Fair Value Measurements

6 Months Ended

Dec. 31, 2024

Fair Value Measurements of Other Financial Instruments

The following table presents the estimated fair values and carrying amounts of the Company’s financial instruments that are not recorded at fair value on the Condensed Consolidated Balance Sheets. All of these liabilities’ fair value are considered Level 2.


	December 31, 2024				June 30, 2024
	Carrying Amount, Net		Estimated Fair Value		Carrying Amount, Net		Estimated Fair Value
	(in millions)
0.00% Convertible Senior Notes due 2026	$	198.0	$	186.0	$	197.6	$	175.0
5.50% Convertible Senior Notes due 2029	343.0		758.4		342.4		353.0
Term Loan due and payable on May 30, 2029	958.3		958.3		960.1		960.1
Total	$	1,499.3	$	1,902.6	$	1,500.0	$	1,488.0

The fair value of the 2026 Notes and the fair value of the 2029 Notes (each as defined in Note 7 - Debt) are determined based on the respective closing prices on the last trading day of the reporting period.

The carrying value of the Term Loan (as defined in Note 7 - Debt) approximates the fair value of the Term Loan as of December 31, 2024 and June 30, 2024, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details