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Financial Instruments

9 Months Ended

Sep. 30, 2020

Note 14 - Financial instruments:

See Note 4 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:

	December 31, 2019				September 30, 2020
	Carrying amount		Fair value		Carrying amount		Fair value
	(In millions)
Cash, cash equivalents and restricted cash	$	392.3	$	392.3	$	353.9	$	353.9
Long-term debt - Fixed rate Senior Notes		442.6		457.0		464.7		465.0

At September 30, 2020, the estimated market price of our Senior Notes was €990 per €1,000 principal amount. The fair value of our Senior Notes is based on quoted market prices; however, these quoted market prices represented Level 2 inputs because the markets in which the Senior Notes trade are 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 2 and 7.