Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Derivatives that were not Designated as a Hedge in Qualifying Hedging Relationships

As of December 31, 2023, the Company had the following outstanding derivatives that were not designated as a hedge in qualifying hedging relationships:

Product	Effective Date	Maturity Date	Notional	Rate
Interest rate collars (a)	June 30, 2023	February 29, 2024	$300.0 million	0.48% floor/1.47% cap
Interest rate swap (b)	June 30, 2023	February 28, 2026	$100.0 million	4.32%
Interest rate swap	December 29, 2023	December 31, 2026	$150.0 million	3.86%
Interest rate swap	March 1, 2024	December 31, 2026	$150.0 million	3.76%

(a) In conjunction with the June 2023 transition of the reference rate from LIBOR to SOFR, the fixed cap rate was reduced from 1.50% to 1.47%.

In conjunction with the June 2023 transition of the reference rate from LIBOR to SOFR, the fixed rate was reduced from 4.36% to 4.32%.

Summary of Location and Fair Value of Financial Position and Location of Derivative Instruments

The following is a summary of location and fair value of the financial positions recorded related to the derivative instruments (in thousands):

		Fair Value
		As of December 31,
Derivatives not designated as hedging instruments	Balance Sheet Location	2023		2022
Interest rate collars	Prepaid expenses and other current assets	$	1,986	$	11,570
Interest rate swaps	Accrued liabilities	$	1,576	$	—

The following is a summary of location and amount of gains and (losses) recorded related to the derivative instruments (in thousands):

		Gain/(Loss)
		Year Ended December 31,
Derivatives not designated as hedging instruments	Income Statement Location	2023			2022		2021
Interest rate collars	Interest expense, net	$	865		$	12,429	$	2,284
Interest rate swaps	Interest expense, net	$	(981	)	$	—	$	—