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Derivatives (Tables)

9 Months Ended

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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