Derivatives |
3 Months Ended | ||||||||||||||||||||
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
| Derivatives |
Derivatives Interest Rate Cap
In 2022, the Company entered into an interest rate cap agreement to manage its exposure to interest rate fluctuations related
to the Company’s Term Loan in the amount of $25.5 million. The interest rate cap had a $1,000.0 million notional amount,
2.75% strike, and terminated on December 31, 2025. At inception, the Company formally designated the interest rate cap
as a cash flow hedge, which remained effective through the instrument’s termination date.
For the three months ended March 31, 2025, the decrease of $4.1 million in the fair value of the interest rate cap was
recognized in OCI. See Note 16, Income Taxes, for further information on the tax effects on OCI related to the interest rate
cap. The location and gains (losses) related to the interest rate cap were recognized on the Consolidated Statements of
Income (Loss) as follows:
See Note 13, Fair Value Measurements, for information on the fair value of the interest rate cap.
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- References No definition available.
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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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