Derivatives (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The following table summarizes the terms and estimated fair values of our interest rate swap derivative instruments as of September 30, 2022 and December 31, 2021 based on the year they mature. The notional values provide an indication of the extent of our involvement in these instruments, but do not represent exposure to credit, interest rate or market risks.

Maturity Date	Aggregate Notional Value at September 30, 2022 (in millions of dollars)		Aggregate Fair Value at September 30, 2022 (1)  (in millions of dollars)		Aggregate Fair Value at December 31, 2021 (1)  (in millions of dollars)			Weighted Average Interest Rate
Derivatives in Cash Flow Hedging Relationships
Interest Rate Swaps
2023	$	300.0	$	2.9	$	(8.1	)		2.70	%
2024		100.0		1.0		-			3.59	%
Total	$	400.0	$	3.9	$	(8.1	)		2.92	%

As of September 30, 2022 and December 31, 2021, derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy and we did not have any significant recurring fair value measurements related to derivative instruments using significant unobservable inputs (Level 3).

Effect of Our Derivative Financial Instruments on Our Consolidated Statements of Operations

The tables below present the effect of derivative financial instruments on accumulated other comprehensive income (loss) and on our consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,									Nine Months Ended September 30,
	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Instruments					Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Expense				Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Instruments					Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Expense
(in millions of dollars)	2022		2021			2022		2021		2022		2021			2022		2021
Derivatives in Cash Flow Hedging Relationships
Interest rate products	$	2.4	$	(0.4	)	$	0.5	$	3.0	$	8.5	$	(0.4	)	$	3.8	$	8.6

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions of dollars)	2022			2021			2022			2021
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$	(36.5	)	$	(32.4	)		(100.5	)	$	(95.1	)
Amount of gain reclassified from accumulated other comprehensive income into interest expense	$	0.5		$	3.0			3.8		$	8.6