v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market for that asset or liability. Guidance on fair value measurements and disclosures establishes a valuation hierarchy for disclosure of inputs used in measuring fair value defined as follows:
Level 1—Inputs are unadjusted quoted prices that are available in active markets for identical assets or liabilities.
Level 2—Inputs include quoted prices for similar assets and liabilities in active markets and quoted prices in non-active markets, inputs other than quoted prices that are observable, and inputs that are not directly observable, but are corroborated by observable market data.
Level 3—Inputs that are unobservable and are supported by little or no market activity and reflect the use of significant management judgment.
The classification of a financial asset or liability within the hierarchy is determined based on the least reliable level of input that is significant to the fair value measurement. In determining fair value, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We also consider the counterparty and our own non-performance risk in our assessment of fair value.
Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
Money market funds and investment in securities —We classify our money market funds and investment in securities within Level 1 of the fair value hierarchy as they are valued using quoted market prices in active markets for identical assets.
Time deposits—We classify our time deposits within Level 2 of the fair value hierarchy as these instruments are valued using a market approach based on non-binding market consensus prices that are corroborated by observable market data and quoted market prices for similar instruments in active markets.
Interest Rate Swaps—We classify our interest rate swaps within Level 2 of the fair value hierarchy. The fair value of our interest rate swaps is estimated using a combined income and market-based valuation methodology based upon Level 2 inputs, including credit ratings and forward interest rate yield curves obtained from independent pricing services.
The following tables present our assets (liabilities) that are required to be measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):
Fair Value at Reporting Date Using
Assets:June 30, 2026Level 1Level 2Level 3
Money market funds$368,145 $368,145 $— $— 
Time deposits56,987 — 56,987 — 
Investment in securities854 854 — — 
Total assets$425,986 $368,999 $56,987 $— 

Fair Value at Reporting Date Using
Assets:December 31, 2025Level 1Level 2Level 3
Money market funds$410,493 $410,493 $— $— 
Time deposits30,280 — 30,280 — 
Investment in securities633 633 — — 
Total assets$441,406 $411,126 $30,280 $— 
Liabilities:
Derivatives
Interest rate swap contracts$(1,381)$— $(1,381)$— 
Total liabilities$(1,381)$— $(1,381)$— 

There were no transfers between Levels 1 and 2 within the fair value hierarchy for the three and six months ended June 30, 2026.
Other Financial Instruments
The carrying value of our financial instruments including cash and cash equivalents, restricted cash and accounts receivable approximates their fair values due to the short term nature of these instruments. The fair values of our 2026 Exchangeable Notes, 2031 Exchangeable Notes, senior secured notes due 2027, 2029 and 2030 and term loans under our Amended and Restated Credit Agreement are determined based on quoted market prices for a similar liability when traded as an asset in an active market, a Level 2 input. The fair value of the FILO Facility was determined using a valuation model that includes certain assumptions and Level 3 inputs. The outstanding principal balances of our AR Facility and FILO Facility approximated their fair value as of June 30, 2026 and December 31, 2025.
The following table presents the fair value and carrying value of our senior notes and borrowings under our senior secured credit facilities as of June 30, 2026 and December 31, 2025 (in thousands):
As of June 30, 2026
As of December 31, 2025
Financial InstrumentFair Value
Carrying Value(1)
Fair Value
Carrying Value(1)
2024 Term Loan B-1357,703 392,705 355,652 392,183 
2024 Term Loan B-266,546 73,803 66,500 74,169 
2025 Term Loan B-1254,355 266,436 294,725 265,206 
2025 Term Loan B-277,748 79,382 88,712 78,911 
7.32% senior exchangeable notes due 2026
50,898 50,000 133,701 150,000 
7.00% senior exchangeable notes due 2031
194,433 150,000 — — 
8.625% senior secured notes due 2027
— — 93,342 91,607 
11.25% senior secured notes due 2027
— — 1,609 1,548 
11.125% senior secured notes due 2029
1,055,900 1,000,000 1,015,660 1,000,000 
10.75% senior secured notes due 2029
429,397 425,191 379,250 422,816 
10.75% senior secured notes due 2030
448,804 411,903 386,274 406,318 
11.125% senior secured notes due 2030
1,272,841 1,325,000 1,114,418 1,325,000 
______________________
(1)Excludes net unamortized debt issuance costs.
Assets that are Measured at Fair Value on a Nonrecurring Basis
We assess goodwill and other intangible assets with indefinite lives for impairment annually or more frequently if indicators arise. We continually monitor events and changes in circumstances such as changes in market conditions, near and long-term demand and other relevant factors, that could indicate that the fair value of any one of our reporting units may more likely than not have fallen below its respective carrying amount. We have not identified any triggering events or changes in circumstances
since the performance of our annual goodwill impairment test that would require us to perform another goodwill impairment test. We did not record any goodwill impairment charges for the three and six months ended June 30, 2026.