Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instrument Detail [Abstract]

Gross Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheets

The gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets were as follows:

(in thousands)	Location	June 30, 2025		December 31, 2024
Derivatives designated in cash flow hedging relationships:
Interest rate contracts	Other assets, current1	$	424	$	—
Interest rate contracts	Other assets, non-current		107,687		138,354
		$	108,111	$	138,354

1.Derivative instruments that mature within one year, as a whole, are classified as current.

Effect of Derivatives on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss)

The following table details the effect of derivatives on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income (Loss):

		Three Months Ended June 30,					Six Months Ended June 30,
(in thousands)	Location	2025			2024		2025			2024
Derivatives designated in cash flow hedging relationships:
Interest rate contracts
(Loss) income recognized in other comprehensive income (loss), net of tax		$	(3,160	)	$	9,184	$	(15,264	)	$	30,704
Amounts reclassified from accumulated other comprehensive income to income, net of tax1	Interest expense, net	$	4,546		$	5,573	$	9,051		$	11,168
Interest expense, net		$	10,412		$	8,696	$	11,904		$	8,414

1. Realized gains and losses on interest rate contracts consist of realized net cash received or paid and interest accruals on the interest rate swaps during the periods in addition to amortization of amounts out of other comprehensive income (loss) related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. For the six months ended June 30, 2025 and 2024, we amortized approximately $5.7 million and $5.3 million, respectively, of the off-market designated hedges. Net cash received or paid is included within Interest expense, net in the Condensed Consolidated Statements of Operations.