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Derivatives and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swaps and Interest Rate Caps Outstanding
The key terms of interest rate swaps and interest rate caps outstanding are presented below:
September 30, 2021December 31, 2020
DescriptionEffective DateNotional Amount (in millions)StatusNotional Amount (in millions)StatusMaturity Date
Pay-fixed swapMay 7, 2021$435.0 Active$— NAMarch 31, 2025
Pay-fixed swapMay 7, 2021330.0 Active— NAMarch 31, 2025
Pay-fixed swapMay 7, 2021435.0 Active— NAMarch 31, 2025
Interest rate capSeptember 30, 2021168.8 Active— NAMarch 31, 2025
Interest rate capSeptember 30, 2021168.7 Active— NAMarch 31, 2025
Pay-fixed swapNovember 30, 2018165.0 Active— NANovember 30, 2023
Pay-fixed swapNovember 30, 2018120.0 Active— NANovember 30, 2023
Pay-fixed swapJune 28, 2019150.0 Active— NANovember 30, 2023
Receive-fixed swapApril 30, 2021(165.0)Active— NANovember 30, 2023
Receive-fixed swapApril 30, 2021(120.0)Active— NANovember 30, 2023
Receive-fixed swapApril 30, 2021(150.0)Active— NANovember 30, 2023
Pay-fixed swapNovember 30, 2018— Terminated330.0 ActiveNovember 30, 2023
Pay-fixed swapNovember 30, 2018— Terminated330.0 ActiveNovember 30, 2023
Pay-fixed swapNovember 30, 2018— Terminated240.0 ActiveNovember 30, 2023
Pay-fixed swapJune 28, 2019— Terminated300.0 ActiveNovember 30, 2023
$1,537.5 $1,200.0 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the fair values of our derivatives and their location on the condensed consolidated balance sheets (in millions):
September 30, 2021December 31, 2020
LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments
Interest rate swapsOther long-term assets$15.8 $— $— $— 
Interest rate swapsOther long-term liabilities— 15.6 — — 
Derivatives in cash flow hedging relationships
Interest rate swaps
Other long-term liabilities (1)
— 51.0 — 61.0 
Interest rate capsOther long-term assets1.8 — — — 
Total$17.6 $66.6 $— $61.0 
(1)The balance as of September 30, 2021 includes $49.4 million related to the financing component of the pay-fixed, receive floating interest rate swaps.
Schedule of Effect of Interest Rate Swaps
The following table presents the pre-tax effect of the interest rate swaps and caps on the Company's accumulated OCI and condensed consolidated statement of operations (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
Location2021202020212020
Derivatives not designated as hedging instruments
Gain recognized in incomeOther income$— $— $0.2 $— 
Derivatives in cash flow hedging relationships
Loss recognized in OCI (effective portion)$0.1 $2.3 $5.0 $29.2 
Loss reclassified from accumulated OCI into income (effective portion) (1)
Interest expense, net$6.6 $5.6 $18.1 $14.6 
(1)Includes amortization of accumulated OCI related to de-designated and terminated interest rate swaps of $5.4 million and $8.6 million for the three and nine months ended September 30, 2021, respectively.