Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements

v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair value measurements

11. FAIR VALUE MEASUREMENTS

Recurring Measurements

The Company had no assets or liabilities measured at fair value on a recurring basis as of March 31, 2026, and December 31, 2025.

The following is a reconciliation of our recurring Level 3 fair value measurements for the periods presented:

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

Net asset (liability) balance at beginning of period

 

$

—

 

 

$

(8.6

)

 

Change in fair value of Level 3 fair value measurements

 

 

—

 

 

 

3.7

 

 

Munger liability settled in cash

 

 

—

 

 

 

4.9

 

 

Net asset (liability) balance at end of period

 

$

—

 

 

$

—

 

 

 

Financial Instruments

The estimated fair values of our financial instruments have been determined at discrete points in time based on relevant market information. Our financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, certain investments, accounts payable, accrued expenses and long-term debt.

The carrying amounts of our financial instruments other than long-term debt approximate fair value because of the short-term nature of the items. The carrying amounts of our floating rate debt approximate fair value due to their variable interest rates. The fair value of our fixed rate debt, classified as Level 2 in the fair value hierarchy, also approximated its carrying value.