v3.26.1
Financial Instruments and Fair Value
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Financial Instruments and Fair Value
Financial Instruments Disclosed at Fair Value
The following tables provide a summary of the significant financial instruments that are disclosed at fair value on a recurring basis:
Fair Value Measurements at June 30, 2026
(in millions)Level 1Level 2Level 3Total
Term Loan B(1)
$478.6 $— $— $478.6 
Senior Unsecured Notes(1)
456.5 — — 456.5 
Equipment financings(2)
— — 28.2 28.2 
Costa Rica plant financing(2)
— — 7.4 7.4 
Total$935.0 $— $35.6 $970.6 
Fair Value Measurements at December 31, 2025
(in millions)Level 1Level 2Level 3Total
Term Loan B(1)
$482.3 $— $— $482.3 
Senior Unsecured Notes(1)
469.2 — — 469.2 
Equipment financings(2)
— — 34.8 34.8 
Total$951.4 $— $34.8 $986.2 
(1) Fair value was determined using quoted market prices obtained from third-party pricing sources.
(2) Fair value approximates carrying value and was determined using the cost basis.
Financial Instruments Measured at Fair Value on a Recurring Basis
The total carrying value of the Company’s investments in money market mutual funds was $346.3 million and $577.4 million at June 30, 2026 and December 31, 2025, respectively. The fair value of money market mutual funds, which are classified as Level 1 in the fair value hierarchy, represent their carrying amount.
The Company enters short-term term and time deposits with varying maturity dates ranging from one week to 30 days. The Company has classified these investments within cash and cash equivalents in the consolidated balance sheets based on their maturity dates and are not subject to fair value measurement.
Equity Securities Measured at Fair Value on a Non-Recurring Basis
The total carrying value of the Company’s investments in equity securities without readily determinable fair values was $19.1 million at both June 30, 2026 and December 31, 2025 and was included within other assets on the consolidated balance sheets. These investments are carried at cost less impairment, if any. If an observable price change in orderly transactions for the identical or similar investment in the same issuer is identified, the investments are measured at fair value as of the date that the observable transaction occurred and categorized as Level 2 in the fair value hierarchy.