Derivatives (Tables)

12 Months Ended

Dec. 31, 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			December 31, 2024
		Notional Amount (in millions)		Status	Notional Amount (in millions)		Status	Maturity Date
Entered into December 2016:
February 3, 2017	1.9040%	$	—	Matured	$	—	Matured	February 3, 2022
February 3, 2017	1.9040%	—		Matured	—		Matured	February 3, 2022
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 3, 2021	(1.9040)%	—		Matured	—		Matured	February 3, 2022
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 Consolidated Balance Sheets as of December 31, 2023 and 2024 were as follows:

		December 31, 2023				December 31, 2024
(In millions)		Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments	Location
Interest rate swaps	Other current assets	$	47.0	$	—	$	39.6	$	—
Interest rate swaps	Other non-current assets	36.8		—		6.6		—
Interest rate swaps	Other current liabilities (1)	—		17.3		—		17.3
Interest rate swaps	Other non-current liabilities (1)	—		20.3		—		3.0
Total		$	83.8	$	37.6	$	46.2	$	20.3

(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						December 31, 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	$	46.2	$	(20.3)	$	25.9
Liabilities
Interest rate swaps	$	37.6	$	(37.6)	$	—	$	20.3	$	(20.3)	$	—

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						December 31, 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	$	46.2	$	(20.3)	$	25.9
Liabilities
Interest rate swaps	$	37.6	$	(37.6)	$	—	$	20.3	$	(20.3)	$	—

Schedule of Derivative Instruments, Effect on Comprehensive Loss

The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Loss for the years ended December 31, 2022, 2023 and 2024 was as follows:

		Year Ended December 31,
(In millions)		2022		2023		2024
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Interest income (expense)	$	(18.5)	$	(15.5)	$	—
Derivatives designated as hedging instruments	Location
Interest rate swaps	Interest income (expense)	$	11.9	$	55.5	$	57.6