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Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy established by the accounting standards on fair value measurements includes three levels, which are based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities that are recorded in the Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:
Level 1. Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access.
Level 2. Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability.
Level 3. Financial assets and liabilities whose values are based on model inputs that are unobservable.
Recurring Fair Value Measurements
The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, respectively:
June 30, 2026
Level 1Level 2Level 3Total
(In millions)
Assets:
Cash and cash equivalents$70.4 $— $— $70.4 
Equity securities:
SpaceX110.9 — — 110.9 
Total equity securities110.9 — — 110.9 
     Total assets$181.3 $— $— $181.3 
Liabilities:
Put Right$— $20.7 $— $20.7 
Total accounts payable and other accrued liabilities, current— 20.7 — 20.7 
Total liabilities$— $20.7 $— $20.7 
December 31, 2025
Level 1Level 2Level 3Total
(In millions)
Assets:
Cash and cash equivalents$182.0 $— $— 182.0 
Equity securities:
Other1.4 — — 1.4 
Total equity securities1.4 — — 1.4 
     Total assets$183.4 $— $— $183.4 
Liabilities:
Put Right$— $15.0 $— $15.0 
Total accounts payable and other accrued liabilities, current— 15.0 — 15.0 
Total liabilities$— $15.0 $— $15.0 
As of June 30, 2026, the Put Right was accounted for at fair value using a market approach based on the value implied by the Brasada Sale. In connection with the Brasada Sale, the Put Right was terminated effective July 15, 2026, pursuant to the Letter Agreement.
See Note A - Basis of Financial Statements for further discussion of the Brasada Sale.
As of December 31, 2025, the Put Right was accounted for at fair value calculated using a Monte Carlo Simulation with Level 2 fair value hierarchy inputs. The valuation model utilized the stock price and growth rate of the Company's common stock, the two-year duration of the DSA, the implied volatility of the Company's common stock using comparable public companies and a discount rate based on US treasury securities of similar duration to the Put Right.