v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Measurements  
Schedule of derivative instruments at fair value on a recurring basis

Level 1

    

Level 2

Level 3

    

Total

(in millions)

Financial Liabilities

Interest rate swaps (1)

$

   

$

6.3

   

$

   

$

6.3

Long-term debt, net (2)

826.7

826.7

Total

$

$

833.0

$

$

833.0

(1)Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of June 30, 2025. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.
(2)Measured based on dealer quotes considering current market rates for the Company’s credit facility. The ratio of the Company’s aggregate debt balance has trended from quoted market prices in active markets to quoted prices in non-active markets. Debt fair value does not include debt issuance costs and discount. The First Out Term Loan had a fair value of $319.8 million while the Second Out Term Loan had a fair value of $506.9 million for the period ended June 30, 2025.

The following table reflects the Company’s financial assets and liabilities measured at fair value as of December 31, 2024.

Level 1

    

Level 2

Level 3

    

Total

(in millions)

Financial Liabilities

Interest rate swaps (1)

$

   

$

2.9

   

$

   

$

2.9

Long-term debt, net (2)

864.7

864.7

Total

$

$

867.6

$

$

867.6

(1)Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of December 31, 2024. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.
(2)Measured based on dealer quotes considering current market rates for the Company’s credit facility. The ratio of the Company’s aggregate debt balance has trended from quoted market prices in active markets to quoted prices in non-active markets. Debt fair value does not include debt issuance costs and discount. The First Out Term Loan had a fair value of $324.6 million while the Second Out Term Loan had a fair value of $540.1 million for the period ended December 31, 2024.