Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative Instruments and Hedging Activities

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

For further information on our derivative and hedge accounting policies, see Note 1 – Overview and Summary of Significant Accounting Policies – Financial Derivatives and Note 5 - Derivative Instruments and Hedging Activities of Item 8 – Financial Statements and Supplementary Data in our Form 10-K.

Cash Flow Hedges

We previously entered into interest rate derivative contracts to manage interest rate exposure related to anticipated borrowings of fixed-rate debt. These interest rate derivative contracts were settled in 2013, and we continue to amortize amounts out of AOCL into interest expense.

The following tables provide information concerning gains recognized in AOCL for the cash flow hedges for the three and nine months ended September 30, 2022 and 2021:

	Three months ended				Nine months ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	Interest		Interest		Interest		Interest
$ in millions (net of tax)	Rate Hedge		Rate Hedge		Rate Hedge		Rate Hedge
Beginning accumulated derivative gains in AOCL	$	12.4	$	13.2	$	12.8	$	13.6
Net gains reclassified to earnings
Interest expense	(0.1)		(0.2)		(0.5)		(0.6)
Ending accumulated derivative gains in AOCL	$	12.3	$	13.0	$	12.3	$	13.0
Portion expected to be reclassified to earnings in the next twelve months	$	(0.8)