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Fair Value Measurements and Financial Risk (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | As of September 30, 2025, the Company’s assets and liabilities measured at fair value on a recurring basis are categorized in the table below:
(in millions) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 62.9 |  |  | $ | 62.9 |  |  | $ | — |  |  | $ | — |
Money market mutual funds(a) |  |  | 32.5 |  |  |  | 32.5 |  |  |  | — |  |  |  | — |
Total assets at fair value |  | $ | 95.4 |  |  | $ | 95.4 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Market-based share awards liability(b) |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.5 |
Contingent consideration(b) |  |  | 37.8 |  |  |  | — |  |  |  | — |  |  |  | 37.8 |
Total liabilities at fair value |  | $ | 38.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 38.3 |
(a) The Company’s money market mutual funds of $32.5 million as of September 30, 2025 are included within cash and cash equivalents in the condensed consolidated balance sheets. The money market mutual funds are traded in active markets and quoted in broker or dealer quotations and are classified as Level 1 assets. The fair value of the Company’s money market mutual funds is based on unadjusted quoted prices on the reporting date. (b) The market-based share awards liability of $0.5 million as of September 30, 2025 is included within other noncurrent liabilities in the condensed consolidated balance sheets. The fair value of the Company’s market-based share awards and contingent consideration are derived from valuation techniques in which one or more significant inputs are unobservable, including the Company’s own assumptions. Contingent consideration of $1.5 million as of September 30, 2025 is included within contingent consideration in the condensed consolidated balance sheets and contingent consideration of $36.3 million is included within other noncurrent liabilities in the condensed consolidated balance sheets. As of December 31, 2024, the Company’s assets and liabilities measured at fair value on a recurring basis are categorized in the table below:
(in millions) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 31.1 |  |  | $ | 31.1 |  |  | $ | — |  |  | $ | — |
Money market mutual funds(a) |  |  | 163.7 |  |  |  | 163.7 |  |  |  | — |  |  |  | — |
Total assets at fair value |  | $ | 194.8 |  |  | $ | 194.8 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Market-based share awards liability(b) |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.5 |
Contingent consideration(b) |  |  | 10.7 |  |  |  | — |  |  |  | — |  |  |  | 10.7 |
Total liabilities at fair value |  | $ | 11.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 11.2 |
(a) The Company’s money market mutual funds are based on the closing price of these assets as of the reporting date. The fair value of the Company’s money market mutual funds is based on unadjusted quoted prices on the reporting date. The Company’s money market mutual funds are quoted in an active market and classified as Level 1 assets. (b) Included within other noncurrent liabilities in the consolidated balance sheet. The fair value of the Company’s market-based share awards and contingent consideration are derived from valuation techniques in which one or more significant inputs are unobservable, including the Company’s own assumptions.
Summary of Changes in Fair Value of Contingent Consideration Liabilities | The change in fair value of the Company’s contingent consideration liabilities consists of the following activity:
|  | Nine Months Ended September 30, |
(in millions) |  | 2025 |
Balance at December 31, 2024 |  | $ | 10.7 |
Payment of contingent consideration |  |  | (3.4 | )
Fair value remeasurement adjustments |  |  | 8.7 |
Business acquisitions |  |  | 21.6 |
Foreign currency translation adjustments |  |  | 0.2 |
Balance at September 30, 2025 |  | $ | 37.8 |

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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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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 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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