v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 5 - Fair Value of Financial Instruments
The Company’s financial instruments consist of cash equivalents, and debt. Assets and liabilities measured at fair value on a recurring basis (cash equivalents) and a nonrecurring basis (debts) are categorized in the tables below.
The fair value of the Company’s money market funds is based on quoted active market prices and is determined using the market approach. The fair values of the Company’s interest rate swap contracts were based on market quotes provided by the counterparty. Quotes by the counterparty were calculated based on observable current rates and forward interest rate curves. The Company recalculated and validated this fair value using publicly available market inputs using
the market approach. The fair value of the Company’s Old Term Loans, New Term Loans, Senior Secured Notes and Senior Unsecured Notes are based on market quotes provided by a third-party pricing source.
The following tables summarize the Company’s financial instruments by level in the fair value hierarchy as of June 30, 2025:
Fair Value Measurements at June 30, 2025
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(In thousands)(Level 1)(Level 2)(Level 3)Total
Assets:
Money market funds (cash equivalents)$51,637 $— $— $51,637 
Liabilities:
New Term Loans— 525,473 — 525,473 
Senior Secured Notes— 535,895 — 535,895 
Senior Unsecured Notes— 295,125 — 295,125 
The following tables summarize the Company’s financial instruments by level in the fair value hierarchy as of December 31, 2024:
Fair Value Measurements at December 31, 2024
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(In thousands)(Level 1)(Level 2)(Level 3)Total
Assets:
Money market funds (cash equivalents)$75,431 $— $— $75,431 
Liabilities:
Old Term Loans— 1,013,231 — 1,013,231 
Senior Unsecured Notes— 298,965 — 298,965 
The Company’s non-financial assets and liabilities, which include goodwill and long-lived assets held and used, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur or if an annual impairment test is required, the Company would evaluate the non-financial assets and liabilities for impairment. If an impairment was to occur, the asset or liability would be recorded at its estimated fair value. See “Note 7 - Debt” for additional disclosures on the Old Term Loans, New Term Loans, Senior Secured Notes and Senior Unsecured Notes.