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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The key terms of interest rate swaps are presented below:
Effective Date |  | Fixed Rate Paid (Received) |  | December 31, 2023 |  | September 30, 2024 |  |
Notional Amount (in millions) |  | Status |  | Notional Amount (in millions) |  | Status |  | Maturity Date
Entered into December 2018: |  |  |  |  |  |  |  |  |  |
February 3, 2019 |  | 2.7490% |  | — |  |  | Matured |  | — |  |  | Matured |  | November 3, 2023
February 3, 2020 |  | 2.7350% |  | — |  |  | Matured |  | — |  |  | Matured |  | November 3, 2023
February 3, 2021 |  | 2.7360% |  | — |  |  | Matured |  | — |  |  | Matured |  | November 3, 2023
February 3, 2022 |  | 2.7800% |  | — |  |  | Matured |  | — |  |  | Matured |  | November 3, 2023
Entered into February 2021: |  |  |  |  |  |  |  |  |  |
February 9, 2021 |  | 2.34150% (1) |  | 1,350.0 |  |  | Active |  | 1,350.0 |  |  | Active |  | February 9, 2026
Total |  |  |  | $ | 1,350.0 |  |  |  |  | $ | 1,350.0 |  |  |  |  |
(1) Fixed rate paid prior to the May 9, 2023 amendment was 2.3820%.
Schedule of Fair Values of Derivative Assets and Liabilities on the Consolidated Balance Sheets | The fair values of our derivatives and their location on the Condensed Consolidated Balance Sheets as of December 31, 2023 and September 30, 2024 were as follows:
|  | December 31, 2023 |  | September 30, 2024
(In millions) |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Derivatives designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Other current assets | $ | 47.0 |  |  | $ | — |  |  | $ | 36.3 |  |  | $ | — |
Interest rate swaps | Other non-current assets | 36.8 |  |  | — |  |  | 11.6 |  |  | — |
Interest rate swaps | Other current liabilities (1) | — |  |  | 17.3 |  |  | — |  |  | 17.4 |
Interest rate swaps | Other non-current liabilities (1) | — |  |  | 20.3 |  |  | — |  |  | 7.3 |
Total |  | $ | 83.8 |  |  | $ | 37.6 |  |  | $ | 47.9 |  |  | $ | 24.7 |
(1) The entire balance is comprised of the financing component of the pay-fixed interest rate swap.
Schedule Offsetting Assets Under Master Netting Arrangements | For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:
| December 31, 2023 |  | September 30, 2024
(In millions) | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts |  | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts
Assets |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 83.8 |  |  | $ | (37.6) |  |  | $ | 46.2 |  |  | $ | 47.9 |  |  | $ | (24.7) |  |  | $ | 23.2 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 37.6 |  |  | $ | (37.6) |  |  | $ | — |  |  | $ | 24.7 |  |  | $ | (24.7) |  |  | $ | — |
Schedule Offsetting Liabilities Under Master Netting Arrangements | For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:
| December 31, 2023 |  | September 30, 2024
(In millions) | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts |  | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts
Assets |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 83.8 |  |  | $ | (37.6) |  |  | $ | 46.2 |  |  | $ | 47.9 |  |  | $ | (24.7) |  |  | $ | 23.2 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 37.6 |  |  | $ | (37.6) |  |  | $ | — |  |  | $ | 24.7 |  |  | $ | (24.7) |  |  | $ | — |
Schedule of Derivative Instruments, Effect on Comprehensive Loss | The effect of our derivatives and their location on the Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2023 and 2024 was as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) |  | 2023 |  | 2024 |  | 2023 |  | 2024
Derivatives not designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Interest income (expense) | $ | (4.7) |  |  | $ | — |  |  | $ | (13.8) |  |  | $ | — |
Derivatives designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Interest income (expense) | $ | 14.7 |  |  | $ | 14.9 |  |  | $ | 40.4 |  |  | $ | 44.7 |

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