v3.26.1
Financial Instruments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Cash Equivalents Measured at Fair Value on a Recurring Basis

The following table shows our cash and cash equivalents that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, as well as their classification on our unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025:

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Amortized Cost

 

 

Fair Value (1)

 

 

Cash and Cash Equivalents

 

 

Amortized Cost

 

 

Fair Value (1)

 

 

Cash and Cash Equivalents

 

 

 

(in millions)

 

Cash

 

$

752.6

 

 

$

752.6

 

 

$

752.6

 

 

$

609.2

 

 

$

609.2

 

 

$

609.2

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

70.6

 

 

 

70.6

 

 

 

70.6

 

 

 

339.2

 

 

 

339.2

 

 

 

339.2

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

 

20.0

 

 

 

20.0

 

 

 

20.0

 

 

 

29.6

 

 

 

29.6

 

 

 

29.6

 

Total

 

$

843.2

 

 

$

843.2

 

 

$

843.2

 

 

$

978.0

 

 

$

978.0

 

 

$

978.0

 
(1)
We did not have any unrealized gains and losses related to our cash equivalents.
Schedule of Accounts Receivable, Allowance for Expected Credit Loss

The following table provides information about the opening and closing balances of accounts receivable, including contract assets, net of allowance for expected credit losses, from contracts with customers as of the dates presented:

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

(in millions)

 

Accounts receivable

 

$

187.2

 

 

$

146.1

 

Contract assets

 

 

44.1

 

 

 

28.7

 

  Total

 

$

231.3

 

 

$

174.8

 
Schedule of Aggregate Principal and Fair Value Amount of Outstanding 2026 Senior Notes and Term Loan B Facility

The following table shows the aggregate principal and fair value amount of the 2026 Senior Notes and Term Loan B Facility as of the dates presented, classified as short-term and long-term debt on our unaudited condensed consolidated balance sheets and are considered Level 2 fair value measurements. Refer to “Note 7: Debt” for additional information.

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Principal

 

 

Unamortized Debt Issuance Costs

 

 

Carrying Value

 

 

Fair Value (1)

 

 

Principal

 

 

Unamortized Debt Issuance Costs

 

 

Carrying Value

 

 

Fair Value (1)

 

 

 

(in millions)

 

Term Loan B Facility

 

$

836.0

 

 

$

(11.6

)

 

$

824.4

 

 

$

801.5

 

 

$

840.2

 

 

$

(12.7

)

 

$

827.5

 

 

$

811.1

 

2026 Senior Notes

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

345.0

 

 

$

(0.3

)

 

$

344.7

 

 

$

340.1

 
(1)
We estimate the fair value of the 2026 Senior Notes and Term Loan B Facility based on recently reported market transactions and/or prices for identical or similar financial instruments obtained from a third-party pricing source.