v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 4 - Fair Value of Financial Instruments
The Company’s financial instruments consist of cash equivalents and debt. Assets and liabilities measured at fair value on a recurring basis (cash equivalents) and a nonrecurring basis (debts) are categorized in the tables below.
The following table summarizes the Company’s financial instruments by level in the fair value hierarchy as of June 30, 2026:
Fair Value Measurements at June 30, 2026
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(In thousands)(Level 1)(Level 2)(Level 3)Total
Assets:
Money market funds (cash equivalents)$652,363 $— $— $652,363 
Liabilities:
Term Loans$— $442,975 $— $442,975 
Senior Secured Notes$— $967,247 $— $967,247 
Senior Unsecured Notes$— $228,224 $— $228,224 
Revolving Credit Facility$— $120,000 $— $120,000 
The following table summarizes the Company’s financial instruments by level in the fair value hierarchy as of December 31, 2025:
Fair Value Measurements at December 31, 2025
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(In thousands)(Level 1)(Level 2)(Level 3)Total
Assets:
Money market funds (cash equivalents)$665,506 $— $— $665,506 
Liabilities:
Term Loans$— $512,282 $— $512,282 
Senior Secured Notes$— $1,139,512 $— $1,139,512 
Senior Unsecured Notes$— $283,400 $— $283,400 
The fair value of the Company’s money market funds is based on quoted active market prices and is determined using the market approach. The fair value of the Company’s Term Loans, Senior Secured Notes and Senior Unsecured Notes are based on market quotes provided by a third-party pricing source. Borrowings under the Company’s Revolving Credit Facility approximate fair value based on their nature, terms, and variable interest rates.
The Company’s non-financial assets and liabilities, which include goodwill and long-lived assets held and used, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur or if an annual impairment test is required, the Company would evaluate the non-financial assets and liabilities for impairment. If an impairment was to occur, the asset or liability would be recorded at its estimated fair value.