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Fair value measurements and financial instruments

9 Months Ended

Sep. 30, 2025

Fair value measurements and financial instruments

Fair value measurements and financial instruments

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Note 17 – Fair value measurements and financial instruments:

The following table summarizes the valuation of our financial instruments recorded on a fair value basis as of December 31, 2024 and September 30, 2025:

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​	​	​	​	​	​	​	​	​	​	​	​
​	Fair Value Measurements
​	​	​	​	​	Quoted	​	​	Significant	​	​	​
​	​	​	​	​	prices in	​	​	other	​	​	Significant
​	​	​	​	​	active	​	​	observable	​	​	unobservable
​	​	​	​	​	markets	​	​	input	​	​	inputs
​	​	Total	​	​	(Level 1)	​	​	(Level 2)	​	​	(Level 3)
​	(In millions)
Asset (liability)	​	​	​	​	​	​	​	​	​	​	​
December 31, 2024:	​	​	​	​	​	​	​	​	​	​	​
Current marketable securities	$	1.9	​	$	—	​	$	1.9	​	$	—
Noncurrent marketable securities	​	5.7	​	​	2.6	​	​	3.1	​	​	—
Earn-out liability	​	(4.3)	​	​	—	​	​	—	​	​	(4.3)
September 30, 2025:	​	​	​	​	​	​	​	​	​	​	​
Current marketable securities	$	3.1	​	$	—	​	$	3.1	​	$	—
Noncurrent marketable securities	​	5.8	​	​	2.9	​	​	2.9	​	​	—
Earn-out liability	​	—	​	​	—	​	​	—	​	​	—

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See Note 5 for amounts related to our marketable securities. See Note 18 for additional details related to the acquisition earn-out liability.

Currency forward contract – In order to manage currency exchange rate risk associated with Kronos’ €75 million 3.75% Senior Secured Notes that matured in September 2025, in the first quarter of 2025 Kronos entered into a euro currency forward contract to purchase €25 million at an exchange rate of €1.05 per U.S. dollar. The contract was settled in August 2025 resulting in cash proceeds of $2.8 million. We recognized a currency transaction loss of $.4 million and a currency transaction gain of $2.8 million in our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025, respectively, associated with this contract. At September 30, 2025, Kronos had no currency forward contracts outstanding.

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The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure:

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December 31, 2024

September 30, 2025

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Carrying

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Fair

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Carrying

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Fair

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​

amount

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value

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amount

​

value

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​

(In millions)

Cash, cash equivalents and restricted cash equivalents

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$

378.6

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$

378.6

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$

223.9

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$

223.9

Long-term debt:

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​

​

​

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Kronos fixed rate 9.50% Senior Secured Notes due 2029

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365.4

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403.4

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502.3

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528.7

Kronos fixed rate 3.75% Senior Secured Notes due 2025

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78.3

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77.9

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—

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—

Kronos revolving credit facility

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10.0

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10.0

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70.2

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70.2

LandWell bank note payable

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11.4

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11.4

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11.1

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11.1

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At September 30, 2025, the estimated market price of Kronos’ 9.50% Senior Secured Notes due 2029 was €1,057 per €1,000 principal amount. The fair value of Kronos’ Senior Secured Notes due 2029 was based on quoted market prices; however, these prices represented Level 2 inputs because the market in which the notes trade was not active. Due to the variable interest rate, the carrying amount of Kronos’ revolving credit facility is deemed to approximate fair value. 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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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.

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