INSULET CORP Fair Value Disclosure
Fair Value Measurements at December 31, 2025 | |||||||||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Term Loan B(1) | $ | 482.3 | $ | — | $ | — | $ | 482.3 | |||||||||||||||
Senior Unsecured Notes(1) | 469.2 | — | — | 469.2 | |||||||||||||||||||
Equipment financings(2) | — | — | 34.8 | 34.8 | |||||||||||||||||||
Total | $ | 951.4 | $ | — | $ | 34.8 | $ | 986.2 | |||||||||||||||
Fair Value Measurements at December 31, 2024 | |||||||||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Term Loan B(1) | $ | 485.8 | $ | — | $ | — | $ | 485.8 | |||||||||||||||
Convertible Senior Notes(1) | — | 1,018.9 | — | 1,018.9 | |||||||||||||||||||
Equipment financings(2) | — | — | 49.3 | 49.3 | |||||||||||||||||||
Mortgage(2) | — | — | 60.6 | 60.6 | |||||||||||||||||||
Total | $ | 485.8 | $ | 1,018.9 | $ | 109.9 | $ | 1,614.7 | |||||||||||||||
Fair Value Measurements at December 31, 2025 | |||||||||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash(1) | $ | 138.7 | $ | — | $ | — | $ | 138.7 | |||||||||||||||
Money market mutual funds(1) | 577.4 | — | — | 577.4 | |||||||||||||||||||
Interest rate swaps(2) | — | 1.0 | — | 1.0 | |||||||||||||||||||
Total assets at fair value | $ | 716.1 | $ | 1.0 | $ | — | $ | 717.1 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Interest rate swaps(2) | $ | — | $ | 0.8 | $ | — | $ | 0.8 | |||||||||||||||
Fair Value Measurements at December 31, 2024 | |||||||||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Cash(1) | $ | 133.4 | $ | — | $ | — | $ | 133.4 | |||||||||||||||
Money market mutual funds(1) | 819.9 | — | — | 819.9 | |||||||||||||||||||
Interest rate swaps(2) | — | 5.4 | — | 5.4 | |||||||||||||||||||
Debt securities(3) | — | — | 4.7 | 4.7 | |||||||||||||||||||
Total assets at fair value | $ | 953.3 | $ | 5.4 | $ | 4.7 | $ | 963.5 | |||||||||||||||
| (in millions) | Debt Securities | Other Investments | Total | ||||||||||||||
| December 31, 2023 | $ | 4.7 | $ | 3.8 | $ | 8.5 | |||||||||||
Unrealized loss included in | — | (3.8) | (3.8) | ||||||||||||||
| December 31, 2024 | 4.7 | — | 4.7 | ||||||||||||||
| Provision for credit loss included in selling, general and administrative expenses | (4.7) | — | (4.7) | ||||||||||||||
| December 31, 2025 | $ | — | $ | — | $ | — | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.