Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company applies fair value accounting to all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The fair value of the Company’s cash and cash equivalents, restricted cash, accounts receivable, and other current assets and liabilities approximates their carrying amounts due to the relatively short maturity of these items. The fair value of third-party debt approximates the carrying value because the interest rates are variable and reflect market rates.
Fair Value of Financial Instruments
The Company categorizes assets and liabilities recorded at fair value in the unaudited Condensed Consolidated Balance Sheets based upon the level of judgment associated with inputs used to measure their fair value. It is not practicable due to cost and effort for the Company to estimate the fair value of notes issued to related parties primarily due to the nature of their terms relative to the entity’s capital structure.
Assets and liabilities carried at fair value are valued and disclosed in one of the following three levels of the valuation hierarchy:
Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 – Inputs are quoted prices in active markets for similar assets or liabilities or inputs that can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Inputs are unobservable and require significant management judgment or estimation.
The following table summarizes the financial assets and liabilities of the Company that are measured at fair value on a recurring basis (in millions):
Fair Value Measurements at September 30, 2024
Level 1 Level 2 Level 3
Assets
Cash, cash equivalents, and restricted cash $ 133.7  $ —  $ — 
Discretionary retirement plan $ 4.5  $ 1.0  $ — 
Accrued interest receivable on cross-currency swaps $ —  $ 0.1  $ — 
Liabilities
Discretionary retirement plan $ 4.5  $ 1.0  $ — 
Cross-currency rate swaps (Note 17) $ —  $ 25.0  $ — 
Interest rate swap (Note 17) $ —  $ 0.4  $ — 
Fair Value Measurements at December 31, 2023
Level 1 Level 2 Level 3
Assets
Cash, cash equivalents, and restricted cash $ 130.5  $ —  $ — 
Discretionary retirement plan $ 4.0  $ 1.0  $ — 
Accrued interest receivable on cross-currency swaps $ —  $ 0.1  $ — 
Interest rate swap (Note 17) $ —  $ 0.1  $ — 
Liabilities
Discretionary retirement plan $ 4.0  $ 1.0  $ — 
Public warrants $ 38.1  $ —  $ — 
Private placement warrants $ —  $ 17.3  $ — 
Cross-currency rate swaps (Note 17) $ —  $ 23.3  $ — 
As of December 31, 2023, the fair value of Public Warrants and Private Placement Warrants issued in connection with GSAH's IPO have been measured based on the listed market price of such Public Warrants, a Level 1 measurement. The Public Warrants and Private Placement Warrants were exercised, exchanged, or redeemed during the nine months ended September 30, 2024. See Note 1, Nature of Business and Summary of Significant Accounting Policies, for further details.