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Financial Instruments and Fair Value
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Financial Instruments and Fair Value
Financial Instruments Disclosed at Fair Value
The following tables provide a summary of the significant financial instruments disclosed at fair value on a recurring basis:
 Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Term Loan(1)
$485.8 $— $— $485.8 
Convertible Senior Notes(2)
— 1,018.8 — 1,018.8 
Equipment financings(3)
— — 49.3 49.3 
Mortgage(3)
— — 60.6 60.6 
Total
$485.8 $1,018.8 $109.9 $1,614.5 
 Fair Value Measurements at December 31, 2023
(in millions)Level 1Level 2Level 3Total
Term Loan(1)
$490.2 $— $— $490.2 
Convertible Senior 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:
Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Cash(1)
$133.4 $— $— $133.4 
Money market mutual funds(1)
820.0 — — 820.0 
Interest rate swaps(2)
— 5.5 — 5.5 
Debt securities(3)
— — 4.7 4.7 
Total assets
$953.4 $5.5 $4.7 $963.6 
Fair Value Measurements at December 31, 2023
(in millions)Level 1Level 2Level 3Total
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. The range used for the risk free rate is 4.0% - 4.7%.
Judgement is involved in estimating inputs, such as discount rates, used in Level 3 fair value measurements. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized.
Below is a reconciliation of changes in fair value of debt and other investments:
(in millions)Debt Securities Other Investments Total
Balance at December 31, 2022
$— $— $— 
Purchases5.0 2.0 7.0 
Unrealized gain included in other (expense) income, net
— 1.8 1.8 
Unrealized loss on securities included in other comprehensive income(0.3)— (0.3)
Balance at December 31, 2023
4.7 3.8 8.5 
Unrealized loss included in other (expense) income, net
— (3.8)(3.8)
Balance at December 31, 2024
$4.7 $— $4.7 
Assets Measured at Fair Value on a Non-Recurring Basis
Due to an observable price change in an orderly transaction during 2023, the Company adjusted the carrying value of certain investments in equity securities held as of December 31, 2023, which resulted in an unrealized gain of $0.8 million. As of both December 31, 2024 and December 31, 2023, cumulative gains were $0.8 million. The investments are classified as Level 2 in the fair value hierarchy.