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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments In 2018, the Company entered into two separate pound sterling-denominated forward foreign currency contracts (the “forward contracts”) with a large financial institution (the “counterparty”). Concurrent to entering into each of the forward contracts, the Company also entered into two separate collar contracts (the “collar contracts”) with the same counterparty for the same notional amounts and expiration dates as each of the forward contracts. The combinations of the forward contracts and the collar contracts were designated as net investment hedges against fluctuations in foreign currency exchange rates on certain of the Company’s investments in Affiliates with the pound sterling as their functional currency. In the first quarter of 2020, the Company terminated the forward contracts and the corresponding collar contracts, and upon settlement received net proceeds of $24.9 million. The net proceeds from the termination of the contracts are presented within sale of investment securities in the Consolidated Statements of Cash Flows. The Company’s forward contracts and collar contracts with the counterparty were governed by an International Swaps and Derivative Association Master Agreement, which provided for legally enforceable rights to set-off. The terms of the contracts also required the Company and the counterparty to post cash collateral in certain circumstances throughout the duration of the contracts. As of December 31, 2019, the Company held $8.7 million of cash collateral from the counterparty, and the counterparty held no cash collateral from the Company. In the first quarter of 2020, the Company entered into an interest rate swap contract (the “interest rate swap”) with a large financial institution (the “swap counterparty”), which will expire in March 2023. The interest rate swap, which is designated as a cash flow hedge, is used to exchange a portion of the Company’s LIBOR-based interest payments for fixed rate interest payments. Under the contract, the Company receives payments based on one month LIBOR and makes payments based on an annual fixed rate of 0.5135% on a notional amount of $250.0 million. The terms of the contract also require the Company and the swap counterparty to post cash collateral in certain circumstances throughout the duration of the contract. As of December 31, 2020, the Company held no cash collateral from the swap counterparty, and the swap counterparty held $2.2 million of cash collateral from the Company. Certain of the Company’s Affiliates use forward foreign currency contracts to hedge the risk of foreign currency exchange rate movements, which were not significant. The following table summarizes the Company’s and its Affiliates’ derivative financial instruments measured at fair value on a recurring basis:
| December 31, 2019 |  | December 31, 2020
| Assets |  | Liabilities |  | Assets |  | Liabilities
Forward contracts | $ | 23.8 |  |  | $ | (1.0) |  |  | $ | 3.5 |  |  | $ | (2.3) |
Put options | — |  |  | (31.0) |  |  | — |  |  | — |
Call options | 15.1 |  |  | — |  |  | — |  |  | — |
Interest rate swap | — |  |  | — |  |  | — |  |  | (1.9) |
Total | $ | 38.9 |  |  | $ | (32.0) |  |  | $ | 3.5 |  |  | $ | (4.2) |
The forward and collar contracts entered into in 2018 included a set-off right and were therefore, presented on a net basis in Other assets; they were $5.7 million as of December 31, 2019. The Company and certain of its consolidated Affiliates have also entered into contracts that do not include set-off rights and are, therefore, presented on a gross basis in Other assets and Other liabilities; they were $2.2 million and $1.0 million, respectively, as of December 31, 2019, and $3.5 million and $4.2 million, respectively, as of December 31, 2020. The following table summarizes the effect of the derivative financial instruments on the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Income:
|  | For the Years Ended December 31,
|  | 2019 |  | 2020
|  | Gain (Loss) Recorded in Other Comprehensive Income |  | Gain Reclassified from Accumulated Other Comprehensive Income into Earnings |  | Gain Recorded in Earnings from Excluded Components(1) |  | Gain (Loss) Recorded in Other Comprehensive Income (Loss) |  | Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings |  | Gain Recorded in Earnings from Excluded Components(1)
Forward contracts |  | $ | (21.7) |  |  | $ | 0.5 |  |  | $ | 13.9 |  |  | $ | 65.4 |  |  | $ | 0.6 |  |  | $ | 2.8 |
Put options |  | 29.3 |  |  | — |  |  | — |  |  | (47.7) |  |  | — |  |  | — |
Call options |  | (19.0) |  |  | — |  |  | — |  |  | (1.3) |  |  | — |  |  | — |
Interest rate swap |  | — |  |  | — |  |  | — |  |  | (1.9) |  |  | — |  |  | — |
Total |  | $ | (11.4) |  |  | $ | 0.5 |  |  | $ | 13.9 |  |  | $ | 14.5 |  |  | $ | 0.6 |  |  | $ | 2.8 |
__________________________ (1)The excluded components of the forward contracts were recognized in earnings on a straight-line basis over the respective period of the contracts as a reduction to Interest expense.

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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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