v3.26.1
Derivatives and Hedging Activities (Tables)
3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Caps Outstanding
The key terms of interest rate caps outstanding are presented below:
March 31, 2026December 31, 2025
DescriptionEffective DateNotional Amount (in millions)StatusNotional Amount (in millions)StatusMaturity Date
Deferred premium capMarch 31, 2025$392.0 Active$393.0 ActiveDecember 31, 2028
Deferred premium capMarch 31, 2025196.0 Active196.5 ActiveDecember 31, 2028
Deferred premium capMarch 31, 2025392.0 Active393.0 ActiveDecember 31, 2028
Deferred premium capMarch 31, 2025196.0 Active196.5 ActiveDecember 31, 2028
Deferred premium capMarch 31, 2025196.0 Active196.5 ActiveDecember 31, 2028
$1,372.0 $1,375.5 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the fair values of our derivatives and their location on the condensed consolidated balance sheets (in millions):
March 31, 2026December 31, 2025
AssetsLiabilitiesAssetsLiabilities
Derivatives in cash flow hedging relationships
Interest rate caps (1)
$— $10.5 $— $13.8 
Total$— $10.5 $— $13.8 
(1)Amounts were included in other long-term liabilities on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025.
Schedule of Effect of Interest Rate Swaps
The following table presents the pre-tax effect of the interest rate swaps and caps on the Company's accumulated OCI and condensed consolidated statements of operations (in millions):
Three Months Ended March 31,
Location20262025
Derivatives not designated as hedging instruments
Gain (loss) recognized in income
Other income, net$— $— 
Derivatives in cash flow hedging relationships
Gain (loss) recognized in OCI (effective portion)
$1.9 $(5.6)
Gain (loss) reclassified from accumulated OCI into income (effective portion)
Interest expense, net1.4 (11.0)