Note 21 - Fair Value
The following tables present the fair value hierarchy for those assets and liabilities on the Consolidated Balance Sheets measured at fair value on a recurring basis as of December 31, 2025 and 2024:
| | | | | | | | | | | | | | |
| | December 31, 2025 |
| Total | Level 1 | Level 2 | Level 3 |
| Assets: | | | | |
| Cash and cash equivalents | $ | 348.8 | | $ | 347.6 | | $ | 1.2 | | $ | — | |
| Cash and cash equivalents measured at net asset value | 15.6 | | | | |
| Restricted cash | 1.0 | | 1.0 | | — | | — | |
| Short-term investments | 21.1 | | — | | 21.1 | | — | |
| | | | |
| Foreign currency forward contracts | 2.5 | | — | | 2.5 | | — | |
| Total Assets | $ | 389.0 | | $ | 348.6 | | $ | 24.8 | | $ | — | |
| Liabilities: | | | | |
| Foreign currency forward contracts | $ | 1.8 | | $ | — | | $ | 1.8 | | $ | — | |
| Total Liabilities | $ | 1.8 | | $ | — | | $ | 1.8 | | $ | — | |
| | | | | | | | | | | | | | |
| | December 31, 2024 |
| Total | Level 1 | Level 2 | Level 3 |
| Assets: | | | | |
| Cash and cash equivalents | $ | 343.1 | | $ | 341.8 | | $ | 1.3 | | $ | — | |
| Cash and cash equivalents measured at net asset value | 30.1 | | | | |
| Restricted cash | 0.4 | | 0.4 | | — | | — | |
| Short-term investments | 15.9 | | — | | 15.9 | | — | |
| | | | |
| Foreign currency forward contracts | 4.9 | | — | | 4.9 | | — | |
| Total Assets | $ | 394.4 | | $ | 342.2 | | $ | 22.1 | | $ | — | |
| Liabilities: | | | | |
| Foreign currency forward contracts | $ | 10.4 | | $ | — | | $ | 10.4 | | $ | — | |
| Total Liabilities | $ | 10.4 | | $ | — | | $ | 10.4 | | $ | — | |
Cash and cash equivalents are highly liquid investments with maturities of 90 days or less when purchased that are valued at redemption value. Short-term investments are investments with maturities between 91 days and one year, and generally are valued at amortized cost, which approximates fair value. A portion of the cash and cash equivalents and short-term investments are valued based on net asset value. The Company uses publicly available market interest rates to measure the fair value of its interest rate swap contracts. The Company uses publicly available foreign currency forward and spot rates to measure the fair value of its foreign currency forward contracts.
In addition, the Company remeasures certain assets to fair value, using Level 3 measurements, as a result of the occurrence of triggering events such as purchase accounting for acquisitions or goodwill impairment.
No material assets were measured at fair value on a nonrecurring basis during the years ended December 31, 2025 and 2024.
Note 21 - Fair Value (continued)
Financial Instruments:
The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, net accounts receivable, trade accounts payable, short-term borrowings and long-term debt. Due to their short-term nature, the carrying value of cash and cash equivalents, short-term investments, accounts receivable, trade accounts payable, and short-term borrowings are a reasonable estimate of their fair value. Due to the nature of fair value calculations for variable-rate debt, the carrying value of the Company's long-term variable-rate debt is a reasonable estimate of its fair value. The fair value of the Company’s long-term fixed-rate debt, based on quoted market prices, was $1,796.6 million and $1,659.2 million at December 31, 2025 and 2024, respectively. The carrying value of this debt was $1,784.0 million and $1,675.6 million at December 31, 2025 and 2024, respectively. The fair value of long-term fixed-rate debt was measured using Level 2 inputs.
The Company does not believe it has significant concentrations of risk associated with the counterparts to its financial instruments.