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Derivatives
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Interest Rate Swaps: The Company has multiple interest rate swap agreements designated as cash flow hedges. The Company utilizes these interest rate swap agreements to reduce exposure to fluctuations in variable interest rates for future interest payments on its term loan. The total notional amount is $785.0 million and $815.0 million as of December 31, 2025 and 2024, respectively. During the first quarter of 2023, the Company amended the swap agreements to transition its benchmark interest from LIBOR to SOFR. Failure of the interest rate swap counterparties to make payments may result in the loss of any potential benefit to the Company under the interest rate swap agreements. The Company mitigates risk of non-performance by counterparties by dealing with highly rated counterparties. The Company does not use financial instruments for trading or speculative purposes. Additional information regarding the accounting policies and relevant fair value information for the Company’s interest rate swaps can be found in “Note 2—Summary of Significant Accounting Policies” and “Note 10—Fair Value Measurements.”
The fair value of derivative instruments is presented in the Consolidated Balance Sheets, as follows (in thousands):
December 31,
Balance Sheet Location20252024
Derivatives designated as hedging instruments
Interest rate swap asset (short-term)Prepaid expenses and other current assets$42 $5,861 
Interest rate swap asset (long-term)Other assets$— $3,387 
Interest rate swap liability (short-term)Accrued and other current liabilities$886 $— 
Interest rate swap liability (long-term)Other long-term liabilities$308 $137 
The following table presents the gross changes in AOCI from the Company’s cash flow hedges (in thousands).
202520242023
Beginning balance$9,111 $22,166 $39,556 
Unrealized (loss) gain recognized in AOCI(3,296)14,7897,512
Gain reclassified from AOCI to Interest expense(6,967)(27,844)(24,902)
Other comprehensive loss(10,263)(13,055)(17,390)
Ending balance(1,152)9,111 22,166 
Noncontrolling interests(454)— — 
Accumulated (loss) gain in AOCI$(698)$9,111 $22,166 
For the years ended December 31, 2025, 2024 and 2023, there was no ineffectiveness recognized in earnings.
The following table provides additional details related to the interest rate swap agreements, as amended, that are in effect as of December 31, 2025 (notional in thousands):
Effective Date (1)
Maturity Date
Notional Amount (2)
Fixed Interest Rate (3)
February 28, 2023December 31, 2026$337,5003.4396%
February 28, 2023December 31, 2026$337,5003.3750%
January 31, 2024December 31, 2026
$110,000 — $140,000
4.0433%
December 31, 2026December 31, 2027$200,0003.2480%
December 31, 2026December 31, 2027$200,0003.2480%
(1)The interest rate swaps with effective dates of December 31, 2026 were added during July 2025 and are not included in the notional amount as of December 31, 2025.
(2)For interest rate swaps with ranges, the notional amount is $140,000 from January 31, 2024 to September 14, 2025 and $110,000 from September 15, 2025 to December 31, 2026, due to a $30.0 million reduction in notional amount in connection with the debt prepayment on September 15, 2025.
(3)Payments will be made to the Company if the one-month SOFR exceeds the fixed interest rates for the respective interest rate swaps.
The following table provides additional details related to the interest rate swap agreements, as amended, that are in effect as of December 31, 2024 (notional in thousands):
Effective DateMaturity Date
Notional Amount (1)
Fixed Interest Rate (2)
February 28, 2023January 31, 2025$350,0000.8325%
February 28, 2023January 31, 2025$109,0001.1740%
February 28, 2023January 31, 2025$109,0001.1732%
February 28, 2023December 31, 2026
$53,500 — $337,500
3.4396%
February 28, 2023December 31, 2026
$53,500 — $337,500
3.3750%
January 31, 2024December 31, 2026$140,0004.0433%
(1)For interest rate swaps with ranges, the notional amount is $53,500 from January 31, 2023 to January 31, 2025 and $337,500 from February 1, 2025 to December 31, 2026.
(2)Payments will be made to the Company if the one-month SOFR exceeds the fixed interest rates for the respective interest rate swaps.
The following table provides additional details related to the interest rate swap agreements in effect as of December 31, 2023 (notional in thousands):
Effective DateMaturity Date
Notional Amount (1)
Fixed Interest Rate (2)
February 28, 2023January 31, 2025$350,0000.8325%
February 28, 2023January 31, 2025$109,0001.1740%
February 28, 2023January 31, 2025$109,0001.1732%
February 28, 2023December 31, 2026
$53,500 — $337,500
3.4396%
February 28, 2023December 31, 2026
$53,500 — $337,500
3.3750%
(1)For interest rate swaps with ranges, the notional amount is $53,500 from January 31, 2023 to January 31, 2025 and $337,500 from February 1, 2025 to December 31, 2026.
(2)Payments will be made to the Company if the one-month SOFR exceeds the fixed interest rates for the respective interest rate swaps.
The following interest rate swap agreements were added in March 2026 (notional in thousands):
Effective DateMaturity DateNotional Amount
Fixed Interest Rate (1)
December 31, 2026December 31, 2028$100,0003.4581%
December 31, 2026December 31, 2028$100,0003.6995%
(1)Payments will be made to the Company if the one-month SOFR exceeds the fixed interest rates for the respective interest rate swaps.