Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

The following table summarizes the terms and estimated fair values of our interest rate swap derivative instruments designated as cash flow hedges of interest rate risk at March 31, 2020 and December 31, 2019 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. In the accompanying consolidated balance sheets, the carrying amount of derivative assets is reflected in “Deferred costs and other assets, net” and the carrying amount of derivative liabilities is reflected in “Accrued expenses and other liabilities.”

Maturity Date	Aggregate Notional Value at March 31, 2020 (in millions of dollars)		Aggregate Fair Value at March 31, 2020 ⁽¹⁾ (in millions of dollars)			Aggregate Fair Value at December 31, 2019 ⁽¹⁾ (in millions of dollars)			Weighted Average Interest Rate
Interest Rate Swaps
2020	$	100.0	$	(0.1	)	$	0.2			1.23	%
2021		495.2		(10.1	)		(1.4	)		1.65	%
2022		-		-			-			-
2023		200.0		(14.5	)		(7.3	)		2.67	%
Forward Starting Swaps
2023		100.0		(7.0	)		(3.4	)		2.75	%
Total	$	895.2	$	(31.7	)	$	(11.9	)		1.95	%

⁽¹⁾	As of March 31, 2020 and December 31, 2019, 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 and on our consolidated statements of operations for the three months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
	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)	2020			2019			2020		2019
Derivatives in Cash Flow Hedging Relationships
Interest rate products	$	(20.1	)	$	(5.3	)	$	0.4	$	(1.2	)

	Three Months Ended March 31,
(in millions of dollars)	2020			2019
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$	(16.9	)	$	(15.9	)
Amount of loss reclassified from accumulated other comprehensive income into interest expense	$	0.4		$	(1.2	)