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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company accounts for fair value in accordance with ASC 820. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table summarizes the fair value of the Company’s long-term debt for disclosure purposes (in millions):
June 30, 2026
Face ValueFair ValueFair Value Hierarchy
Term Loan$1,800.3 $1,741.8 Level 2
Senior Notes600.0 532.5 Level 2
Total debt$2,400.3 $2,274.3 

December 31, 2025
Face ValueFair ValueFair Value Hierarchy
Term Loan$1,809.8 $1,746.5 Level 2
Senior Notes600.0 539.3 Level 2
Total debt$2,409.8 $2,285.8 

The estimated fair value of the Company’s term loan is based upon the prices at which the Company’s debt traded in the days immediately preceding the balance sheet date. As the trading volume of the Company’s debt is low relative to the overall debt balance, the Company does not believe that the associated transactions represent an active market, and therefore this indication of value represents a level 2 fair value input.
The following table sets forth the assets and liabilities measured at fair value on a recurring basis in the Company’s consolidated balance sheets at June 30, 2026 and December 31, 2025 (in millions):
Fair Value at
Fair Value HierarchyJune 30,
2026		December 31, 2025
Cash equivalents
Money market fundsLevel 1$147.3 $291.3 
Term depositsLevel 289.9 198.5 
Commercial papersLevel 259.8 39.8 
Short-term investments
Term depositsLevel 1$— $71.8 
Commercial papersLevel 2— 64.2 
Prepaid expenses and other current assets
Derivative instruments - interest rate swapsLevel 2$3.2 $4.9 
Derivative instruments - foreign exchange contractsLevel 29.3 12.9 
Other non-current assets
Derivative instruments - interest rate swapsLevel 2$1.8 $— 
Accrued expenses and other current liabilities
Derivative instruments - interest rate swapsLevel 2$— $0.6 
Derivative instruments - foreign exchange contractsLevel 23.6 *
Other long-term liabilities, including employee related benefits
Derivative instruments - interest rate swapsLevel 2$— $1.5 
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*    Represents an amount less than $0.1

The carrying value of accounts receivable, accounts payables, restricted cash, and the majority of cash equivalents approximates fair value due to the short time to expected payment or receipt of cash.

The Company classifies its short term investments, derivative financial instruments and some cash equivalents within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded.
The change in fair value of contingent consideration payable was valued using significant unobservable inputs (Level 3), was included in the general and administrative expenses in the Company’s consolidated statements of comprehensive income and consisted of the following (in millions):

Balance as of January 1, 2026
$734.0 
Contingent consideration payment(461.0)
Fair value adjustments based upon post-acquisition performance and passage of time97.0 
Balance as of June 30, 2026 (1)
$370.0 
_______
(1)    Amount comprised of $370.0 million for SuperPlay acquisition.

The SuperPlay earnout amount and eligibility is contingent on both SuperPlay revenue performance and SuperPlay Adjusted EBITDA metrics. The Company estimated the fair value of its SuperPlay contingent consideration liability using a Monte Carlo simulation to model components of cash flow analyses. The significant assumptions used in the SuperPlay model include revenue volatility of 10%, discount rate of 12.3% and a risk free rate of 4.9%. These fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 measurements as defined in ASC 820. The extent to which the actual results differ from assumptions made within the simulation and analyses, along with adjustments resulting from the passage of time, will result in changes in these liabilities in future periods. Based on certain gross revenue growth and Adjusted EBITDA metrics of SuperPlay during the calendar year 2026, earnout payments could exceed currently estimated amounts.

The Company has not elected the fair value measurement option under ASC 825 for any financial assets or liabilities.