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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 13. Derivative Financial Instruments The Company is exposed to market risks, including changes in interest rates. To manage the risk related to these exposures, the Company has entered into various derivative instruments that reduce these risks by creating offsetting exposures. Interest Rate Swaps The Company has utilized swap agreements that will fix the floating interest rates associated with its Term Loan as shown in the following table:
Designation Date |  | Effective Date |  | Initial Notional Amount |  | Notional Amount Outstanding as of June 30, 2025 |  | Fixed Rate |  | Expiration Date
December 2021 |  | April 2024 |  | $ | 871,205,040 |  |  | $ | 599,526,345 |  |  | 1.6533 | % |  | June 2025
December 2021 |  | April 2024 |  | $ | 435,602,520 |  |  | $ | 299,763,173 |  |  | 1.6560 | % |  | June 2025
December 2021 |  | April 2024 |  | $ | 435,602,520 |  |  | $ | 299,763,173 |  |  | 1.6650 | % |  | June 2025
March 2022 |  | June 2025 |  | $ | 1,197,000,000 |  |  | $ | 1,197,000,000 |  |  | 2.5540 | % |  | December 2026
March 2023 |  | March 2023 |  | $ | 150,000,000 |  |  | $ | 150,000,000 |  |  | 3.9025 | % |  | December 2026
March 2023 |  | March 2023 |  | $ | 150,000,000 |  |  | $ | 150,000,000 |  |  | 3.9100 | % |  | December 2026
During the six months ended June 30, 2025, we did not execute any new interest rate swaps. Our interest rate swaps have been designated as cash flow hedges. Financial Instrument Presentation The fair values and location of outstanding derivative instruments recorded in the Condensed Consolidated Balance Sheets are as follows (in millions):
| June 30, 2025 |  | December 31, 2024
Assets |  |  |
Other current assets | $ | 12 |  |  | $ | 23 |
Other assets | 2 |  |  | 8 |
Total | $ | 14 |  |  | $ | 31 |
Liabilities |  |  |
Other current liabilities | $ | — |  |  | $ | — |
Other liabilities | 1 |  |  | — |
Total | $ | 1 |  |  | $ | — |
The Company estimates that approximately $12 million of derivative gains included in Accumulated other comprehensive income as of June 30, 2025 will be reclassified into earnings over the next twelve months.

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