v3.26.3
Fair Value
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Financial Assets and Liabilities Not Recorded at Fair Value

The methods and assumptions used in estimating the fair value amounts included in the disclosures for financial assets and liabilities not recorded at fair value are consistent with those disclosed in the Company's 2025 Annual Report on Form 10-K.

The carrying amounts and estimated fair values of the Company's financial assets and liabilities which were not recorded at fair value on the Condensed Consolidated Balance Sheets, were as follows (in millions):

As of September 30, 2026Estimated Fair Value
Financial AssetsCarrying AmountLevel 1Level 2Level 3Total
Cash and cash equivalents$109.0 $109.0 $— $— $109.0 
Financial Liabilities
Long-term debt
$3,237.4 
(1)
$— $3,076.6 $— $3,076.6 

(1)The carrying amount of long-term debt excluded $4.7 million of unamortized debt issuance costs.

As of December 31, 2025Estimated Fair Value
Financial AssetsCarrying AmountLevel 1Level 2Level 3Total
Cash and cash equivalents$499.2 $499.2 $— $— $499.2 
Short-term investments351.3 351.4 — — 351.4 
Financial Liabilities
Debt, current and long-term
$3,785.2 
(1)
$— $3,786.5 $— $3,786.5 

(1)The carrying amount of debt excluded a $1.7 million long-term finance lease obligation and $5.5 million of unamortized debt issuance costs.

Financial Assets and Liabilities Recorded at Fair Value

Derivative instruments included in Level 1 are valued using quoted market prices obtained from the New York Mercantile Exchange (NYMEX) or the Intercontinental Exchange (ICE). Derivative instruments classified in Level 2 include physical commodity derivatives that are valued using broker or dealer quotation services whose prices are derived principally from, or are corroborated by, observable market inputs. Also included in Level 2 are certain derivative instruments that have values that are similar to, and correlate with, quoted prices for exchange-traded instruments in active markets. Note 6 contains information regarding the Company's derivative instruments.
The estimated fair values of the Company's financial assets and liabilities which were accounted for at fair value on a recurring basis in periods subsequent to initial recognition on the Condensed Consolidated Balance Sheets, were as follows (in millions):

As of September 30, 2026Estimated Fair Value
Financial AssetsLevel 1Level 2Level 3
Effect of netting
and cash margin
receivables (1)
Total
     Forward natural gas contracts (2)
$— $67.8 $— $(4.2)$63.6 
     NYMEX/ICE natural gas contracts11.5 — — (11.5)— 
          Total$11.5 $67.8 $— $(15.7)$63.6 
Financial Liabilities
     Forward natural gas contracts (3)
$— $24.7 $— $(4.2)$20.5 
     NYMEX/ICE natural gas contracts
18.1 — — (18.1)— 
          Total
$18.1 $24.7 $— $(22.3)$20.5 

(1)Reflects $6.6 million of cash margin receivables offset with derivative instruments.
(2)$62.3 million were recorded in Derivative Assets (current portion) and $1.3 million were recorded in Other Assets (noncurrent portion).
(3)$13.8 million were recorded in Other Current Liabilities (current portion) and $6.7 million were recorded in Other Liabilities (noncurrent portion).

The Company had no assets and liabilities recorded at fair value on a recurring basis as of December 31, 2025.

The fair values of derivative assets and derivative liabilities exclude the fair value of cash margin receivables with counterparties subject to netting arrangements. Fair value amounts of derivative contracts (including the fair value amounts of cash margin receivables) for which there is a legal right to offset are presented net on the Condensed Consolidated Balance Sheets.