Financial Instruments

6 Months Ended

Jun. 30, 2019

Note 15 - Financial instruments:

The following table summarizes the valuation of our financial instruments recorded on a fair value basis as of December 31, 2018 and June 30, 2019.

	Fair Value Measurements
			Quoted		Significant
			prices in		other		Significant
			active		observable		unobservable
			markets		inputs		inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In millions)
Asset:
December 31, 2018 -
Noncurrent marketable securities (See Note 4)	$	3.4	$	3.4	$	-	$	-

June 30, 2019 -
Noncurrent marketable securities (See Note 4)	$	5.2	$	5.2	$	-	$	-

Our earnings and cash flows are subject to fluctuations due to changes in currency exchange rates and interest rates. Our risk management policy allows for the use of derivative financial instruments to prudently manage exposure to currency exchange rates and interest rates. Derivatives that we use are primarily currency forward contracts and interest rate swaps. We have not entered into these contracts for trading or speculative purposes in the past, nor do we currently anticipate entering into such contracts for trading or speculative purposes in the future.

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

	December 31, 2018				June 30, 2019
	Carrying amount		Fair value		Carrying amount		Fair value
	(In millions)
Cash, cash equivalents and restricted cash	$	374.7	$	374.7	$	329.5	$	329.5
Long-term debt - Fixed rate Senior Secured Notes		452.4		412.9		449.7		454.6
Common stockholders' equity		839.8		1,335.3		868.0		1,774.2

At June 30, 2019, the estimated market price of our Senior Secured Notes was €998 per €1,000 principal amount. The fair value of our Senior Secured Notes is based on quoted market prices; however, these quoted market prices represented Level 2 inputs because the markets in which the Senior Secured Notes trade are not active. The fair value of our common stockholders’ equity is based upon quoted market prices at each balance sheet date, which represent Level 1 inputs.