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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Fair Value Measurements
We measure our financial assets and liabilities at fair value on a recurring basis using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Authoritative guidance establishes three levels of the fair value hierarchy as follows:
Level 1: Quoted market prices in active markets for identical assets or liabilities;
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
Level 3: Fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The carrying amounts of cash and cash equivalents, money market funds, accounts receivable, accounts payable and accrued expenses and certain other short-term liabilities approximate fair value due to their high liquidity and short-term nature, and are therefore categorized within Level 1 of the fair value hierarchy.
Our money market funds accrue dividends, which are reinvested in the funds, and are reflected in the carrying values of the funds. As of March 31, 2025 and December 31, 2024, the carrying value of our money market funds was $174.5 million and $304.1 million, respectively, which is included in cash and cash equivalents on our condensed consolidated balance sheets. During the three months ended March 31, 2025 and March 31, 2024, we recognized $2.5 million and $1.7 million, respectively, of dividend income on our money market funds. Dividend income is included in other income, net in the condensed consolidated statements of operations.
Hedging instruments are re-measured on a recurring basis using pricing models, broker quotes, daily market foreign currency rates, and interest rate curves as applicable (see Note 14) and are therefore categorized within Level 2 of the fair value hierarchy.
The following table summarizes the valuation of our foreign currency forward contracts and interest rate hedge agreements (see Note 14) that are measured at fair value on a recurring basis and are classified within Level 2 of the fair value hierarchy as of the periods presented below (in millions):
Level 2 Fair Value
March 31, 2025
Foreign currency forward contracts—asset position$1.8 
Foreign currency forward contracts—liability position(9.0)
Interest rate hedge agreements—asset position2.7 
Total$(4.5)
December 31, 2024
Foreign currency forward contracts—asset position$5.7 
Foreign currency forward contracts—liability position(1.0)
Interest rate hedge agreements—asset position7.8
Total$12.5 
There were no transfers of financial instruments between the levels of the fair value hierarchy during the three months ended March 31, 2025 and 2024.
Disclosures about the Fair Value of Financial Instruments
The table below presents information about the fair value of our financial assets and liabilities, and is provided for comparative purposes only relative to the carrying values recognized in the condensed consolidated balance sheets as of the periods presented below (in millions):
 March 31, 2025December 31, 2024
Measurement LevelCarrying
Value		Fair
Value		Carrying
Value		Fair 
Value
2025 Japan ABL Credit FacilityLevel 2$46.7 $46.7 $— $— 
2022 Japan ABL Credit FacilityLevel 2$— $— $25.4 $25.4 
2023 Term Loan BLevel 2$1,175.0 $1,167.7 $1,178.1 $1,175.2 
Convertible NotesLevel 2$258.3 $250.9 $258.3 $250.1 
Equipment NotesLevel 2$10.2 $9.4 $11.7 $10.7 
Mortgage LoansLevel 2$44.2 $51.1 $44.3 $53.0 
Non-recurring Fair Value Measurements
We measure certain long-lived assets, goodwill, non-amortizing intangible assets and investments at fair value on a non-recurring basis, at least annually or more frequently if impairment indicators are present. During the three months ended March 31, 2025, we determined that our Jack Wolfskin business met the criteria to be classified as held for sale (see Note 18) and upon designation, we recorded a $7.0 million impairment within selling, general and administrative expenses on the condensed consolidated statement of operations to write down the assets and related liabilities to their estimated fair value reduced for the costs to dispose of the assets. The estimate of fair value used to determine the loss was derived using the estimated proceeds of $290.0 million from the sale and unobservable inputs which were categorized within Level 3 of the fair value hierarchy. We did not recognize any impairment charges during the three months ended March 31, 2024