 570.3 |
Deferred payment obligation |  | 9.9 |  |  |  | 9.9 |  |  |  | 1.3 |  |  |  | 1.3 |
Long-term debt (excluding capitalized leases): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kronos Senior Notes |  | 442.6 |  |  |  | 457.0 |  |  |  | 485.7 |  |  |  | 499.9 |
Valhi credit facility with Contran |  | 313.0 |  |  |  | 313.0 |  |  |  | 270.7 |  |  |  | 270.7 |
Tremont promissory note payable |  | 2.0 |  |  |  | 2.0 |  |  |  | - |  |  |  | - |
BMI bank note payable |  | 17.2 |  |  |  | 17.9 |  |  |  | 16.3 |  |  |  | 16.9 |
LandWell note payable to the City of Henderson |  | 1.6 |  |  |  | 1.6 |  |  |  | - |  |  |  | - |
LandWell bank note payable |  | 15.0 |  |  |  | 15.0 |  |  |  | 14.2 |  |  |  | 14.2 |
At December 31, 2020, the estimated market price of Kronos’ Senior Notes was €1,019 per €1,000 principal amount. The fair value of Kronos’ Senior Notes was based on quoted market prices; however, these quoted market prices represent Level 2 inputs because the markets in which the Senior Notes trade were not active. Fair values of variable interest rate debt and other fixed-rate debt are deemed to approximate book value. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 4 and 10.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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