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Derivative Financial Instruments (Tables)
 6 Months Ended
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):

PeriodNumber of ContractsInstrument TypeCurrencyNotional AmountIndex TypeHedged Item
Three months ended June 30, 20243 Interest Rate SwapUSD$100.0 SOFRFuture Debt Offering
Three months ended March 31, 20241 Interest Rate SwapUSD25.0 SOFRFuture Debt Offering
Total4 $125.0 
Three months ended March 31, 20231 Interest Rate Swap
GBP(1)
$127.3 SONIATerm Loan Senior Credit Facility
Three months ended March 31, 20231 Interest Rate SwapUSD50.0 SOFRFuture Debt Offering
Total2 $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):

PeriodTypeCurrencyNotional AmountCash Settlement
Receipt / (Payment)
Three months ended March 31, 2024Forward SwapUSD$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, 2024December 31, 2023
Derivatives Designated as Cash Flow HedgesNotional
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 EndedSix Months Ended
Derivatives Designated as Cash Flow HedgesJune 30, 2024June 30, 2023June 30, 2024June 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 HedgesFinancial Statement ClassificationThree Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Interest rate derivativesInterest expense$5.0 $3.2 $9.9 $5.5