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Derivative And Hedging Instruments | 12 Months Ended
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Dec. 31, 2023
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 December 31, 2023 and 2022:
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
As of December 31, 2023
Facility Amount |  | Facility Name |  | Purpose |  | Start |  | End |  | Notional |  | Cap Interest Rate (1)
$ | 300.0 |  |  | Warehouse Facility IV |  | Cap Floating Rate |  | 05/2023 |  | 11/2024 |  | $ | 300.0 |  |  | 7.50 | %
200.0 |  |  | Warehouse Facility V |  | Cap Floating Rate |  | 04/2023 |  | 01/2026 |  | 94.0 |  |  | 5.44 | %
200.0 |  |  | Warehouse Facility VIII |  | Cap Floating Rate |  | 09/2022 |  | 09/2025 |  | 200.0 |  |  | 5.42 | %
100.0 |  |  | Term ABS 2021-1 |  | Cap Floating Rate |  | 04/2023 |  | 06/2024 |  | 37.5 |  |  | 5.46 | %
200.0 |  |  | Term ABS 2022-2 |  | Cap Floating Rate |  | 12/2022 |  | 06/2024 |  | 200.0 |  |  | 6.50 | %
(Dollars in millions) |  |  |  |  |  |  |  |  |  |
As of December 31, 2022
Facility Amount |  | Facility Name |  | Purpose |  | Start |  | End |  | Notional |  | Cap Interest Rate (1)
$ | 400.0 |  |  | Warehouse Facility II |  | Cap Floating Rate |  | 07/2022 |  | 12/2023 |  | $ | 205.0 |  |  | 6.50 | %
300.0 |  |  | Warehouse Facility IV |  | Cap Floating Rate |  | 07/2019 |  | 07/2023 |  | 175.0 |  |  | 6.50 | %
200.0 |  |  | Warehouse Facility V |  | Cap Floating Rate |  | 12/2020 |  | 01/2026 |  | 94.0 |  |  | 5.50 | %
200.0 |  |  | Warehouse Facility VIII |  | Cap Floating Rate |  | 08/2019 |  | 08/2023 |  | 116.7 |  |  | 5.50 | %
|  |  |  | Cap Floating Rate |  | 09/2022 |  | 09/2025 |  | 83.3 |  |  | 5.50 | %
|  |  |  |  |  |  |  |  |  | 200.0 |  |  |
100.0 |  |  | Term ABS 2021-1 |  | Cap Floating Rate |  | 02/2021 |  | 06/2024 |  | 100.0 |  |  | 5.50 | %
200.0 |  |  | Term ABS 2022-2 |  | Cap Floating Rate |  | 12/2022 |  | 06/2024 |  | 200.0 |  |  | 6.50 | %
(1) Rate excludes the spread over the corresponding benchmark rate. The interest rate caps have not been designated as hedging instruments. As of December 31, 2023 and 2022, the interest rate caps had a fair value of $0.1 million and $2.0 million, respectively. Information related to the effect of derivative instruments not designated as hedging instruments on our consolidated statements of income for the years ended December 31, 2023, 2022, and 2021 is as follows:
(In millions) |  |  |  | Amount of (Income) Loss Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments |  |  |  | For the Years Ended December 31,
| Location |  | 2023 |  | 2022 |  | 2021
Interest rate caps |  | Interest expense |  | $ | 2.0 |  |  | $ | (1.0) |  |  | $ | (0.1) |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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