v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company applies fair value accounting to all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The fair value of the Company’s cash and cash equivalents, restricted cash, accounts receivable, and other current assets and liabilities approximates their carrying amounts due to the relatively short maturity of these items. The fair value of debt approximates the carrying value because the interest rates are variable and reflect market rates.
Fair Value of Financial Instruments
The Company categorizes assets and liabilities recorded at fair value in the unaudited Condensed Consolidated Balance Sheets based upon the level of judgment associated with inputs used to measure their fair value. It is not practicable due to cost and effort for the Company to estimate the fair value of notes issued to related parties primarily due to the nature of their terms relative to the entity’s capital structure.
Assets and liabilities carried at fair value are valued and disclosed in one of the following three levels of the valuation hierarchy:
Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 – Inputs are quoted prices in active markets for similar assets or liabilities or inputs that can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Inputs are unobservable and require significant management judgment or estimation.
The following table summarizes the financial assets and liabilities of the Company that are measured at fair value on a recurring basis (in millions):
Fair Value Measurements at June 30, 2026
Level 1Level 2Level 3
Assets
Cash, cash equivalents, and restricted cash (Note 13)$421.6 $— $— 
Discretionary retirement plan$6.0 $0.3 $— 
Accrued interest receivable on cross-currency swaps (Note 17)$— $— $— 
Interest rate swaps (Note 17)$— $0.2 $— 
Liabilities
Discretionary retirement plan$6.0 $0.3 $— 
Cross-currency rate swaps (Note 17)$— $33.3 $— 
Fair Value Measurements at December 31, 2025
Level 1Level 2Level 3
Assets
Cash, cash equivalents, and restricted cash (Note 13)$415.2 $— $— 
Discretionary retirement plan$5.6 $1.0 $— 
Accrued interest receivable on cross-currency swaps (Note 17)$— $0.1 $— 
Liabilities
Discretionary retirement plan$5.6 $1.0 $— 
Interest rate swap (Note 17)$— $0.1 $— 
Cross-currency rate swaps (Note 17)$— $40.7 $— 
Cash equivalents include investments in money market funds which are reported at fair value. The fair value of money market funds was determined using quoted prices for identical investments in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosure guidance.
The cross-currency rate swaps and the interest rate swaps are no exchange traded instruments, and their fair value is determined using the cash flows of the swap contracts, discount rates to account for the passage of time, current foreign exchange market data, current interest rate (SOFR) data, and credit risk, which are all based on inputs readily available in public markets and categorized as Level 2 fair value hierarchy measurements.