During 2020, we entered into a series of interest rate swaps which fixed the LIBO rate to an annual rate of 0.18% to 0.47% (for an annual effective interest rate of 1.93% to 2.22%, including margin) for an aggregate notional amount of $1,650 million, of which $800 million notional value was still in effect as of March 31, 2022. These interest rate swaps hedge a portion of the interest rate exposure resulting from our Term Loan Facility. We classified these instruments as cash flow hedges. Our cash flow hedge contracts outstanding as of March 31, 2022 cover periods ranging from one to four years. The effective portion of the gain or loss on the open hedging instrument is recorded in accumulated other comprehensive income and will be reclassified into earnings as interest expense, net when settled. The associated asset or liability on the open hedges is recorded at its fair value in other assets or other liabilities, as applicable. The fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based swap yield curves, taking into account current interest rates.

The following table provides the notional amounts, the annual rates, the annual effective rates, and the fair value of our interest rate derivatives:

(In millions)	Notional Amount		Annual Rate	Annual Effective Rate	Fair Value Asset
As of March 31, 2022	$	800	0.20% to 0.47%	1.96% to 2.22%	$	14
As of December 31, 2021	$	800	0.20% to 0.47%	1.96% to 2.22%	$	5

The following table provides the before tax effect of our interest rate derivatives on accumulated other comprehensive income and the consolidated statements of income:

(In millions)	Amount of Gain (Loss) Recognized in Other Comprehensive Income		Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income Into Income
For the three months ended March 31, 2022	$	9	$	—
For the three months ended March 31, 2021	$	3	$	—