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Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 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:
December 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, 2021143.6 Active151.4 ActiveMarch 31, 2025
Interest rate capSeptember 30, 20218.2 Active8.7 ActiveMarch 31, 2025
Deferred premium capMarch 31, 2025396.0 Active— N/ADecember 31, 2028
Deferred premium capMarch 31, 2025198.0 Active— N/ADecember 31, 2028
Deferred premium capMarch 31, 2025396.0 Active— N/ADecember 31, 2028
Deferred premium capMarch 31, 2025198.0 Active— N/ADecember 31, 2028
Deferred premium capMarch 31, 2025198.0 Active— N/ADecember 31, 2028
$2,737.8 $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 consolidated balance sheets (in millions):
December 31, 2024December 31, 2023
AssetsLiabilitiesAssetsLiabilities
Derivatives in cash flow hedging relationships
Interest rate caps (1)
$1.1 $— $6.0 $— 
Interest rate swaps (1)
9.7 — 51.4 — 
Interest rate caps (2)
— 6.1 — — 
Interest rate swaps (3) (4)
— 3.5 — 17.8 
Total$10.8 $9.6 $57.4 $17.8 
(1)Amounts were included in other current assets and other long-term assets on the consolidated balance sheets as of December 31, 2024 and December 31, 2023, respectively.
(2)Amounts were included in other long-term liabilities on the consolidated balance sheets as of December 31, 2024.
(3)Amounts were included in other current liabilities and other long-term liabilities on the consolidated balance sheets as of December 31, 2024 and December 31, 2023, respectively.
(4)Amounts related to the financing component of the pay-fixed interest rate swaps.
Schedule of Effect of Interest Rate Swaps
The following table presents the pre-tax effect of the interest rate swaps and caps on the Company's accumulated OCI and consolidated statements of operations (in millions):
Year Ended December 31,
Location202420232022
Derivatives not designated as hedging instruments
Loss recognized in incomeOther income, net$— $0.6 $(0.4)
Gain reclassified from accumulated OCI into income (1)
Other income, net$— $— $(7.5)
Derivatives in cash flow hedging relationships
Gain (loss) recognized in OCI (effective portion)$4.3 $16.0 $104.9 
Gain reclassified from accumulated OCI into income (effective portion) (2)
Interest expense, net$(57.0)$(34.7)$10.3 
(1)Gain reclassified from accumulated OCI upon de-designation of a portion of one of the Company's interest rate caps.
(2)Includes amortization of accumulated OCI related to de-designated and terminated interest rate swaps of $19.6 million and $21.4 million for the years ended December 31, 2023 and 2022, respectively. There were no corresponding amounts for the year ended December 31, 2024.