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Financial Instruments and Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Financial Instruments Disclosed at Fair value on Recurring Basis | The following tables provide a summary of the significant financial instruments that are disclosed at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:
| Fair Value Measurements at September 30, 2024
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Term Loan(1) | $ | 486.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 486.5 |
Convertible Notes(2) | — |  |  | 953.6 |  |  | — |  |  | 953.6 |
Equipment financings(3) | — |  |  | — |  |  | 49.2 |  |  | 49.2 |
Mortgage(3) | — |  |  | — |  |  | 61.1 |  |  | 61.1 |
Total | $ | 486.5 |  |  | $ | 953.6 |  |  | $ | 110.3 |  |  | $ | 1,550.4 |
| Fair Value Measurements at December 31, 2023
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Term Loan(1) | $ | 490.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 490.2 |
Convertible Notes(2) | — |  |  | 928.7 |  |  | — |  |  | 928.7 |
Equipment financings(3) | — |  |  | — |  |  | 59.3 |  |  | 59.3 |
Mortgage(3) | — |  |  | — |  |  | 62.6 |  |  | 62.6 |
Total | $ | 490.2 |  |  | $ | 928.7 |  |  | $ | 121.9 |  |  | $ | 1,540.8 |
(1) Fair value was determined using quoted market prices. (2) Fair value was determined using market prices obtained from third-party pricing sources. (3) Fair value approximates carrying value and was determined using the cost basis. Assets Measured at Fair Value on a Recurring Basis The following tables provide a summary of assets that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:
| Fair Value Measurements at September 30, 2024
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash(1) | $ | 109.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 109.1 |
Money market mutual funds(1) | 686.5 |  |  | — |  |  | — |  |  | 686.5 |
Term deposits(1) | — |  |  | 107.0 |  |  | — |  |  | 107.0 |
Interest rate swaps(2) | — |  |  | 9.4 |  | — |  |  | 9.4
Debt securities(3) | — |  |  | — |  |  | 4.7 |  | 4.7
Other investments(3) | — |  |  | — |  |  | — |  |  | — |
Total assets | $ | 795.6 |  |  | $ | 116.4 |  |  | $ | 4.7 |  |  | $ | 916.7 |
| Fair Value Measurements at December 31, 2023
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash(1) | $ | 103.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 103.7 |
Money market mutual funds(1) | 547.0 |  |  | — |  |  | — |  |  | 547.0 |
Term deposits(1) | — |  |  | 53.5 |  |  | — |  |  | 53.5 |
Interest rate swaps(2) | — |  |  | 22.8 |  |  | — |  |  | 22.8 |
Debt securities(3) | — |  |  | — |  |  | 4.7 |  |  | 4.7 |
Other investments(3) | — |  |  | — |  |  | 3.8 |  |  | 3.8 |
Total assets | $ | 650.7 |  |  | $ | 76.3 |  |  | $ | 8.5 |  |  | $ | 735.5 |
(1) Cash and cash equivalents are carried at face amounts, which approximate their fair values. (2) Fair value represents the estimated amounts the Company would receive or pay to terminate the contracts and is determined using industry standard valuation models and market-based observable inputs, including credit risk and interest rate yield curves. The fair value of the swaps is included in other assets on the consolidated balance sheets. (3) Fair value is determined using industry standard valuation models and market-based unobservable inputs, including credit spread and risk free rate ranging from 3.8% to 5.6%.
Schedule of Reconciliation of Changes in Fair Value of investments | Below is a reconciliation of changes in fair value of other investments for both the three and nine months ended September 30, 2024. There were no changes in the fair value of other investments during the three and nine months ended September 30, 2023.
(in millions) | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
Balance at beginning of period | $ | 2.0 |  |  | $ | 3.8 |
Unrealized loss included in other expense, net | (2.0) |  |  | (3.8) |
Balance at the end of period | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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