Financial instruments

12 Months Ended

Dec. 31, 2023

Financial instruments

Financial instruments

Note 16 – Financial instruments:

See Note 6 for information on how we determine 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, 2022 and 2023.

	December 31, 2022				December 31, 2023
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
	(In millions)
Cash, cash equivalents and restricted cash	$	334.6	$	334.6	$	202.1	$	202.1
Long-term debt - Fixed rate 3.75% Senior Secured Notes due 2025		424.1		374.2		440.9		424.5

At December 31, 2023, the estimated market price of our 3.75% Senior Secured Notes due 2025 was €959 per €1,000 principal amount. The fair value of our 3.75% Senior Secured Notes due 2025 was based on quoted market prices; however, these quoted market prices represented Level 2 inputs because the markets in which the 3.75% Senior Secured Notes due 2025 trade were not active. 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 9.