Interest Rate Swaps |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| 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 March 31, 2026 and December 31, 2025, the notional amount of the interest rate swaps covered approximately 91% and 89%, respectively, of the balance of the Company’s floating rate term loans as of each period end. 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, 2026, the aggregate impact of the Company’s interest rate swaps was a gain of $2.2 million, of which $0.8 million related to favorable changes in the fair value of the interest rate swaps within the unaudited condensed consolidated statements of operations, and $1.4 million related to realized gains from settlements of the interest rate swaps, which are recognized within interest expense, net in the unaudited condensed consolidated statements of operations. During the three months ended March 31, 2025, the aggregate impact of the Company’s interest rate swaps was a loss of $4.1 million, of which $6.2 million related to unfavorable changes in the 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 are recognized within interest expense, net in the unaudited condensed consolidated statements of operations.
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