Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities

Schedule of gains and losses on derivatives

	Year ended
	December 31,
	2021		2020
	(in millions)
Interest rate swap contracts(1)
Gain recorded in AOCI on derivatives, before tax	$	8.5	$	11.8
Tax impact		(2.0)		(2.8)
Gain recorded in AOCI on derivatives, net	$	6.5	$	9.0

(1) Gains (losses) on derivatives reclassified from AOCI into income will be included in “Interest expense” in the consolidated statements of operations, the same income statement line item as the earnings effect of the hedged item. Losses recognized in the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 total nil, $9.5 million and $21.2 million, respectively.