Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments

v3.4.0.3
Financial Instruments
3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Financial Instruments
FINANCIAL INSTRUMENTS
We do not hold or issue financial instruments for trading purposes. The estimated fair values of our financial instruments are as follows:
 
March 31, 2016
 
December 31, 2015
(Dollars in millions)
Carrying amount
 
Estimated fair value
 
Carrying amount
 
Estimated fair value
Total debt
$

 
$

 
$
(10.0
)
 
$
(10.0
)
Foreign currency contracts, net
0.5

 
0.5

 
2.9
 
2.9


The carrying amounts of receivables, accounts payable and accrued expenses approximate estimated fair value because of the short-term maturity of these instruments. The estimated fair value of outstanding debt at December 31, 2015 consisted of our $10.0 million variable rate tax-exempt industrial development bond, which was defeased during the first quarter of 2016. The fair values of our net foreign currency contracts, which were $0.5 million and $2.9 million as of March 31, 2016 and December 31, 2015, respectively, were estimated from market quotes which were provided by a well-recognized national market data provider, and which are considered to be Level 1 inputs. We do not have any assets or liabilities that are valued using Level 2 or Level 3 (unobservable) inputs.