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Derivatives and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 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:
June 30, 2025December 31, 2024
DescriptionEffective DateNotional Amount (in millions)StatusNotional Amount (in millions)StatusMaturity Date
Pay-fixed swapMay 7, 2021$— Matured$435.0 ActiveMarch 31, 2025
Pay-fixed swapMay 7, 2021— Matured330.0 ActiveMarch 31, 2025
Pay-fixed swapMay 7, 2021— Matured435.0 ActiveMarch 31, 2025
Interest rate capSeptember 30, 2021— Matured143.6 ActiveMarch 31, 2025
Interest rate capSeptember 30, 2021— Matured8.2 ActiveMarch 31, 2025
Deferred premium capMarch 31, 2025395.0 Active396.0 ActiveDecember 31, 2028
Deferred premium capMarch 31, 2025197.5 Active198.0 ActiveDecember 31, 2028
Deferred premium capMarch 31, 2025395.0 Active396.0 ActiveDecember 31, 2028
Deferred premium capMarch 31, 2025197.5 Active198.0 ActiveDecember 31, 2028
Deferred premium capMarch 31, 2025197.5 Active198.0 ActiveDecember 31, 2028
$1,382.5 $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):
June 30, 2025December 31, 2024
AssetsLiabilitiesAssetsLiabilities
Derivatives in cash flow hedging relationships
Interest rate caps (1)
$— $— $1.1 $— 
Interest rate swaps (1)
— — 9.7 — 
Interest rate caps (2)
— 13.3 — 6.1 
Interest rate swaps (3) (4)
— — — 3.5 
Total$— $13.3 $10.8 $9.6 
(1)Amounts were included in other current assets on the condensed consolidated balance sheets as of December 31, 2024.
(2)Amounts were included in other long-term liabilities on the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024.
(3)Amounts were included in other current liabilities on the condensed consolidated balance sheets as of December 31, 2024.
(4)Amounts related to the financing component of the pay-fixed interest rate swaps.
Schedule of Effect of Interest Rate Swaps
The following table presents the pre-tax effect of the interest rate swaps and caps on the Company's accumulated OCI and condensed consolidated statements of operations (in millions):
Three Months Ended June 30,Six Months Ended June 30,
Location2025202420252024
Derivatives in cash flow hedging relationships
(Loss) gain recognized in OCI (effective portion)$(2.8)$(0.1)$(8.4)$9.1 
Loss (gain) reclassified from accumulated OCI into income (effective portion)Interest expense, net$1.3 $(14.8)$(9.7)$(29.5)