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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Assets and Liabilities at Fair Value on Recurring Basis

The Company measures the following assets and liabilities at fair value on a recurring basis:


	As of December 31, 2025
(in millions)	Recorded Balance		Level 1		Level 2		Level 3
Cash, cash equivalents, and restricted cash	$	157.7	$	157.7	$	—	$	—
Marketable securities	162.2		162.2		—		—
EVE Investment	15.4		4.0		—		11.4
Total	$	335.3	$	323.9	$	—	$	11.4


	As of December 31, 2024
(in millions)	Recorded Balance		Level 1		Level 2		Level 3
Cash, cash equivalents, and restricted cash	$	131.9	$	131.9	$	—	$	—
Marketable securities	191.5		191.5		—		—
EVE Investment	18.7		5.4		—		13.3
U.S. Treasury Warrants	(6.8)		—		—		(6.8)
Total	$	335.3	$	328.8	$	—	$	6.5

Schedule of Fair Valuation of Level 3 Investments

The implied volatility, which is the unobservable input, used in the determination of fair value of Level 3 investments for the years ended December 31, 2025 and 2024 is as follows:


	2025	2024
EVE Investment	61.6%	72.1%

Schedule of Reconciliation of Level 3 Fair Value Measurements

The reconciliation of Level 3 fair value measurements during the years ended December 31, 2025 and 2024 are as follows:


(in millions)
Balance at December 31, 2023	$	8.9
Change in fair value of Eve Investment (unrealized)	(2.6)
Change in fair value of U.S. Treasury Warrants (unrealized)	0.2
Balance at December 31, 2024	6.5
Change in fair value of Eve Investment (unrealized)	(1.9)
Change in fair value of U.S. Treasury Warrants (unrealized)	(1.7)
U.S. Treasury Warrants exercised	1.1
U.S. Treasury Warrants converted to equity	7.4
Balance at December 31, 2025	$	11.4

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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