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Fair Value Measurements
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 16 — Fair Value Measurements

Our financial instruments include cash and cash equivalents, receivables, accounts payable and long-term debt. The carrying amount of cash and cash equivalents, trade and other current receivables as well as accounts payable approximates fair value due to the short-term nature of these instruments.

The principal amount and estimated fair value of our long-term debt are as follows (in thousands):

March 31, 2024

December 31, 2023

Principal

Fair

Principal

Fair

    

Amount (1)

    

Value (2)

    

Amount (1)

    

Value (2)

2026 Notes (fully redeemed March 2024)

$

$

$

40,199

$

64,117

MARAD Debt (matures February 2027)

28,258

27,906

32,580

32,348

2029 Notes (mature March 2029)

300,000

318,000

300,000

315,987

Total debt

$

328,258

$

345,906

$

372,779

$

412,452

(1)Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 5 for additional disclosures on our long-term debt.
(2)The estimated fair value was determined using Level 2 fair value inputs under the market approach, which was determined using quotes in inactive markets.