Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

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, 2026				December 31, 2025
	Principal		Fair		Principal		Fair
	Amount (1)		Value (2)		Amount (1)		Value (2)
MARAD Debt (matures February 2027)	$	9,882	$	9,856	$	14,645	$	14,611
2029 Notes (mature March 2029)		300,000		314,250		300,000		317,250
Total debt	$	309,882	$	324,106	$	314,645	$	331,861

(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.