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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Financial Assets and Liabilities. The Company has estimated the fair values of its financial instruments as of March 31, 2025 using available market information or other appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the following fair value estimates are not necessarily indicative of the amounts the Company would realize in an actual market exchange.
The fair value hierarchy levels, carrying amounts and related fair value of the Company’s financial assets and liabilities as of March 31, 2025 were as follows (in thousands):
March 31, 2025December 31, 2024
Fair Value Hierarchy
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Assets:
Cash and cash equivalents:
Money market investmentsLevel 1$57,284 $57,284 $67,998 $67,998 
Other noncurrent assets (including current portion):
Interest rate swap assetLevel 2$44,233 $44,233 $63,859 $63,859 
New MBI Net Option
Level 3$79,450 $79,450 $84,120 $84,120 
Liabilities:
Long-term debt (including current portion):
Term loansLevel 2$1,724,712 $1,675,321 $1,729,221 $1,698,873 
Revolving Credit FacilityLevel 2$273,000 $267,540 $313,000 $309,870 
Senior NotesLevel 2$650,000 $514,280 $650,000 $542,750 
Convertible NotesLevel 2$920,000 $819,778 $920,000 $821,342 
Money market investments are held primarily in U.S. Treasury securities and registered money market funds and are valued using a market approach based on quoted market prices (level 1). Money market investments with original maturities of three months or less are included within cash and cash equivalents in the condensed consolidated balance sheets. Interest rate swaps are measured at fair value within the condensed consolidated balance sheets on a recurring basis, with fair value determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (level 2). The fair value of the New MBI Net Option is measured using Monte Carlo simulations that use inputs considered unobservable and significant to the fair value measurement (level 3). The fair value of the term loans, Revolving Credit Facility, Senior Notes and Convertible Notes are estimated based on market prices for similar instruments in active markets (level 2).
The assumptions used to determine the fair value of the New MBI Net Option consisted of the following:
March 31, 2025December 31, 2024
MBI's Equity volatility
37.0 %51.0 %
MBI's EBITDA volatility
20.0 %20.0 %
MBI's EBITDA risk-adjusted discount rate
7.0 %8.0 %
The Company regularly evaluates each of the assumptions used in establishing the fair value of the New MBI Net Option. Significant changes in any of these assumptions could result in a significantly lower or higher fair value measurement. A change in one of these assumptions is not necessarily accompanied by a change in another assumption. Refer to note 5 for further information on the New MBI Net Option.
The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable and accrued liabilities and other financial assets and liabilities approximate fair value because of the short-term nature of these instruments.
Nonfinancial Assets and Liabilities. The Company’s nonfinancial assets, such as property, plant and equipment, intangible assets and goodwill, are not measured at fair value on a recurring basis. Assets acquired, including identifiable intangible assets and goodwill, and liabilities assumed in acquisitions are recorded at fair value on the respective acquisition dates, subject to potential future measurement period adjustments. Nonfinancial assets are subject to fair value adjustments when there is evidence that impairment may exist. No impairments were recorded during the three months ended March 31, 2025 or 2024.