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Financial Instruments and Fair Value
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Financial Instruments and Fair Value
Fair value disclosures for equity investments without readily determinable fair values are disclosed in note 7.
Financial Instruments Disclosed at Fair Value
The following tables provide a summary of the significant financial instruments that are disclosed at fair value on a recurring basis:
Fair Value Measurements at March 31, 2025
(in millions)Level 1Level 2Level 3Total
Term Loan B(1)
$482.8 $— $— $482.8 
Senior Unsecured Notes (1)
457.4 — — 457.4 
Convertible Senior Notes(2)
— 856.1 — 856.1 
Equipment financings(3)
— — 48.2 48.2 
Mortgage(3)
— — 60.1 60.1 
Total $940.2 $856.1 $108.3 $1,904.6 
Fair Value Measurements at December 31, 2024
(in millions)Level 1Level 2Level 3Total
Term Loan B(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 
(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 March 31, 2025
(in millions)Level 1Level 2Level 3Total
Cash(1)
$141.2 $— $— $141.2 
Money market mutual funds(1)
1,014.6 — — 1,014.6 
Term deposits(1)
— 127.3 — 127.3 
Interest rate swaps(2)
— 1.4 — 1.4 
Total assets
$1,155.8 $128.7 $— $1,284.5 
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 
(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 4.0% to 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. There was a change in the fair value of the Level 3 debt securities during the three months ended March 31, 2025 resulting from a $4.7 million provision for credit loss. There were no changes in the fair values of the Level 3 debt securities during the three months ended March 31, 2024.
Below is a reconciliation of changes in fair value of our debt and equity investment for the three months ended March 31, 2025.
(in millions)
Debt Securities
Equity Securities
Total
Balance at beginning of period$4.7 $2.8 $7.5 
Provision for credit loss included in selling, general and administrative expenses
(4.7)— (4.7)
Unrealized loss included in other expense, net— (2.8)(2.8)
Balance at the end of period$— $— $— 
There were no changes in the fair value of our debt and equity investments during the three months ended March 31, 2024.