v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value measurements are based on the premise that fair value represents an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the following three-tier fair value hierarchy has been used in determining the inputs used in measuring fair value:
•Level 1 — Quoted prices in active markets for identical assets or liabilities on the reporting date.
•Level 2 — Inputs, other than quoted prices in active markets (Level 1), that are observable for the asset or liability, either directly or indirectly.
•Level 3 — Unobservable inputs in which there is little or no market data, which require the entity to develop its own assumptions.
Financial instruments
Certain financial instruments which are not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable and accounts payable, which approximate fair value due to their short-term nature. The financial instrument that potentially subjects the Company to concentrations of credit risk consists primarily of accounts receivable.
Cash and cash equivalents as of June 30, 2025 and December 31, 2024 did not include money market funds.
As of June 30, 2025 and December 31, 2024, the Company's carrying amount and fair value of long-term debt consisted of the following:
June 30, 2025December 31, 2024
(in thousands)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Long-term Debt:
Term Loan B, net of discount (includes current portion)$— $— $1,274,472 $978,794 
5.50% Notes
5,814 4,576 1,050,000 891,450 
5.750% Notes
5,310 3,335 979,827 645,706 
Senior Convertible PIK Notes, net of discount420 285 1,239,871 830,714 
New First-Out First Lien Term Loans, net of discount323,485 319,247 — — 
New Second-Out First Lien Term Loans, net of discount1,134,839 1,019,199 — — 
New Second-Out First Lien A Notes, net of discount610,852 606,087 — — 
New Second-Out First Lien B Notes, net of discount761,895 629,401 — — 
New Third-Out First Lien A Notes758,419 564,264 — — 
New Third-Out First Lien B Notes, net of discount966,733 648,098 — — 
Finance lease obligations64 64 82 82 
Total Long-term Debt$4,567,831 $3,794,556 $4,544,252 $3,346,746 
We estimate the fair value of long-term debt using Level 2 inputs as they are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers.
Recurring fair value measurements
The Private Placement Warrants and Unvested Founder Shares are measured at fair value on a recurring basis. The fair value of these instruments was determined based on significant inputs not observable in the market which would represent a level 3 measurement within the fair value hierarchy. The Company uses an option pricing simulation to estimate the fair value of these instruments.
The Company records derivatives on the balance sheet at fair value, which represents the estimated amounts it would receive or pay upon termination of the derivative prior to the scheduled expiration date. The fair value is derived from model-driven information based on observable Level 2 inputs, such as SOFR forward rates.
Non-recurring fair value measurements
We also measure certain non-financial assets at fair value on a nonrecurring basis, primarily goodwill and long-lived tangible and intangible assets, in connection with periodic evaluations for potential impairment. We estimate the fair value of these assets using primarily unobservable inputs and, as such, these are considered Level 3 fair value measurements. There were no impairment charges for the three and six months ended June 30, 2025. There were impairment charges of $553.7 million for goodwill and $1,072.8 million for goodwill and long-lived intangible assets for the three and six months ended June 30, 2024.
Our non-marketable equity securities using the measurement alternative are adjusted to fair value on a non-recurring basis. Adjustments are made when observable transactions for identical or similar investments of the same issuer occur, or due to impairment. These securities are classified as Level 2 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date. At June 30, 2025, the carrying amount of these alternative investments, recorded under Other assets, net in the unaudited condensed consolidated balance sheets, was $15.0 million. There were no write-ups due to observable price changes or write-downs due to impairment in the current period.