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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Fair Value Measurements
The carrying amounts of our cash and cash equivalents (which include money market funds), accounts receivable, accounts payable, accrued expenses, and certain other short‑term assets and liabilities approximate fair value due to their short‑term nature.
Money Market Funds
As of June 30, 2026 and December 31, 2025, the carrying value of our money market funds was $199.5 million and $791.7 million, respectively, which is included in cash and cash equivalents on our condensed consolidated balance sheets. During the three months ended June 30, 2026 and June 30, 2025, we recognized $2.1 million and $2.9 million, respectively, of dividend income on our money market funds. During the six months ended June 30, 2026 and June 30, 2025, we recognized $6.7 million and $5.4 million, respectively, of dividend income on our money market funds. Dividend income is included in other income (expense), net in the condensed consolidated statements of operations.
Foreign Currency Forward Contracts
The following table summarizes the valuation of our foreign currency forward contracts (see Note 15) that are measured at fair value on a recurring basis and are categorized within Level 2 of the fair value hierarchy as of the periods presented below (in millions):
Level 2 Fair Value
June 30, 2026
Foreign currency forward contracts—asset position$6.0 
Foreign currency forward contracts—liability position(0.7)
Total$5.3 
December 31, 2025
Foreign currency forward contracts—asset position$0.7 
Foreign currency forward contracts—liability position(0.8)
Total$(0.1)
There were no transfers of financial instruments between the levels of the fair value hierarchy during the three and six months ended June 30, 2026 or 2025.
Disclosures about the Fair Value of Financial Instruments
The table below presents information about the fair value of our financial 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):
June 30, 2026December 31, 2025
Measurement LevelCarrying
Value		Fair
Value		Carrying
Value		Fair 
Value
2025 Japan ABL Credit FacilityLevel 2$43.1 $43.1 $44.7 $44.7 
2023 Term Loan BLevel 2$— $— $1,165.6 $1,170.7 
Convertible NotesLevel 2$— $— $258.3 $257.8 
Equipment NotesLevel 2$4.2 $4.1 $6.5 $6.2 
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. Our cost-basis investments are also subject to fair value remeasurements from observable market transactions. For more detail, see Note 9.
As part of our initiative to rationalize lower margin business, we performed a review of the TravisMathew business including certain warehouse equipment and retail locations. As part of this review, it was decided to exit certain retail locations which did not meet our profitability thresholds, resulting in total impairment charges of $1.8 million recorded during the three and six months ended June 30, 2026. This assessment was based on the estimated future cash flows generated over the remaining lease terms and expected asset lives. As a result, we recognized impairment losses to reduce the carrying values of these assets to their fair values which are categorized within Level 3 of the fair value hierarchy. We recognized $1.4 million of these impairment charges within selling, general and administrative expense and $0.4 million was recognized in cost of sales in our condensed consolidated statement of operations.
We did not recognize any impairments related to continuing operations during the three and six months ended June 30, 2025.