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Derivative and Hedging Instruments | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative and Hedging Instruments | DERIVATIVE AND HEDGING INSTRUMENTS Interest Rate Caps. We utilize interest rate cap agreements to manage the interest rate risk on certain secured financings. The following tables provide the terms of our interest rate cap agreements that were in effect as of September 30, 2021 and December 31, 2020:
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
As of September 30, 2021
Facility Amount |  | Facility Name |  | Purpose |  | Start |  | End |  | Notional |  | Cap Interest Rate (1)
$ | 400.0 |  |  | Warehouse Facility II |  | Cap Floating Rate |  | 12/2020 |  | 7/2022 |  | $ | 205.0 |  |  | 5.50 | %
300.0 |  |  | Warehouse Facility IV |  | Cap Floating Rate |  | 07/2019 |  | 07/2023 |  | 300.0 |  |  | 6.50 | %
125.0 |  |  | Warehouse Facility V |  | Cap Floating Rate |  | 12/2020 |  | 01/2026 |  | 94.0 |  |  | 5.50 | %
150.0 |  |  | Warehouse Facility VII |  | Cap Floating Rate |  | 12/2017 |  | 11/2021 |  | 31.3 |  |  | 5.50 | %
|  |  |  | Cap Floating Rate |  | 01/2020 |  | 12/2023 |  | 118.7 |  |  | 5.50 | %
|  |  |  |  |  |  |  |  |  | 150.0 |  |  |
200.0 |  |  | Warehouse Facility VIII |  | Cap Floating Rate |  | 08/2019 |  | 08/2023 |  | 200.0 |  |  | 5.50 | %
100.0 |  |  | Term ABS 2021-1 |  | Cap Floating Rate |  | 02/2021 |  | 06/2024 |  | 100.0 |  |  | 5.50 | %
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
As of December 31, 2020
Facility Amount |  | Facility Name |  | Purpose |  | Start |  | End |  | Notional |  | Cap Interest Rate (1)
$ | 400.0 |  |  | Warehouse Facility II |  | Cap Floating Rate |  | 12/2020 |  | 7/2022 |  | $ | 205.0 |  |  | 5.50 | %
300.0 |  |  | Warehouse Facility IV |  | Cap Floating Rate |  | 05/2017 |  | 04/2021 |  | 33.3 |  |  | 6.50 | %
|  |  |  | Cap Floating Rate |  | 05/2018 |  | 04/2021 |  | 50.0 |  |  | 6.50 | %
|  |  |  | Cap Floating Rate |  | 07/2019 |  | 07/2023 |  | 216.7 |  |  | 6.50 | %
|  |  |  |  |  |  |  |  |  | 300.0 |  |  |
125.0 |  |  | Warehouse Facility V |  | Cap Floating Rate |  | 12/2020 |  | 01/2026 |  | 94.0 |  |  | 5.50 | %
150.0 |  |  | Warehouse Facility VII |  | Cap Floating Rate |  | 12/2017 |  | 11/2021 |  | 68.7 |  |  | 5.50 | %
|  |  |  | Cap Floating Rate |  | 01/2020 |  | 12/2023 |  | 81.3 |  |  | 5.50 | %
|  |  |  |  |  |  |  |  |  | 150.0 |  |  |
200.0 |  |  | Warehouse Facility VIII |  | Cap Floating Rate |  | 08/2019 |  | 08/2023 |  | 200.0 |  |  | 5.50 | %
(1)Rate excludes the spread over the corresponding LIBOR or commercial paper rate. The interest rate caps have not been designated as hedging instruments. As of September 30, 2021 and December 31, 2020, the interest rate caps had a fair value of $0.1 million as the capped rates were significantly above market rates.

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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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