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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Madison Industries IAQ Solutions Corporation  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
ASC 820, Fair Value (“ASC 820”), defines fair value as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measure date. ASC 820 also establishes a three-level valuation hierarchy based on the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities. Level 1 inputs include quoted prices for identical instruments and are most observable. Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include management’s own judgments about the assumption market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed below.
The following table presents information about certain financial assets that are required to be measured at fair value on a recurring basis as of March 31, 2026:
TotalLevel 1Level 2Level 3
Cash and cash equivalents$228.6 $228.6 $— $— 
Interest rate swaps and collars3.1 — 3.1 — 
Foreign currency derivatives1.8 — 1.8 — 
Total$233.5 $228.6 $4.9 $— 
The following table presents information about certain financial assets that are required to be measured at fair value on a recurring basis as of December 31, 2025:
TotalLevel 1Level 2Level 3
Cash and cash equivalents$208.4 $208.4 $— $— 
Interest rate swaps and collars(4.4)— (4.4)— 
Foreign currency derivatives2.2 — 2.2 — 
Total$206.2 $208.4 $(2.2)$—