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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Summary of Derivative Instruments
The Company addresses its exposure to market risks, principally the market risk associated with changes in interest rates and foreign currency exchange rates, through a program of risk management that includes, from time to time, the use of derivative instruments such as foreign currency forward contracts and interest rate swap agreements. The Company does not hold or issue derivative instruments for trading purposes. The derivative instrument contracts are with major investment grade financial institutions and the Company does not anticipate any material non-performance by any of the counterparties. The Company does not believe that its exposure to market risk is material to the Company’s financial position or results of operations.
The fair value of the Company’s interest rate swaps and foreign currency forward contracts are determined based on observable market inputs (Level 2). The table below presents the fair value of the Company’s derivatives on a gross basis and the balance sheet classification of those instruments:
September 30, 2025December 31, 2024
Balance Sheet ClassificationAssetLiabilityAssetLiability
Derivatives designated as hedging instruments:
Interest rate swaps
Accrued expenses and other$— $(0.9)$0.1 $(0.2)
Other liabilities— (0.4)— (0.4)
Derivatives not designated as hedging instruments:
Foreign currency forward contractsPrepaid expenses and other$1.2 $— $— $— 
Accrued expenses and other— (0.1)— (1.2)
The notional amounts of the Company’s interest rate swaps and foreign currency forward contracts were $150.0 and $308.6 as of September 30, 2025 and $150.0 and $468.6 as of December 31, 2024, respectively.
The following table presents the pre-tax effects of cash flow hedges included in the Company’s condensed consolidated statements of comprehensive (loss) income:
Pre-Tax Gain (Loss) Included in Other Comprehensive (Loss) Income
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Interest rate swaps$0.1 $(2.9)$(0.7)$0.4 
The following table presents amounts reclassified out of accumulated other comprehensive loss and recognized in the condensed consolidated statements of operations:
Amounts Reclassified from Other Comprehensive (Loss) Income into Earnings
Three Months Ended
September 30,		Nine Months Ended
September 30,
Statement of Operations Classification2025202420252024
Interest rate swapsInterest expense$— $(0.4)$(0.1)$(1.2)
The estimated amount of pre-tax net losses included in other comprehensive (loss) income that is expected to be reclassified into earnings over the twelve months following September 30, 2025, is $0.9.
Refer to Note 10, “Preferred Stock and Common Shareholders' Equity” for the impact of the Company’s derivative instruments included in accumulated other comprehensive loss.
The following table presents a summary of the gain (loss) for derivative contracts not designated as hedges included in the Company’s condensed consolidated statements of operations:
Gain (Loss) on Derivatives Recognized in Earnings
Three Months Ended
September 30,		Nine Months Ended
September 30,
Statement of Operations Classification2025202420252024
Foreign currency forward contractsForeign exchange loss$1.3 $1.0 $2.3 $0.6