v3.26.1
Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value
Note 8 - Fair Value
For a description of our fair value measurement policies and classification methodologies, refer to Note 8 – Fair Value in our 2025 Form 10-K.
The fair value of our First Lien Term Loan and Senior Notes was $576.3 million and $539.5 million as of March 31, 2026, and $577.8 million and $611.0 million as of December 31, 2025, respectively, based on observable market prices in less active markets and categorized as Level 2 within the fair value measurement framework.
Interest rate derivatives are valued using an income approach that projects future cash flows and discounts them to present value. Significant Level 2 inputs include observable market data such as SOFR and overnight index swap yield curves. The discount rates used reflect the collateralized or uncollateralized nature of the instrument and associated credit risk.
We estimate the value of other long-lived assets that are recorded at fair value on a non-recurring basis based on a market valuation approach. We use prices and other relevant information generated primarily by recent market transactions involving similar or comparable assets, as well as our historical experience in divestitures, acquisitions and real estate transactions. Additionally, we may use an income valuation approach to value long-lived assets (when a market valuation approach is unavailable). Because these valuations contain unobservable inputs, we classify the measurement of fair value of long-lived assets as Level 3.
The fair value of our financial assets (liabilities) was determined using the following inputs (in millions):
Fair Value at March 31, 2026Level 1Level 2Level 3
Measured on a recurring basis:
Assets:
Cash equivalents:
Certificates of deposit$11.2 $— $— 
Money market mutual funds1.3 — — 
Investments:(1)
Corporate debt securities$— $1.5 $— 
Securities guaranteed by U.S. government— 2.5 — 
Derivative assets:(2)
Interest rate swap contracts$— $1.6 $— 
Interest rate swap contracts— 0.9 — 
Total$12.5 $6.5 $— 
Measured on a non-recurring basis:
Assets:
Impaired lease-related assets(3)
$— $— $3.0 
Total$— $— $3.0 
Fair Value at December 31, 2025Level 1Level 2Level 3
Measured on a recurring basis:
Assets:
Cash equivalents:
Certificates of deposit$10.6 $— $— 
Money market mutual funds1.2 — — 
Investments:(1)
Corporate debt securities$— $1.5 $— 
Securities guaranteed by U.S. government— 2.5 — 
Derivative assets:(2)
Interest rate swap contracts$— $1.4 $— 
Total$11.8 $5.4 $— 
Measured on a non-recurring basis:
Impaired lease-related assets(3)
$— $— $4.0 
Total$— $— $4.0 
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(1)Refer to Note 3 - Investments for further information regarding the fair value of our financial instruments.
(2)Refer to Note 7 - Derivatives and Hedging Activities for further information regarding the fair value of our derivative instruments.
(3)Consists of right-of-use lease assets recorded at fair value pursuant to impairment charges that occurred during the first quarter of 2026 and fourth quarter of 2025. Refer to Note 12 - Leases in our 2025 Form 10-K.
There were no transfers between fair value measurement levels during the three months ended March 31, 2026.