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Derivatives
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
The following table details our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2021. As of June 30, 2022, there were no derivative instruments outstanding.
($ In thousands)December 31, 2021
InstrumentNumber of InstrumentsFixed RateNotionalIndexMaturity
Forward-starting interest rate swap11.3465%$500,000 USD SOFR- COMPOUNDMay 2, 2032
Forward-Starting Derivatives
From December 2021 through April 2022, we entered into five forward-starting interest rate swap agreements with an aggregate notional amount of $2.5 billion and two U.S. Treasury Rate Lock agreements with an aggregate notional amount of $500.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $3.0 billion of long-term debt. The forward-starting interest rate swaps and treasury locks were designated as cash-flow hedges. In April 2022 in connection with the April 2022 Notes offering, we settled the outstanding forward-starting interest rate swaps for total net proceeds of $202.3 million and the treasury locks for total net proceeds of $4.5 million. Since the forward-starting swaps and treasury locks were hedging the interest rate risk on the April 2022 Notes, the unrealized gain in Accumulated other comprehensive income will be amortized over the term of the respective derivative instruments, which matches that of the underlying note, as a reduction in interest expense.
The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2022202120222021
Unrealized gain recorded in other comprehensive income$91,939 $— $200,550 $— 
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks(4,159)— (4,159)— 
Interest Rate Swaps
In April 2018 and January 2019, we entered into six interest rate swap agreements with third party financial institutions having an aggregate notional amount of $2.0 billion. The interest rate swap transactions were designated as cash flow hedges that effectively fix the LIBOR component of the interest rate on a portion of the outstanding debt under the Term Loan B Facility at 2.8297%. On September 15, 2021, in connection with the full repayment of the Term Loan B Facility, we unwound and settled all of our outstanding interest rate swap agreements resulting in a cash payment of $66.9 million, inclusive of accrued interest of $2.7 million. As the Term Loan B Facility was repaid in full with proceeds from the issuance of 65,000,000 shares of common stock on September 14, 2021 and proceeds from the settlement of the June 2020 Forward Sale Agreement with no replacement debt, the full amount held in Other comprehensive income, $64.2 million, was immediately reclassified to Interest expense.
The following table presents the effect of our interest rate swaps derivative financial instruments on our Statement of Operations:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2022202120222021
Unrealized gain recorded in other comprehensive income$— $9,328 $— $21,706 
Interest from interest rate swaps recorded in interest expense— 10,342 — 21,168