Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivatives Designated as Cash Flow Hedges

As of June 30, 2021, the company did not have any derivatives. As of December 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments		Notional
Interest rate swaps		2	£95 million ($131.3 million) at a fixed rate of 0.9255% based on the 6-month LIBOR rate and €60 million ($71.2 million) at a fixed rate of 0.102% based on the 6-month EURIBOR rate

Schedule of Fair Value of Derivative Financial Instruments

The Company did not have any derivative financial instruments as of June 30, 2021. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheet as of December 31, 2020.

	Balance Sheet Classification		Asset Derivatives Fair Value		Balance Sheet Classification		Liability Derivatives Fair Value
			(in millions)				(in millions)
Derivatives designated as hedging instruments:
Interest Rate Products		Fair Value of Hedging Instruments	$	—		Other Current Liabilities and Long Term Derivative Liability	$	(2.6	)
Total derivatives designated as hedging instruments			$	—			$	(2.6	)

Schedule of Accumulated Other Comprehensive Income

The table below presents the effect of fair value and cash flow hedge accounting on Accumulated Other Comprehensive Income for the six months ended June 30, 2021.

	Amount of Gain/(Loss) Recognized in Other Comprehensive Income on Derivative			Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Income
	(in millions)			(in millions)
Interest Rate Products	$	0.3	Interest Expense	$	(1.0	)
Total	$	0.3		$	(1.0	)

The table below presents the effect of fair value and cash flow hedge accounting on Accumulated Other Comprehensive Income for the six months ended June 30, 2020.

	Amount of Gain/(Loss) Recognized in Other Comprehensive Income on Derivative				Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Income
		(in millions)				(in millions)
Interest Rate Products	$	(2.3	)	Interest Expense	$	(0.7	)
Total	$	(2.3	)		$	(0.7	)

Schedule of Consolidated Income Statements

The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the six months ended June 30, 2021.

	Interest Expense
	(in millions)
Total amounts of income and expense line items presented in the statement of operations and comprehensive loss in which the effects of fair value or cash flow hedges are recorded	$	30.0
Gain/(loss) on cash flow hedging relationships in Subtopic 815-20	$	(1.0	)

The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the six months ended June 30, 2020.

	Interest Expense
	(in millions)
Total amounts of income and expense line items presented in the statement of operations and comprehensive loss in which the effects of fair value or cash flow hedges are recorded	$	14.2
Gain/(loss) on cash flow hedging relationships in Subtopic 815-20	$	(0.7	)

Schedule of Offsetting of Derivative Assets and Liabilities

Offsetting of Derivative Assets

December 31, 2020  

Gross Amounts

Gross Amounts Offset in the Statement

Net Amounts of Assets presented in the Statement

Gross Amounts Not Offset in the Statement of Financial Position

of Recognized Assets

of Financial Position

of Financial Position

Financial Instruments

Cash Collateral Received

Net Amount

(in millions)

Fair value of hedging instrument

$

—

$

—

$

—

$

—

$

—

$

—

Offsetting of Derivative Liabilities

December 31, 2020

	Gross		Gross Amounts Offset in the Statement		Net Amounts of Assets presented in the Statement		Gross Amounts Not Offset in the Statement of Financial Position
	Amounts of Recognized Assets		of Financial Position		of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
	(in millions)
Fair value of hedging instrument	$	2.6	$	—	$	2.6	$	—	$	—	$	—