Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 and 2020 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 December 31, 2021 (in millions of dollars)		Aggregate Fair Value at December 31, 2021 (1)  (in millions of dollars)			Aggregate Fair Value at December 31, 2020 (1)  (in millions of dollars)			Weighted Average Interest Rate
Derivatives in Cash Flow Hedging Relationships
Interest rate Swaps
2021	N/A		N/A			$	(3.0	)	N/A
2023	$	300.0	$	(8.1	)		(17.2	)		2.70	%
Non-designated Hedges
Interest rate Swaps
2021		—		—			(3.1	)	N/A
Total	$	300.0	$	(8.1	)	$	(23.3	)		2.70	%

(1) As of December 31, 2021 and 2020, 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 (loss) income and on our consolidated statements of operations for the years ended December 31, 2021 and 2020:

	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
	Year Ended December 31,
(in millions of dollars)	2021			2020			2021		2020
Derivatives in Cash Flow Hedging Relationships
Interest rate products	$	(11.4	)	$	(21.6	)	$	11.9	$	10.4	(1)

(1)Includes $2.8 million of accelerated reclassification of a portion of amounts in other comprehensive (loss) income to earnings.

	Year Ended December 31,
(in millions of dollars)	2021			2020
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$	(128.0	)	$	(84.3	)
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	$	11.9		$	10.4