Interest Rate Swaps |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Interest Rate Swaps | Interest Rate Swaps The purpose of the Company’s swap agreements is to convert the floating interest rate on its credit agreements, discussed above, to a fixed rate. As of each of March 31, 2025 and December 31, 2024, the notional amount of the interest rate swaps covered approximately 91% of the balance of the Company’s floating rate term loans. See Note 9. Fair Value Measurements for further information on the Company’s determination of the fair value of its interest rate swaps. During the three months ended March 31, 2025, the aggregate impact of the Company’s interest rate swaps was $4.1 million, of which $6.2 million related to the change in fair value of the interest rate swaps within the unaudited condensed consolidated statements of operations and $2.1 million related to realized gains from settlements of the interest rate swaps, which is recognized within interest expense, net in the unaudited condensed consolidated statements of operations. During the three months ended March 31, 2024, the aggregate impact of the Company’s interest rate swaps was $10.2 million, of which $6.4 million related to the change in fair value of the interest rate swaps within the unaudited condensed consolidated statements of operations and $3.8 million related to realized gains from settlements of the interest rate swaps, which is recognized within interest expense, net in the unaudited condensed consolidated statements of operations.
|