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Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk

As of September 30, 2022, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ($ in millions):

Interest Rate Derivatives (Level 2)						Number of Instruments						Notional Aggregate Principal Amount						Interest Cap / Swap Rate						Maturity Date
Interest rate cap contract						One						$	100.0					3.500		%				April 30, 2024
Interest rate swap contracts						Two						$	500.0					0.370		%				January 30, 2026

Fair Value and Presentation in the Consolidated Balance Sheets for Derivatives

The following table summarizes the fair value and presentation on our Condensed Consolidated Balance Sheets for derivatives as of September 30, 2022 and December 31, 2021 (in millions):

						Fair Value of Derivative Instruments
Instrument						September 30, 2022												December 31, 2021
						Derivative Assets						Derivative Liabilities						Derivative Assets						Derivative Liabilities
Derivatives designated as hedging instruments
Interest rate cap contract(1)						$	—					$	—					$	—					$	0.1
Interest rate cap contract(2)						0.8						—						—						—
Interest rate cap contract(3)						0.6						—						—						—
Interest rate swap contracts(1)						—						—						—						2.4
Interest rate swap contracts(2)						19.2						—						—						—
Interest rate swap contracts(3)						37.2						—						—						—
Forward-starting interest rate swap contracts(2)						—						—						0.7						—
Forward-starting interest rate swap contracts(3)						—						—						15.2						—
Total designated derivative fair value						57.8						—						15.9						2.5
Derivatives not designated as hedging instruments
Interest rate cap contract(1)						—						—						—						0.3
Interest rate cap contract(3)						—						—						0.1						—
Total undesignated derivative fair value						—						—						0.1						0.3
Total derivative fair value						$	57.8					$	—					$	16.0					$	2.8

________________

(1) Included in Accrued expenses and other current liabilities on our Condensed Consolidated Balance Sheets.

(2) Included in Prepaid expenses and other current assets on our Condensed Consolidated Balance Sheets.

(3) Included in Deferred costs and other assets, net of current portion on our Condensed Consolidated Balance Sheets.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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- Definition

Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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