Stockholders' Equity |
9 Months Ended |
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Sep. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders' Equity | Stockholders' Equity On August 20, 2026, the Company’s principal stockholder, entities affiliated with BDT & MSD Partners, LLC (“BDT”), completed an underwritten public offering (the “Offering”) of 22,550,000 shares of the Company’s common stock at a public offering price of $23.50 per share. The underwriters exercised in full their option to purchase an additional 3,382,500 shares from the selling stockholder, which closed concurrently with the Offering on August 20, 2026, bringing the total shares sold by the selling stockholder to 25,932,500. The Company did not sell any shares of common stock in the Offering and did not receive any proceeds from it. In connection with the Offering, the Company repurchased 3,298,704 of the shares from the underwriters (the “Share Repurchase”) at a price of $22.74 per share, equal to the price paid by the underwriters to the selling stockholder, for an aggregate purchase price of approximately $75.0 million. The Share Repurchase was funded with cash on hand and closed on August 20, 2026, concurrent with the Offering. The repurchased shares were canceled and returned to the status of authorized but unissued shares, and the excess of the repurchase price over the par value of the canceled shares was recorded as a reduction of Additional paid-in capital. The underwriters received no compensation on the shares repurchased by the Company. The Company recorded excise tax of $0.3 million on the Share Repurchase, which was accrued for in Other current liabilities and recorded as a reduction of Additional paid-in capital. Refer to Note 20 - Related Parties for additional information.
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