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Derivatives (Tables)
3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The key terms of interest rate swaps are presented below:

Effective DateFixed Rate Paid (Received)December 31, 2021March 31, 2022
Notional Amount (in millions)StatusNotional Amount (in millions)StatusMaturity Date
Entered into December 2016:
February 3, 20171.9040%$450.0 Active$— MaturedFebruary 3, 2022
February 3, 20171.9040%450.0 Active— MaturedFebruary 3, 2022
Entered into December 2018:
February 3, 20192.7490%— Terminated— TerminatedNovember 3, 2023
February 3, 20202.7350%— Terminated— TerminatedNovember 3, 2023
February 3, 20212.7360%— Terminated— TerminatedNovember 3, 2023
February 3, 20222.7800%— Terminated— TerminatedNovember 3, 2023
Entered into February 2021:
February 3, 2021(1.9040)%(900.0)Active— MaturedFebruary 3, 2022
February 9, 20212.3820%1,350.0 Active1,350.0 ActiveFebruary 9, 2026
Total$1,350.0 $1,350.0 
Schedule of Fair Values of Derivative Assets and Liabilities on the Consolidated Balance Sheets
The fair values of our derivatives and their location on the Consolidated Balance Sheets as of December 31, 2021 and March 31, 2022 were as follows:
    
December 31, 2021March 31, 2022
(In millions)AssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instrumentsLocation
Interest rate swaps
Other current assets (1)
$1.5 $— $— $— 
Interest rate swapsOther current liabilities— 1.5 — — 
Total$1.5 $1.5 $— $— 
Derivatives designated as hedging instrumentsLocation
Interest rate swapsOther current assets$— $— $7.4 $— 
Interest rate swapsOther non-current assets23.6 — 70.7 — 
Interest rate swaps
Other current liabilities (2)
— 20.8 — 17.3 
Interest rate swaps
Other non-current liabilities (3)
— 56.4 — 52.1 
Total$23.6 $77.2 $78.1 $69.4 
(1)    The entire balance as of December 31, 2021 is comprised of the receive-fixed interest rate swap for which the fair value option has been elected.
(2)    The balance as of December 31, 2021 and March 31, 2022 includes $17.2 million and $17.3 million, respectively, related to the financing component of the pay-fixed interest rate swap.
(3)    The entire balance is comprised of the financing component of the pay-fixed interest rate swap.
Schedule Offsetting Assets Under Master Netting Arrangements
For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:

December 31, 2021March 31, 2022
(In millions)Gross Amounts on Balance SheetEffects of Counterparty NettingNet AmountsGross Amounts on Balance SheetEffects of Counterparty NettingNet Amounts
Assets
Interest rate swaps$25.1 $(25.1)$— $78.1 $(69.4)$8.7 
Liabilities
Interest rate swaps$78.7 $(25.1)$53.6 $69.4 $(69.4)$— 
Schedule Offsetting Liabilities Under Master Netting Arrangements
For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:

December 31, 2021March 31, 2022
(In millions)Gross Amounts on Balance SheetEffects of Counterparty NettingNet AmountsGross Amounts on Balance SheetEffects of Counterparty NettingNet Amounts
Assets
Interest rate swaps$25.1 $(25.1)$— $78.1 $(69.4)$8.7 
Liabilities
Interest rate swaps$78.7 $(25.1)$53.6 $69.4 $(69.4)$— 
Schedule of Derivative Instruments, Effect on Comprehensive Income (Loss)
The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2022 was as follows:
Three Months Ended March 31,
(In millions)20212022
Derivatives not designated as hedging instrumentsLocation
Interest rate swapsInterest expense$(4.6)$(4.6)
Foreign currency contracts (1)
Other expense, net$(1.3)$— 
Derivatives designated as hedging instrumentsLocation
Interest rate swapsInterest expense$(2.3)$(1.3)
(1)    Relates to two foreign currency forward contracts settled on November 30, 2021. As of December 31, 2021 and March 31, 2022, we do not have any outstanding foreign currency hedging contracts.