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Fair value measurements and financial instruments | 6 Months Ended
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Jun. 30, 2024
Fair value measurements and financial instruments |
Fair value measurements and financial instruments | Note 17 – Fair value measurements and financial instruments: See Note 5 for amounts related to our marketable securities. The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | June 30, 2024
​ | ​ | Carrying | ​ | Fair | ​ | Carrying | ​ | Fair
​ | ​ | amount | ​ | value | ​ | amount | ​ | value
​ | ​ | (In millions)
Cash, cash equivalents and restricted cash equivalents | ​ | $ | 462.0 | ​ | $ | 462.0 | ​ | $ | 427.3 | ​ | $ | 427.3
Long-term debt: | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Kronos fixed rate 9.50% Senior Secured Notes due 2029 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 289.8 | ​ | ​ | 321.1
Kronos fixed rate 3.75% Senior Secured Notes due 2025 | ​ |  | 440.9 | ​ |  | 424.5 | ​ |  | 80.2 | ​ |  | 79.3
LandWell bank note payable | ​ |  | 12.2 | ​ |  | 12.2 | ​ |  | 11.9 | ​ |  | 11.9
​ At June 30, 2024, the estimated market price of Kronos’ 9.50% Senior Secured Notes due 2029 was €1,087 per €1,000 principal amount, and the estimated market price of Kronos’ 3.75% Senior Secured Notes due 2025 was €989 per €1,000 principal amount. The fair values of Kronos’ Senior Secured Notes were based on quoted market prices; however, these quoted market prices represented Level 2 inputs because the markets in which the Senior Secured Notes trade were not active. The fair value of other fixed-rate debt, which represents Level 2 inputs, is deemed to approximate carrying value. See Note 7. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 3 and 8.

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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