v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
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.
Fair Value Option, Disclosures
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.