v3.26.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
13. Derivative Financial Instruments
The Company is exposed to market risks, including changes in interest rates. To manage the risk related to these exposures, the Company has entered into various derivative instruments that reduce these risks by creating offsetting exposures.
Interest Rate Swaps
The Company has utilized swap agreements that will fix the floating interest rates associated with its Term Loan as shown in the following table:
Designation DateEffective DateInitial Notional AmountNotional Amount Outstanding as of
March 31, 2026		Fixed RateExpiration Date
March 2022June 2025$1,197,000,000 $596,000,000 2.5540 %December 2026
March 2023March 2023$150,000,000 $125,000,000 3.9025 %December 2026
March 2023March 2023$150,000,000 $125,000,000 3.9100 %December 2026
During the three months ended March 31, 2026, we did not execute any new interest rate swaps. Our interest rate swaps have been designated as cash flow hedges.
Financial Instrument Presentation
The fair values and location of outstanding derivative instruments recorded in the Condensed Consolidated Balance Sheets are as follows (in millions):
March 31,
2026		December 31,
2025
Assets
Other current assets$5 $5 
Other assets— — 
Total$5 $5 
Liabilities
Other current liabilities$1 $1 
Other liabilities— — 
Total$1 

$1 
The Company estimates that approximately $4 million of derivative gains included in Accumulated other comprehensive income as of March 31, 2026 will be reclassified into earnings over the next twelve months.