v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE
Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value of assets and liabilities, the following hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable:
•Level 1 assets include investments with quoted prices in active markets that the Company has the ability to liquidate as of the reporting date.
•Level 2 assets include investments in U.S. government agency securities, corporate and municipal debt whose estimates are valued based on observable inputs, other than quoted prices.
•Level 3 assets include investments with unobservable inputs, such as third-party valuations, due to little or no market activity.

Financial Instruments Recorded at Fair Value (in millions):
March 31, 2026December 31, 2025
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:        
Cash and cash equivalents$1,868.2 $— $— $1,868.2 $1,957.2 $— $— $1,957.2 
Deferred compensation asset (a)
0.5 — — 0.5 0.5 — — 0.5 
Liabilities:  
Deferred compensation obligation (a)
$0.5 $— $— $0.5 $0.5 $— $— $0.5 
 
(a)    The deferred compensation obligation represents the balance of deferred compensation plus net investment earnings. The deferred compensation plan is funded through a rabbi trust. Trust funds are invested in mutual funds for which unit prices are quoted in active markets and are classified within Level 1 of the valuation hierarchy.

There were no transfers between Level 1, 2 or 3 during the periods presented.
Other Financial Instruments

As of March 31, 2026, and December 31, 2025, the Condensed Consolidated Balance Sheets carrying amounts for Accounts Receivable, Accounts Payable and Accrued Liabilities (excluding the deferred compensation obligation described above), and Payables under Inventory Purchase Agreements approximate fair value because of their short-term nature.

The carrying value and estimated fair value of long-term debt were as follows (in millions):

March 31, 2026December 31, 2025
Carrying Value
Estimated Fair Value (a)
Carrying Value
Estimated Fair Value (a)
2.25% Convertible Notes
$391.7 
(b)
$816.1 $391.2 
(c)
$1080.4 
0% Convertible Notes
$784.5 
(c)
$849.3 $783.7 
(c)
$1089.8 
(a) Estimated fair value is based on bid/ask quotes as of or near the balance sheet date, which are considered Level 2 inputs.
(b)As of March 31, 2026 and December 31, 2025, the carrying value of the 2.25% Convertible Notes is net of $10.8 million and $11.3 million of unamortized debt issuance costs, respectively. Refer to Note 6, Debt.
(c)As of March 31, 2026 and December 31, 2025, the carrying value of the 0% Convertible Notes is net of $20.5 million and $21.3 million of unamortized debt issuance costs, respectively. Refer to Note 6, Debt.