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Derivatives and Hedging Activities (Tables)
3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Cash Flow Hedges of Interest Rate Risk

As of March 31, 2026, and December 31, 2025, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

 

Interest Rate Derivative  

Number of

Instruments

  Notional
Interest rate swaps   2   £250.0 million ($329.7 million)
Schedule of Derivative Liability

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheet as of March 31, 2026 and December 31, 2025.

 

  

March 31, 2026

  

December 31, 2025

 
   (in millions) 
Other short-term assets  $1.1   $ 
Other long-term assets   2.3     
Other current liabilities       (0.2)
Other long-term liabilities       (0.4)
Total derivatives designated as hedging instruments  $3.4   $(0.6)
Schedule of Fair Value of Cash Flow Hedge Accounting

The tables below present the effect of fair value and cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2026 and March 31, 2025.

 

 Schedule of Fair Value of Cash Flow Hedge Accounting

Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives

 

  

Three Months

Ended

March 31, 2026

  

Three Months

Ended

March 31, 2025

 
   (in millions) 
Interest rate products  $4.1   $ 

 

Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income

 

  

Three Months

Ended

March 31, 2026

  

Three Months

Ended

March 31, 2025

 
   (in millions) 
Interest expense, net  $0.1   $ 

 

 

The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the three months ended March 31, 2026 and March 31, 2025.

 

  

Three Months

Ended

March 31, 2026

  

Three Months

Ended

March 31, 2025

 
   (in millions) 
Total amounts of income and expense line items presented in the statement of operations and comprehensive loss in which the effects of fair value or cash flow hedges are recorded          
Interest expense, net  $(10.5)  $(7.0)

 

  

Three Months

Ended

March 31, 2026

  

Three Months

Ended

March 31, 2025

 
   (in millions) 
Amount of gain (loss) reclassified from accumulated other comprehensive income into income          
Interest expense, net  $0.1   $