Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swaps

During 2021 and 2020, we terminated the interest rate swaps in several increments in connection with repayments of the Term Loan, which was one of our floating-rate, LIBOR-based borrowings. The following table presents the interest rate swaps terminations and the associated cash payments during 2021 and 2020 (in millions):

	Interest Rate Swaps Terminations		Cash Payments Associated with Interest Rate Swaps Terminations
December 2021	$	150.0	$	—
September 2021	100.0		0.5
May 2021	100.0		1.3
December 2020	500.0		10.9
Total termination of interest rate swaps	$	850.0	$	12.7

The following table presents the interest rate swaps terminations and the associated cash payments during 2021 and 2020 (in millions):

	Interest Rate Swaps Terminations		Cash Payments Associated with Interest Rate Swaps Terminations
December 2021	$	150.0	$	—
September 2021	100.0		0.5
May 2021	100.0		1.3
December 2020	500.0		10.9
Total termination of interest rate swaps	$	850.0	$	12.7

Components of Gain (Loss) on Derivative Activity

The components of the unrealized gain (loss) on designated cash flow hedge related to changes in the fair value of our interest rate swaps were as follows (in millions):

	Year Ended December 31,
	2021		2020		2019
Change in fair value of interest rate swaps	$	18.2	$	(5.6)	$	(12.4)
Tax benefit (expense)	(4.3)		1.3		3.4
Unrealized gain (loss) on designated cash flow hedge	$	13.9	$	(4.3)	$	(9.0)

The interest expense, recognized from accumulated other comprehensive loss from the monthly settlement of our interest rate swaps and amortization of the termination payments, included in our consolidated statements of operations were as follows (in millions):

	Year Ended December 31,
	2021		2020		2019
Interest expense	$	18.3	$	14.5	$	0.4

The components of gain (loss) on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions):

	Year Ended December 31,
	2021		2020		2019
Change in fair value of derivatives	$	(12.4)	$	(10.5)	$	(0.1)
Realized gain (loss) on derivatives	(146.7)		(11.5)		14.5
Gain (loss) on derivative activity	$	(159.1)	$	(22.0)	$	14.4

Fair Value of Derivative Assets and Liabilities Related to Commodity Swaps

The fair value of our interest rate swaps included in our consolidated balance sheets were as follows (in millions):

	December 31, 2021		December 31, 2020
Fair value of derivative liabilities—current	$	—	$	(7.6)

The fair value of derivative assets and liabilities related to commodity swaps are as follows (in millions):

	December 31, 2021		December 31, 2020
Fair value of derivative assets—current	$	22.4	$	25.0
Fair value of derivative assets—long-term	0.2		4.9
Fair value of derivative liabilities—current	(34.9)		(29.5)
Fair value of derivative liabilities—long-term	(2.2)		(2.5)
Net fair value of commodity swaps	$	(14.5)	$	(2.1)

Notional Amount and Fair Value of Derivative Instruments

Set forth below are the summarized notional volumes and fair values of all instruments related to commodity swaps that we held for price risk management purposes and the related physical offsets at December 31, 2021 (in millions). The remaining term of the contracts extend no later than January 2023.

		December 31, 2021
Commodity	Instruments	Unit	Volume	Net Fair Value
NGL (short contracts)	Swaps	Gals	(63.0)	$	(10.6)
NGL (long contracts)	Swaps	Gals	—	—
Natural gas (short contracts)	Swaps	MMbtu	(7.5)	2.7
Natural gas (long contracts)	Swaps	MMbtu	13.2	(7.8)
Crude and condensate (short contracts)	Swaps	MMbbls	(3.9)	(4.4)
Crude and condensate (long contracts)	Swaps	MMbbls	3.9	5.6
Total fair value of commodity swaps				$	(14.5)