XML 27 R17.htm IDEA: XBRL DOCUMENT v3.25.3
Financial Instruments and Fair Value
 9 Months Ended
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 1Level 2Level 3Total
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 1Level 2Level 3Total
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 1Level 2Level 3Total
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 1Level 2Level 3Total
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, 2024Nine 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.