Fair Value Information
All financial instruments are carried at amounts that approximate estimated fair value. The fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. Assets measured at fair value are categorized based upon the lowest level of significant input to the valuations.
Level 1 – quoted prices in active markets for identical assets and liabilities.
Level 2 – quoted prices for identical assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3 – unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions.
The carrying amounts of cash and cash equivalents, accounts receivable-trade and accounts payable represent their respective fair values due to their short-term nature. There was $36.0 debt outstanding under the 2028 ABL Facility as of December 31, 2025 and $50.0 debt outstanding under the Prior ABL Facility as of December 31, 2024. The fair value of each the 2028 ABL Facility and the Prior ABL Facility approximates each of their respective carrying values as of year-end.
The following tables present the placement in the fair value hierarchy of the 2025 Senior Notes, based on market prices for publicly traded debt, as of December 31, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Fair value measurements at reporting date using |
| December 31, 2025 | | Level 1 | | Level 2 | | Level 3 |
| 2030 Senior Notes | $ | 246.0 | | | $ | — | | | $ | — | | | $ | 246.0 | |
| | | | | | | |
| | | | | | | |
| Total Senior Notes | $ | 246.0 | | | $ | — | | | $ | — | | | $ | 246.0 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Fair value measurements at reporting date using |
| December 31, 2024 | | Level 1 | | Level 2 | | Level 3 |
| 2025 Senior Notes | $ | 231.2 | | | $ | — | | | $ | 231.2 | | | $ | — | |
| | | | | | | |
| | | | | | | |
| Total Senior Notes | $ | 231.2 | | | $ | — | | | $ | 231.2 | | | $ | — | |
The following tables present the placement in the fair value hierarchy of Assets Held for Sale, as disclosed in Note 4, based on sales contracts and comparative price quotes, as of December 31, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Fair value measurements at reporting date using |
| December 31, 2025 | | Level 1 | | Level 2 | | Level 3 |
| Assets Held for Sale | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Total Assets Held for Sale | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Fair value measurements at reporting date using |
| December 31, 2024 | | Level 1 | | Level 2 | | Level 3 |
| Assets Held for Sale | $ | 2.3 | | | $ | — | | | $ | 2.3 | | | $ | — | |
| Total Assets Held for Sale | $ | 2.3 | | | $ | — | | | $ | 2.3 | | | $ | — | |
During the years ended December 31, 2025 and December 31, 2024, there was $0.2 and no before-tax loss related to Assets Held for Sale, respectively.