Derivative Instruments and hedging activities

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and hedging activities

Derivative Instruments and hedging activities

Risk management objective of using derivatives

As of December 31, 2021, the Company had the following outstanding interest rate swap derivatives that were designated as cash flow hedges of interest rate risk:

(in millions, except number of instruments)	Number of Instruments	Notional amount
Interest Rate Swaps	7	$350.0

The table below presents the fair value of the Company’s derivative financial instruments designated as hedges as well as their classification on the balance sheet.

	Liability Derivatives
	December 31, 2021			December 31, 2020
(in millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest Rate Swaps	Other Current Liabilities	$	4.5	Other Current Liabilities	$	5.7
	Other Liabilities	$	1.6	Other Liabilities	$	9.3

The table below presents the effect of cash flow hedge accounting on accumulated other comprehensive income.

(in millions)	Cumulative Amount of Gain/(Loss) Recognized in OCI on Derivative				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
	December 31, 2021		December 31, 2020			December 31, 2021		December 31, 2020
Interest Rate Swaps	$	(6.1)	$	(15.0)	Interest expense	$	(5.8)	$	(3.9)

 If current fair values of designated interest rate swaps remained static over the next twelve months, the Company would reclassify $1.6 million of net deferred losses from accumulated other comprehensive loss to the statement of operations over the next twelve month period. All outstanding cash flow hedges mature in October 2023.