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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instrument Activity | During the six months ended June 30, 2024 and 2023, we entered into the following derivative contracts (with notional amounts in millions):
Period |  | Number of Contracts |  | Instrument Type |  | Currency |  | Notional Amount |  | Index Type |  |  |  |  |  |  |  | Hedged Item
Three months ended June 30, 2024 |  | 3 |  |  | Interest Rate Swap |  | USD |  | $ | 100.0 |  |  | SOFR |  |  |  |  |  |  |  | Future Debt Offering
Three months ended March 31, 2024 |  | 1 |  |  | Interest Rate Swap |  | USD |  | 25.0 |  |  | SOFR |  |  |  |  |  |  |  | Future Debt Offering
Total |  | 4 |  |  |  |  |  |  | $ | 125.0 |  |  |  |  |  |  |  |  |  |  |
Three months ended March 31, 2023 |  | 1 |  |  | Interest Rate Swap |  | GBP(1) |  | $ | 127.3 |  |  | SONIA |  |  |  |  |  |  |  | Term Loan Senior Credit Facility
Three months ended March 31, 2023 |  | 1 |  |  | Interest Rate Swap |  | USD |  | 50.0 |  |  | SOFR |  |  |  |  |  |  |  | Future Debt Offering
Total |  | 2 |  |  |  |  |  |  | $ | 177.3 |  |  |  |  |  |  |  |  |  |  |
(1) The notional amount of the swap contract in local currency is £100.0 million. The USD equivalent amount is converted as of December 31, 2023. During the six months ended June 30, 2024 and 2023, we terminated the following derivative contracts (amounts in millions):
Period |  | Type |  | Currency |  | Notional Amount |  | Cash Settlement Receipt / (Payment) |
Three months ended March 31, 2024 |  | Forward Swap |  | USD |  | $ | 255.0 |  |  | $ | (2.3) |  | (1)
Three months ended March 31, 2023 |  | Treasury Rate Locks & Forward Swap(2) |  | USD |  | $ | 250.0 |  |  | $ | 7.4 |  | (2)
(1) Includes seven forward swap contracts which were terminated in connection with the 2029 Notes issuance. (2) These include two $100.0 million treasury rate locks and one $50.0 million forward swap which were terminated in connection with the issuance of $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033.
Schedule of Fair Value of Derivative Instruments | The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions):
|  | June 30, 2024 |  | December 31, 2023
Derivatives Designated as Cash Flow Hedges |  | Notional |  | Fair Value of Assets(1) |  | Fair Value of Liabilities(2) |  | Notional |  | Fair Value of Assets(1) |  | Fair Value of Liabilities(2)
Interest rate derivatives |  | $ | 907.2 |  |  | $ | 10.7 |  |  | $ | 0.5 |  |  | $ | 1,041.5 |  |  | $ | 11.7 |  |  | $ | 7.7 |
(1)Included within Other assets, net on the Consolidated Balance Sheets. (2)Included within Other liabilities on the Consolidated Balance Sheets.
Schedule of Gains on Derivatives | The following table presents the gains on derivatives in cash flow hedging relationships recognized in OCI (in millions):
|  | Three Months Ended |  | Six Months Ended
Derivatives Designated as Cash Flow Hedges |  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Interest rate derivatives |  | $ | 2.6 |  |  | $ | 19.0 |  |  | $ | 11.4 |  |  | $ | 10.4 |
The following table presents the amount of gains on derivative instruments reclassified from AOCI into earnings (in millions):
Derivatives Designated as Cash Flow Hedges |  | Financial Statement Classification |  | Three Months Ended |  | Six Months Ended
|  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Interest rate derivatives |  | Interest expense |  | $ | 5.0 |  |  | $ | 3.2 |  |  | $ | 9.9 |  |  | $ | 5.5 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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