Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities

Schedule of notional amounts, fair values and classification of outstanding derivatives

			Fair Value
			Accrued
	Notional		Liabilities
	Amount		and Other
Derivatives Designated as Hedging Instruments	(in millions)
Interest rate swap contracts as of March 31, 2021	$	1,320.1	$	3.8
Interest rate swap contracts as of December 31, 2020	$	1,323.5	$	9.4

Schedule of gains and losses on derivatives

	Three months ended
	March 31,
	2021		2020
Interest rate swap contracts(1)	(in millions)
Gain (loss) recorded in AOCL on derivatives, before tax	$	5.6	$	(3.9)
Tax impact		(1.3)		0.9
Gain (loss) recorded in AOCL on derivatives, net		4.3		(3.0)

(1) Gains (losses) on derivatives reclassified from AOCL into income will be included in “Interest expense” in the unaudited condensed consolidated statements of operations, the same income statement line item as the earnings effect of the hedged item. Losses recognized in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020 total $5.7 million and $3.8 million, respectively.