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Derivatives and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 |  | December 31, 2024 |  |
Description |  | Effective Date |  | Notional Amount (in millions) |  | Status |  | Notional Amount (in millions) |  | Status |  | Maturity Date
Pay-fixed swap |  | May 7, 2021 |  | $ | — |  |  | Matured |  | $ | 435.0 |  |  | Active |  | March 31, 2025
Pay-fixed swap |  | May 7, 2021 |  | — |  |  | Matured |  | 330.0 |  |  | Active |  | March 31, 2025
Pay-fixed swap |  | May 7, 2021 |  | — |  |  | Matured |  | 435.0 |  |  | Active |  | March 31, 2025
Interest rate cap |  | September 30, 2021 |  | — |  |  | Matured |  | 143.6 |  |  | Active |  | March 31, 2025
Interest rate cap |  | September 30, 2021 |  | — |  |  | Matured |  | 8.2 |  |  | Active |  | March 31, 2025
Deferred premium cap |  | March 31, 2025 |  | 396.0 |  |  | Active |  | 396.0 |  |  | Active |  | December 31, 2028
Deferred premium cap |  | March 31, 2025 |  | 198.0 |  |  | Active |  | 198.0 |  |  | Active |  | December 31, 2028
Deferred premium cap |  | March 31, 2025 |  | 396.0 |  |  | Active |  | 396.0 |  |  | Active |  | December 31, 2028
Deferred premium cap |  | March 31, 2025 |  | 198.0 |  |  | Active |  | 198.0 |  |  | Active |  | December 31, 2028
Deferred premium cap |  | March 31, 2025 |  | 198.0 |  |  | Active |  | 198.0 |  |  | Active |  | December 31, 2028
|  |  |  | $ | 1,386.0 |  |  |  |  | $ | 2,737.8 |  |  |  |  |
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, 2025 |  | December 31, 2024
|  |  |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Derivatives in cash flow hedging relationships |  |  |  |  |  |  |  |  |  |
Interest rate caps (1) |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | — |
Interest rate swaps (1) |  |  |  | — |  |  | — |  |  | 9.7 |  |  | — |
Interest rate caps (2) |  |  |  | — |  |  | 11.8 |  |  | — |  |  | 6.1 |
Interest rate swaps (3) (4) |  |  |  | — |  |  | — |  |  | — |  |  | 3.5 |
Total |  |  |  | $ | — |  |  | $ | 11.8 |  |  | $ | 10.8 |  |  | $ | 9.6 |
(1)Amounts were included in other current assets on the condensed consolidated balance sheets as of December 31, 2024. (2)Amounts were included in other long-term liabilities on the condensed consolidated balance sheets as of December 31, 2024. (3)Amounts were included in other current liabilities on the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024. (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 condensed consolidated statements of operations (in millions):
|  |  | Three Months Ended March 31, |  |
| Location |  | 2025 |  | 2024 |  |  |  |  |  |
Derivatives in cash flow hedging relationships |  |  |  |  |  |  |  |  |  |  |
Gain (loss) recognized in OCI (effective portion) |  |  | $ | (5.6) |  |  | $ | 9.2 |  |  |  |  |  |  |
Gain reclassified from accumulated OCI into income (effective portion) | Interest expense, net |  | $ | (11.0) |  |  | $ | (14.7) |  |  |  |  |  |  |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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