v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

As of December 31, 2025, the Company’s assets and liabilities measured at fair value on a recurring basis are categorized in the table below:

 

 

December 31, 2025

 

(in millions)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

96.8

 

 

$

96.8

 

 

$

—

 

 

$

—

 

Money market mutual funds(a)

 

 

4.1

 

 

 

4.1

 

 

 

—

 

 

 

—

 

Total assets at fair value

 

$

100.9

 

 

$

100.9

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Market-based share awards liability(b)

 

$

0.5

 

 

$

—

 

 

$

—

 

 

$

0.5

 

Contingent consideration(b)

 

 

75.1

 

 

 

—

 

 

 

—

 

 

 

75.1

 

Total liabilities at fair value

 

$

75.6

 

 

$

—

 

 

$

—

 

 

$

75.6

 
(a)
The Company’s money market mutual funds of $4.1 million as of December 31, 2025 are included within cash and cash equivalents in the 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 are based on unadjusted quoted prices on the reporting date.
(b)
The market-based share awards liability of $0.5 million as of December 31, 2025 is 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. Contingent consideration of $12.2 million as of December 31, 2025 is included within contingent consideration in the consolidated balance sheets and contingent consideration of $62.9 million is included within other noncurrent liabilities in the 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:

 

 

December 31, 2024

 

(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 are 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 table below summarizes the changes in fair value of the Company’s contingent consideration liabilities during the years ended December 31, 2025, 2024 and 2023:

 

 

 

 

(in millions)

 

2025

 

 

2024

 

 

2023

 

Balance at beginning of period

 

$

10.7

 

 

$

6.9

 

 

$

12.3

 

Payment of contingent consideration

 

 

(3.4

)

 

 

(0.2

)

 

 

(3.7

)

Fair value remeasurement adjustments

 

 

45.8

 

 

 

(1.2

)

 

 

(2.4

)

Business acquisition

 

 

21.6

 

 

 

5.2

 

 

 

0.7

 

Foreign currency translation adjustments

 

 

0.4

 

 

 

—

 

 

 

—

 

Balance at end of period

 

$

75.1

 

 

$

10.7

 

 

$

6.9