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Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swaps and Interest Rate Caps Outstanding During 2022 and 2021, such derivatives have been used to hedge the variable cash flows associated with existing variable-rate debt.
The key terms of interest rate swaps and interest rate caps outstanding are presented below:
December 31, 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, 2021159.1 Active166.8 ActiveMarch 31, 2025
Interest rate capSeptember 30, 2021159.1 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
$1,518.2 $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 consolidated balance sheets (in millions):
December 31, 2022December 31, 2021
LocationAssetsLiabilitiesAssetsLiabilities
Derivatives not designated as hedging instruments
Interest rate capsOther long-term assets$9.0 $— $— $— 
Interest rate swapsOther long-term assets8.5 — 12.5 — 
Interest rate swapsOther long-term liabilities— 8.5 — 12.4 
Derivatives in cash flow hedging relationships
Interest rate capsOther long-term assets10.4 — 2.9 — 
Interest rate swapsOther long-term assets85.5 — 8.2 — 
Interest rate swaps
Other long-term liabilities (1)
— 31.9 — 45.8 
Total$113.4 $40.4 $23.6 $58.2 
(1)The balance is related to the financing component of the pay-fixed, receive floating interest rate swaps.
Schedule of Effect of Interest Rate Swaps
The following table presents the pre-tax and post-tax effect of the interest rate swaps and caps on the Company's accumulated OCI and consolidated statement of operations (in millions):
Year Ended December 31,
Location202220212020
Derivatives not designated as hedging instruments
Gain recognized in incomeOther income$(0.4)$(0.1)$— 
Gain reclassified from accumulated OCI into income (1)
Other income$(7.5)$— $— 
Derivatives in cash flow hedging relationships
Gain (loss) recognized in OCI (effective portion)$104.9 $4.8 $(30.5)
Loss reclassified from accumulated OCI into income (effective portion) (2)
Interest expense, net$10.3 $24.7 $20.2 
(1)Gain reclassified from accumulated OCI upon de-desigation of a portion of one of the Company's interest rate caps.
(2)Includes amortization of accumulated OCI related to de-designated and terminated interest rate swaps of $21.4 million and $14.0 million for the years ended December 31, 2022 and 2021, respectively. There was no comparable amortization in 2020.