XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.25.3

Derivatives | 9 Months Ended
--- | ---
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives Deal-Contingent Foreign Currency Forward In December 2023, the Company entered into the deal-contingent foreign currency forward (the “Deal-Contingent Forward”) to manage the risk of appreciation of the GBP-denominated purchase price of the acquisition of Castel. The Deal-Contingent Forward had a 200.0 million GBP notional amount and was executed when the Castel acquisition closed on May 1, 2024. As the Deal-Contingent Forward was an economic hedge and had not been designated as an accounting hedge, losses resulting from the Deal-Contingent Forward were recognized through earnings in the periods incurred. Interest Rate Cap In April 2022, the Company entered into an interest rate cap agreement to manage its exposure to interest rate fluctuations related to the Company’s Term Loan in the amount of $25.5 million. The interest rate cap has a $1,000.0 million notional amount, 2.75% strike, and terminates on December 31, 2025. At inception, the Company formally designated the interest rate cap as a cash flow hedge. As of September 30, 2025, the interest rate cap continued to be an effective hedge. Decreases in the fair value of the interest rate cap of $3.9 million and $16.4 million for the three months ended September 30, 2025 and 2024, respectively, and $10.8 million and $16.5 million for the nine months ended September 30, 2025 and 2024, respectively, were recognized in other comprehensive income (loss) (“OCI”). As of September 30, 2025, the Company expects $3.1 million of unrealized gains from the interest rate cap to be reclassified into earnings over the next three months through the instrument’s expiration date. See Note 15, Income Taxes, for further information on the tax effects on other comprehensive income related to the interest rate cap. The location and gains (losses) on derivatives are reported in the Consolidated Statements of Income as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
| Income Statement Caption | 2025 |  | 2024 |  | 2025 |  | 2024 |
Change in the fair value of the Deal-Contingent Forward | General and administrative | $— |  | $— |  | $— |  | $(4,532) |
Total impact of derivatives not designated as hedging instruments | $— |  | $— |  | $— |  | $(4,532) |
Interest rate cap premium amortization | Interest expense, net | $(1,739) |  | $(1,739) |  | $(5,216) |  | $(5,216) |
Amounts reclassified out of other comprehensive income related to the interest rate cap | Interest expense, net | 4,045 |  | 6,689 |  | 11,978 |  | 19,740 |
Total impact of derivatives designated as hedging instruments | $2,306 |  | $4,950 |  | $6,762 |  | $14,524 |
The location and fair value of derivatives designated as hedging instruments are reported on the Consolidated Balance Sheets as follows:
| Balance Sheet Caption | September 30, 2025 |  | December 31, 2024 |
Interest rate cap | Other current assets | $3,104 |  | $13,936 |
See Note 12, Fair Value Measurements, for further information on the fair value of derivatives.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
Name: | us-gaap_DerivativesAndFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration