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Derivatives and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2022
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:
June 30, 2022December 31, 2021
DescriptionEffective DateNotional Amount (in millions)StatusNotional Amount (in millions)StatusMaturity Date
Pay-fixed swapMay 7, 2021$435.0 Active$435.0 ActiveMarch 31, 2025
Pay-fixed swapMay 7, 2021330.0 Active330.0 ActiveMarch 31, 2025
Pay-fixed swapMay 7, 2021435.0 Active435.0 ActiveMarch 31, 2025
Interest rate capSeptember 30, 2021163.0 Active166.8 ActiveMarch 31, 2025
Interest rate capSeptember 30, 2021162.9 Active166.8 ActiveMarch 31, 2025
Pay-fixed swapNovember 30, 2018165.0 Active165.0 ActiveNovember 30, 2023
Pay-fixed swapNovember 30, 2018120.0 Active120.0 ActiveNovember 30, 2023
Pay-fixed swapJune 28, 2019150.0 Active150.0 ActiveNovember 30, 2023
Receive-fixed swapApril 30, 2021(165.0)Active(165.0)ActiveNovember 30, 2023
Receive-fixed swapApril 30, 2021(120.0)Active(120.0)ActiveNovember 30, 2023
Receive-fixed swapApril 30, 2021(150.0)Active(150.0)ActiveNovember 30, 2023
$1,525.9 $1,533.6 
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):
June 30, 2022December 31, 2021
LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments
Interest rate swapsOther long-term assets$2.9 $— $12.5 $— 
Interest rate swapsOther long-term liabilities— 2.9 — 12.4 
Derivatives in cash flow hedging relationships
Interest rate capsOther long-term assets13.5 — 2.9 — 
Interest rate swapsOther long-term assets62.5 — 8.2 — 
Interest rate swaps
Other long-term liabilities (1)
— 38.8 — 45.8 
Total$78.9 $41.7 $23.6 $58.2 
(1)The balance as of June 30, 2022 and December 31, 2021 is related to the financing component of the pay-fixed, receive floating interest rate swaps.
Schedule of Effect of Interest Rate Swaps
The following table presents the pre-tax effect of the interest rate swaps and caps on the Company's accumulated OCI and condensed consolidated statement of operations (in millions):
Three Months Ended June 30,Six Months Ended June 30,
Location2022202120222021
Derivatives not designated as hedging instruments
(Gain) loss recognized in incomeOther income, net$— $(0.2)$0.1 $(0.2)
Derivatives in cash flow hedging relationships
Gain (loss) recognized in OCI (effective portion)$12.7 $(5.8)$63.1 $(4.9)
Loss reclassified from accumulated OCI into income (effective portion) (1)
Interest expense, net$6.3 $6.0 $12.7 $11.5 
(1)Includes amortization of accumulated OCI related to de-designated and terminated interest rate swaps of $5.3 million and $3.2 million for the three months ended June 30, 2022 and 2021, respectively. Includes amortization of accumulated OCI related to de-designated and terminated interest rate swaps of $10.6 million and $3.2 million for the six months ended June 30, 2022 and 2021, respectively.