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Financial Instruments and Fair Value | 9 Months Ended
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Sep. 30, 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 September 30, 2025
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Term Loan B(1) | $ | 481.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 481.7 |
Senior Unsecured Notes(1) | 468.2 |  |  | — |  |  | — |  |  | 468.2 |
Equipment financings(2) | — |  |  | — |  |  | 40.6 |  |  | 40.6 |
Mortgage(2) | — |  |  | — |  |  | 59.0 |  |  | 59.0 |
Total | $ | 950.0 |  |  | $ | — |  |  | $ | 99.7 |  |  | $ | 1,049.6 |
| Fair Value Measurements at December 31, 2024
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Term Loan B(1) | $ | 485.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 485.8 |
Convertible Senior Notes(1) | — |  |  | 1,018.9 |  |  | — |  |  | 1,018.9 |
Equipment financings(2) | — |  |  | — |  |  | 49.3 |  |  | 49.3 |
Mortgage(2) | — |  |  | — |  |  | 60.6 |  |  | 60.6 |
Total | $ | 485.8 |  |  | $ | 1,018.9 |  |  | $ | 109.9 |  |  | $ | 1,614.7 |
(1) Fair value was determined using quoted market prices obtained from third-party pricing sources. (2) Fair value approximates carrying value and was determined using the cost basis. Financial Instruments Measured at Fair Value on a Recurring Basis The following tables provide a summary of financial instruments that are measured at fair value on a recurring basis:
| Fair Value Measurements at September 30, 2025
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash(1) | $ | 190.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 190.1 |
Money market mutual funds(1) | 437.2 |  |  | — |  |  | — |  |  | 437.2 |
Term deposits(1) | — |  |  | 130.2 |  |  | — |  |  | 130.2 |
Interest rate swaps(2) | — |  |  | 1.1 |  |  | — |  |  | 1.1 |
Total assets at fair value | $ | 627.3 |  |  | $ | 131.2 |  |  | $ | — |  |  | $ | 758.5 |
Liabilities: |  |  |  |  |  |  |
Interest rate swaps(2) | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 0.8 |
| Fair Value Measurements at December 31, 2024
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash(1) | $ | 133.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 133.4 |
Money market mutual funds(1) | 819.9 |  |  | — |  |  | — |  |  | 819.9 |
Interest rate swaps(2) | — |  |  | 5.4 |  |  | — |  |  | 5.4 |
Debt securities(3) | — |  |  | — |  |  | 4.7 |  |  | 4.7 |
Total assets at fair value | $ | 953.3 |  |  | $ | 5.4 |  |  | $ | 4.7 |  |  | $ | 963.5 |
(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 at September 30, 2025 and in prepaid expenses and other current assets at December 31, 2024. (3) Fair value is determined using a discounted cash flow valuation model and market-based unobservable inputs, including credit spread and risk free rate ranging from 4.0% to 4.7%. Judgment 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 were no changes in the fair value of the Level 3 debt securities during the three and nine months ended September 30, 2024, nor during the three months ended September 30, 2025. Below is a reconciliation of changes in fair value of our debt securities for the nine months ended September 30, 2025.
(in millions) | Debt Securities
Balance at beginning of period | $ | 4.7 |
Provision for credit loss included in selling, general and administrative expenses | (4.7) |
Balance at the end of period | $ | — |
Below is a reconciliation of changes in fair value of other investments for the three and nine months ended September 30, 2024.
(in millions) | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
Balance at beginning of period | $ | 2.1 |  |  | $ | 3.8 |
Unrealized loss included in other expense, net | (2.1) |  |  | (3.8) |
Balance at the end of period | $ | — |  |  | $ | — |
During the three and nine months ended September 30, 2025, there were no changes in the fair value of other investments categorized as Level 3.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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