v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE
Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value of assets and liabilities, the following hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable:
•Level 1 assets include investments with quoted prices in active markets that the Company has the ability to liquidate as of the reporting date.
•Level 2 assets include investments in U.S. government agency securities, corporate and municipal debt whose estimates are valued based on observable inputs, other than quoted prices.
•Level 3 assets include investments with unobservable inputs, such as third-party valuations, due to little or no market activity.

Financial Instruments Recorded at Fair Value (in millions):
June 30, 2026December 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Cash and cash equivalents$1,868.5 $— $— $1,868.5 $1,957.2 $— $— $1,957.2 
Deferred compensation asset (a)
0.6 — — 0.6 0.5 — — 0.5 
Liabilities:
Deferred compensation obligation (a)
$0.6 $— $— $0.6 $0.5 $— $— $0.5 
Equity-related compensation (b)
$18.0 $— $— $18.0 $— $— $— $— 
 
(a)    The deferred compensation asset and obligation represent the balance of deferred compensation plus net investment earnings. The deferred compensation plan is funded through a rabbi trust. Trust funds are invested in mutual funds for which unit prices are quoted in active markets and are classified within Level 1 of the valuation hierarchy.
(b)    The equity-based compensation liability consists of the Board RSU awards, which are classified as liability awards beginning in the three months ended June 30, 2026. Prior to June 30, 2026, these awards were classified as equity awards and measured at the grant-date fair value. Refer to Note 10, Stockholders’ Equity, for details. Fair value of these awards is based on the share price quoted in active markets, classified within Level 1 of the valuation hierarchy.

There were no transfers between Level 1, 2 or 3 during the periods presented.
Other Financial Instruments

As of June 30, 2026, and December 31, 2025, the Condensed Consolidated Balance Sheets carrying amounts for Accounts Receivable, Accounts Payable and Accrued Liabilities (excluding the deferred compensation obligation described above), and Payables under Inventory Purchase Agreements approximate fair value because of their short-term nature.

The carrying value and estimated fair value of long-term debt were as follows (in millions):

June 30, 2026December 31, 2025
Carrying Value
Estimated Fair Value (a)
Carrying Value
Estimated Fair Value (a)
2.25% Convertible Notes
$392.3 
(b)
$798.5 $391.2 
(c)
$1080.4 
0% Convertible Notes
$785.3 
(c)
$833.1 $783.7 
(c)
$1089.8 
(a) Estimated fair value is based on bid/ask quotes as of or near the balance sheet date, which are considered Level 2 inputs.
(b)As of June 30, 2026 and December 31, 2025, the carrying value of the 2.25% Convertible Notes is net of $10.2 million and $11.3 million of unamortized debt issuance costs, respectively. Refer to Note 6, Debt.
(c)As of June 30, 2026 and December 31, 2025, the carrying value of the 0% Convertible Notes is net of $19.7 million and $21.3 million of unamortized debt issuance costs, respectively. Refer to Note 6, Debt.