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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Summary of Carrying Amounts and Fair Values of Financial Instruments | The following table summarizes the carrying amounts and fair values of financial instruments:
|  |  |  |  |  | As of December 31, 2024 |  |  | As of December 31, 2023 |
|  | Balance Sheet Classification |  | Level |  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
|  |  |  |  |  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Prepaid expenses and other current assets |  | 2 |  | $ | 1,539 |  |  | $ | 1,539 |  |  | $ | 7,197 |  |  | $ | 7,197 |
Foreign exchange contracts |  | Prepaid expenses and other current assets |  | 2 |  |  | — |  |  |  | — |  |  |  | 922 |  |  |  | 922 |
Total assets |  |  |  |  |  | $ | 1,539 |  |  | $ | 1,539 |  |  | $ | 8,119 |  |  | $ | 8,119 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Other non-current liabilities |  | 2 |  | $ | — |  |  | $ | — |  |  | $ | 1,379 |  |  | $ | 1,379 |
Interest rate caps |  | Accrued expenses and other current liabilities |  | 2 |  |  | 8,967 |  |  |  | 8,967 |  |  |  | 3,491 |  |  |  | 3,491 |
Interest rate caps |  | Other non-current liabilities |  | 2 |  |  | 3,709 |  |  |  | 3,709 |  |  |  | 9,015 |  |  |  | 9,015 |
Contingent consideration - current |  | Accrued expenses and other current liabilities |  | 3 |  |  | 7,000 |  |  |  | 7,000 |  |  |  | — |  |  |  | — |
Contingent consideration - non-current |  | Other non-current liabilities |  | 3 |  |  | 8,150 |  |  |  | 8,150 |  |  |  | — |  |  |  | — |
Long-term debt, including current portion: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New 2024 Term Loan Facility |  | (1) |  | 2 |  |  | 2,211,822 |  |  |  | 2,250,000 |  |  |  | — |  |  |  | — |
Prior 2023 Term Loan Facilities |  | (1) |  | 2 |  |  | — |  |  |  | — |  |  |  | 2,515,996 |  |  |  | 2,562,125 |
Prior Senior Notes |  | (1) |  | 2 |  |  | — |  |  |  | — |  |  |  | 665,038 |  |  |  | 675,468 |
Total liabilities |  |  |  |  |  | $ | 2,239,648 |  |  | $ | 2,277,826 |  |  | $ | 3,194,919 |  |  | $ | 3,251,478 |
(1) The carrying amount of debt instruments is presented net of the debt issuance costs, premium and discount. Refer to Note 12, “Debt”, for gross carrying amounts
Summary of Gains (Losses) on Derivative Instruments | The gains (losses) on the Company’s derivative instruments were as follows:
|  |  |  | Year ended December 31, |
|  | Statement of Operations Classification |  | 2024 |  |  | 2023 |  |  | 2022 |
|  |  |  | (in thousands) |
Amount of gain (loss) recognized in net income (loss): |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest expense |  | $ | 9,458 |  |  | $ | 18,956 |  |  | $ | (7,252 | )
Interest rate caps |  | I nterest expense |  |  | (293 | ) |  |  | (625 | ) |  |  | (27 | )
Foreign exchange contracts |  | Selling, general and administrative expense |  |  | 818 |  |  |  | 265 |  |  |  | (420 | )
Total gain (loss) in net income (loss) |  |  |  | $ | 9,983 |  |  | $ | 18,596 |  |  | $ | (7,699 | )
Amount of gain (loss) recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Cash flow hedge gain |  | $ | 4,876 |  |  | $ | 7,851 |  |  | $ | 30,750 |
Interest rate caps |  | Cash flow hedge loss |  |  | (519 | ) |  |  | (7,686 | ) |  |  | (5,384 | )
Foreign exchange contracts |  | Cash flow hedge gain (loss) |  |  | (103 | ) |  |  | 1,677 |  |  |  | (973 | )
Total gain recognized in other comprehensive income |  |  |  | $ | 4,254 |  |  | $ | 1,842 |  |  | $ | 24,393 |
Significant Inputs used in Calculating Fair Value of Contingent Consideration Liability | The following table represents the significant inputs used in calculating the fair value of the contingent consideration liability on the issuance date and as of December 31, 2024:
Longest midpoint term |  |  | 1.86 |
Gross profit discount rate |  |  | 10.7 | %
Risk-free rate |  |  | 3.9 | %
Gross profit volatility |  |  | 23.3 | %
Payment discount rate |  |  | 13.2 | %

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