During the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, we use derivative instruments to balance the cost and risk of such exposures. We do not use derivative instruments for trading or other speculative purposes.

In 2007, 2018 and 2020, we entered into interest rate locks of future debt issuances to hedge the risk of higher interest rates. These interest rate locks were designated as cash flow hedges. The gain/loss upon settlement of these cash flow hedges is deferred (recorded in accumulated other comprehensive income (AOCI)) and amortized to interest expense over the term of the related debt.

This amortization was reflected in the accompanying Condensed Consolidated Statements of Comprehensive Income as follows:



		Three Months Ended		Six Months Ended
	Location on	June 30		June 30
in millions	Statement	2022	2021	2022	2021
Cash Flow Hedges
	Interest
Loss reclassified from AOCI	expense	$ (0.5)	$ (0.5)	$ (1.0)	$ (1.0)

For the 12-month period ending June 30, 2023, we estimate that $2.1 million of the $21.8 million net of tax loss in AOCI will be reclassified to interest expense.