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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Financial Assets and Liabilities. The Company has estimated the fair values of its financial instruments as of June 30, 2026 using available market information or other appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the following fair value estimates are not necessarily indicative of the amounts the Company would realize in an actual market exchange.
The fair value hierarchy levels, carrying amounts and related fair values of the Company’s financial assets and liabilities as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
June 30, 2026December 31, 2025
Fair Value Hierarchy
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Assets:
Cash and cash equivalents:
Money market investmentsLevel 1$82,347 $82,347 $70,261 $70,261 
Prepaid and other current assets:
MBI Net Option(1)
Level 3$— $— $31,830 $31,830 
Other noncurrent assets (including current portion):
Interest rate swap assetLevel 2$39,324 $39,324 $25,187 $25,187 
Liabilities:
MBI Option Liability:
MBI option(1)
Level 3$425,970 $425,970 $— $— 
Long-term debt (including current portion):
Term loansLevel 2$1,657,832 $1,467,181 $1,706,812 $1,641,873 
Revolving Credit FacilityLevel 2$550,000 $453,750 $— $— 
Senior NotesLevel 2$502,646 $270,172 $582,013 $448,907 
Convertible Notes(2)
Level 2$345,000 $224,250 $920,000 $849,275 
(1)Based on the quarter-end revaluation, the MBI option was reclassified from a current asset to a current liability as of June 30, 2026.
(2)The $575.0 million aggregate principal amount of 2026 Notes matured in March 2026. Therefore, the balances shown as of June 30, 2026 only reflect the 2028 Notes.
Money market investments are held primarily in U.S. Treasury securities and registered money market funds and are valued using a market approach based on quoted market prices (level 1). Money market investments with original maturities of three months or less are included within cash and cash equivalents in the condensed consolidated balance sheets.
The purchase price payable by the Company upon the exercise of the Put Option is calculated under a formula based on a multiple of MBI's adjusted EBITDA for the twelve-month period ended June 30, 2025, and MBI’s total net indebtedness. As this twelve-month measurement period ended on June 30, 2025, and as the Put Option was exercised in January 2026, the fair value of the MBI option effectively represents its intrinsic value as of June 30, 2026. The estimated equity value of MBI, which is derived from discounted cash flow and guideline public company valuation methods, continues to be a significant input into the valuation of the MBI option (level 3). The Company regularly evaluates each of the assumptions used in establishing the fair value of the MBI option. Significant changes in any of these assumptions could result in a significantly lower or higher fair value measurement. The fair value of the MBI Net Option as of December 31, 2025 was measured using Monte Carlo simulations that use inputs considered unobservable and significant to the fair value measurement (level 3). Refer to note 5 for further information.
Interest rate swaps are measured at fair value within the condensed consolidated balance sheets on a recurring basis, with fair value determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (level 2).
The fair value of the term loans, Revolving Credit Facility, Senior Notes and Convertible Notes are estimated based on market prices for similar instruments in active markets (level 2).
The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable and accrued liabilities and other financial assets and liabilities approximate fair value because of the short-term nature of these instruments.
Nonfinancial Assets and Liabilities. The Company’s nonfinancial assets, such as property, plant and equipment, intangible assets and goodwill, are not measured at fair value on a recurring basis. Assets acquired, including identifiable intangible assets and goodwill, and liabilities assumed in acquisitions are recorded at fair value on the respective acquisition dates, subject to potential future measurement period adjustments. Nonfinancial assets are subject to fair value adjustments when there is evidence that impairment may exist. During the three months ended June 30, 2026, the Company recorded an impairment of its equity investment in MBI (refer to note 5). During both the three months ended June 30, 2026 and 2025, the Company recorded impairments of its franchise agreements intangible asset and goodwill (refer to note 7).