v3.26.1
Fair Value Measurements
6 Months Ended
Jun. 30, 2026
Fair Value Measurements  
Fair Value Measurements

Note 17 — 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):

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June 30, 2026

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December 31, 2025

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Principal

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Fair

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Principal

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Fair

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  ​ ​ ​

Amount (1)

  ​ ​ ​

Value (2)

  ​ ​ ​

Amount (1)

  ​ ​ ​

Value (2)

MARAD Debt (matures February 2027)

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$

9,882

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$

9,855

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$

14,645

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$

14,611

2029 Notes (mature March 2029)

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​

300,000

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​

314,628

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300,000

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​

317,250

Total debt

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$

309,882

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$

324,483

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$

314,645

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$

331,861

(1)Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 6 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.