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Fair Value Measurements (Tables)

9 Months Ended

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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