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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Carrying Amounts and Estimated Fair Values by Input Level | The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows:
| September 30, 2025
(in millions) | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets:(1) |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 660.1 |  |  | $ | 660.1 |  |  | $ | 660.1 |  |  | $ | — |  |  | $ | — |
Available-for-sale debt securities | $ | 31.5 |  |  | $ | 31.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 31.5 |
Held-to-maturity securities | $ | 6.7 |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 6.7 |  |  | $ | — |
Promissory notes | $ | 7.9 |  |  | $ | 7.9 |  |  | $ | — |  |  | $ | 7.9 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |
Amended Credit Facilities | $ | 1,923.6 |  |  | $ | 1,933.5 |  |  | $ | — |  |  | $ | 1,933.5 |  |  | $ | — |
5.625% Notes | $ | 399.8 |  |  | $ | 399.5 |  |  | $ | — |  |  | $ | 399.5 |  |  | $ | — |
4.125% Notes | $ | 396.2 |  |  | $ | 372.0 |  |  | $ | — |  |  | $ | 372.0 |  |  | $ | — |
Convertible Notes | $ | 106.3 |  |  | $ | 111.5 |  |  | $ | — |  |  | $ | 111.5 |  |  | $ | — |
Other long-term obligations | $ | 8.6 |  |  | $ | 7.6 |  |  | $ | — |  |  | $ | 7.6 |  |  | $ | — |
Other liabilities | $ | 42.8 |  |  | $ | 42.8 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 40.1 |
| December 31, 2024
(in millions) | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 706.6 |  |  | $ | 706.6 |  |  | $ | 706.6 |  |  | $ | — |  |  | $ | — |
Equity securities | $ | 10.6 |  |  | $ | 10.6 |  |  | $ | 10.6 |  |  | $ | — |  |  | $ | — |
Available-for-sale debt securities | $ | 31.5 |  |  | $ | 31.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 31.5 |
Held-to-maturity securities | $ | 6.7 |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 6.7 |  |  | $ | — |
Promissory notes | $ | 7.9 |  |  | $ | 7.9 |  |  | $ | — |  |  | $ | 7.9 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |
Amended Credit Facilities | $ | 1,437.0 |  |  | $ | 1,453.9 |  |  | $ | — |  |  | $ | 1,453.9 |  |  | $ | — |
5.625% Notes | $ | 399.8 |  |  | $ | 393.0 |  |  | $ | — |  |  | $ | 393.0 |  |  | $ | — |
4.125% Notes | $ | 395.5 |  |  | $ | 356.0 |  |  | $ | — |  |  | $ | 356.0 |  |  | $ | — |
Convertible Notes | $ | 327.9 |  |  | $ | 355.7 |  |  | $ | — |  |  | $ | 355.7 |  |  | $ | — |
Other long-term obligations | $ | 210.5 |  |  | $ | 209.3 |  |  | $ | — |  |  | $ | 8.1 |  |  | $ | 201.2 |
Other liabilities | $ | 44.6 |  |  | $ | 44.6 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 41.9 |
(1)During the nine months ended September 30, 2025, the Company sold its equity securities for $12.0 million and recognized a gain of $0.6 million.
Schedule of the Changes in Fair Value of Level 3 Assets and Liabilities | The following table summarizes the changes in fair value of our Level 3 assets and liabilities measured on a recurring basis:
(in millions) | Other Assets and Liabilities
Balance as of January 1, 2025 | $ | 274.6 |
Interest (1) | 13.9 |
Payment installments | (2.0) |
Included in “Net loss” and “Other comprehensive income (loss)” (1) | (214.9) |
Balance as of September 30, 2025 | $ | 71.6 |
(1)Primarily relates to the interest expense and non-cash gain on financing arrangement. See Note 6, “Long-Term Debt.”
Schedule of Significant Unobservable Inputs Used in Calculating Level 3 Assets and Liabilities | The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 assets and liabilities on a recurring basis as of September 30, 2025:
| Valuation Technique |  | Unobservable Input |  | Discount Rate
Available-for-sale debt securities | Discounted cash flow |  | Discount rate |  | 35.0 | %
The following table presents quantitative information about the significant unobservable inputs used in the fair value measurement of the trademark as of the valuation date below:
(in millions) | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range or Amount
As of April 30, 2025 |  |  |  |  |  |  |
Trademark | $ | 7.0 |  |  | Discounted cash flow |  | Discount rate |  | 12.5 | %
|  |  |  |  | Pre-tax royalty rate |  | 2.3 | %
Schedule of Fair Value Measurements, Nonrecurring | The following table sets forth the assets measured at fair value on a non-recurring basis during the nine months ended September 30, 2025:
(in millions) | Valuation Date |  | Valuation Technique |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Balance |  | Total Reduction in Fair Value Recorded
Trademark | 4/30/2025 |  | Discounted cash flow |  | $ | — |  |  | $ | — |  |  | $ | 7.0 |  |  | $ | 7.0 |  |  | $ | 15.0 |
Goodwill | 9/30/2025 |  | Discounted cash flow and market approach |  | $ | — |  |  | $ | — |  |  | $ | 766.0 |  |  | $ | 766.0 |  |  | $ | 825.0 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 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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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: 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 2: 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 3: 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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