Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The key terms of our remaining interest rate swap is presented below:

Effective Date	Fixed Rate Paid	December 31, 2024		March 31, 2025
		Notional Amount (in millions)	Status	Notional Amount (in millions)	Status	Maturity Date
February 9, 2021	2.34150% (1)	1,350.0	Active	1,350.0	Active	February 9, 2026

(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, 2024 and March 31, 2025 were as follows:

		December 31, 2024				March 31, 2025
(In millions)		Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments	Location
Interest rate swaps	Other current assets	$	39.6	$	—	$	34.7	$	—
Interest rate swaps	Other non-current assets	6.6		—		—		—
Interest rate swaps	Other current liabilities (1)	—		17.3		—		16.0
Interest rate swaps	Other non-current liabilities (1)	—		3.0		—		—
Total		$	46.2	$	20.3	$	34.7	$	16.0

(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, 2024						March 31, 2025
(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	$	46.2	$	(20.3)	$	25.9	$	34.7	$	(16.0)	$	18.7
Liabilities
Interest rate swaps	$	20.3	$	(20.3)	$	—	$	16.0	$	(16.0)	$	—

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, 2024						March 31, 2025
(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	$	46.2	$	(20.3)	$	25.9	$	34.7	$	(16.0)	$	18.7
Liabilities
Interest rate swaps	$	20.3	$	(20.3)	$	—	$	16.0	$	(16.0)	$	—

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 months ended March 31, 2024 and 2025 was as follows:

		Three Months Ended March 31,
(In millions)		2024		2025
Derivatives designated as hedging instruments	Location
Interest rate swaps	Interest income (expense)	$	14.9	$	11.4