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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 13. Derivative Financial Instruments The Company is exposed to market risks, including changes in interest rates. To manage the risk related to these exposures, the Company has entered into various derivative instruments that reduce these risks by creating offsetting exposures. Interest Rate Swaps The Company has utilized swap agreements that will fix the floating interest rates associated with its Term Loan as shown in the following table:
Designation Date |  | Effective Date |  | Initial Notional Amount |  |  | Notional Amount Outstanding as of September 30, 2021 |  |  | Fixed Rate |  | Expiration Date
July 2021 |  | August 2020 |  |  |  | 557,500,000 |  |  |  |  | 557,500,000 |  |  |  | 2.5070 |  | % |  | May 2022
July 2021 |  | August 2020 |  |  |  | 89,863,420 |  |  |  |  | 98,078,920 |  |  |  | 3.0854 |  | % |  | February 2023
July 2021 |  | August 2020 |  |  |  | 181,205,050 |  |  |  |  | 168,155,300 |  |  |  | 0.7775 |  | % |  | May 2024
July 2021 |  | August 2020 |  |  |  | 388,877,200 |  |  |  |  | 373,963,200 |  |  |  | 0.7430 |  | % |  | May 2024
July 2021 |  | May 2022 |  |  |  | 220,130,318 |  |  |  | n/a |  |  |  | 0.5170 |  | % |  | May 2024
July 2021 |  | May 2022 |  |  |  | 306,004,562 |  |  |  | n/a |  |  |  | 0.5127 |  | % |  | May 2024
Concurrent with execution of the Business Combination and the $556 million pay down of the Term Loan, three hedges were terminated, and two previously unfloored hedges were amended to incorporate an interest rate floor of 50 bps. All interest rate swaps were redesignated as cash flow hedges in accordance with ASC 805. Our swap agreements amortize or accrete based on achieving targeted hedge ratios. All interest rate swaps have been designated as cash flow hedges. As a result of the amendment, the fair value of the instruments at the time of re-designation are being amortized into interest expense over the remaining life of the instruments. Financial Instrument Presentation The fair values and location of outstanding derivative instruments recorded in the Condensed Consolidated Balance Sheets are as follows (in millions):
|  | Successor |  |  |  | Predecessor |
|  | September 30, |  |  |  | December 31, |
|  | 2021 |  |  |  | 2020 |
Assets |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ |  | 5 |  |  |  | $ |  | — |
Total |  | $ |  | 5 |  |  |  | $ |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ |  | 12 |  |  |  | $ |  | 28 |
Other liabilities |  |  |  | 1 |  |  |  |  |  | 19 |
Total |  | $ |  | 13 |  |  |  | $ |  | 47 |
The Company estimates that approximately $2 million of derivative losses included in Accumulated other comprehensive loss as of September 30, 2021 will be reclassified into earnings over the next twelve months.

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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