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Derivatives and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swaps and Interest Rate Caps Outstanding
The key terms of interest rate swaps and interest rate caps outstanding are presented below:
March 31, 2024December 31, 2023
DescriptionEffective DateNotional Amount (in millions)StatusNotional Amount (in millions)StatusMaturity Date
Pay-fixed swapMay 7, 2021$435.0 Active$435.0 ActiveMarch 31, 2025
Pay-fixed swapMay 7, 2021330.0 Active330.0 ActiveMarch 31, 2025
Pay-fixed swapMay 7, 2021435.0 Active435.0 ActiveMarch 31, 2025
Interest rate capSeptember 30, 2021149.4 Active151.4 ActiveMarch 31, 2025
Interest rate capSeptember 30, 20218.5 Active8.7 ActiveMarch 31, 2025
$1,357.9 $1,360.1 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the fair values of our derivatives and their location on the condensed consolidated balance sheets (in millions):
March 31, 2024December 31, 2023
LocationAssetsLiabilitiesAssetsLiabilities
Derivatives in cash flow hedging relationships
Interest rate capsOther long-term assets$5.4 $— $6.0 $— 
Interest rate swapsOther long-term assets46.4 — 51.4 — 
Interest rate swaps
Other long-term liabilities (1)
— 14.3 — 17.8 
Total$51.8 $14.3 $57.4 $17.8 
(1)The balance is related to the financing component of the pay-fixed interest rate swaps.
Schedule of Effect of Interest Rate Swaps
The following table presents the pre-tax effect of the interest rate swaps and caps on the Company's accumulated OCI and condensed consolidated statements of operations (in millions):
Three Months Ended March 31,
Location20242023
Derivatives not designated as hedging instruments
Loss recognized in incomeOther income, net$— $0.6 
Derivatives in cash flow hedging relationships
Gain (loss) recognized in OCI (effective portion)$9.2 $(5.2)
Gain reclassified from accumulated OCI into income (effective portion) (1)
Interest expense, net$(14.7)$(6.1)
(1)Includes amortization of accumulated OCI related to de-designated and terminated interest rate swaps of $5.4 million for the three months ended March 31, 2023. There was no corresponding amount for the three months ended March 31, 2024.