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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Interest Rate Caps | The following table summarizes the Company's LIBOR and Secured Overnight Financing Rate ("SOFR") interest rate cap instruments as of December 31, 2022.
($ in thousands) |
Current notional balance | $ | 1,231,920 |
Weighted average fixed cap rate | 4.34 | %
Earliest maturity date | 2023 |
Latest maturity date | 2025 |
Weighted average remaining term | 1.2 years
Estimated asset fair value (included in other assets, net) at December 31, 2022 | $ | 10,599 |
Estimated asset fair value (included in other assets, net) at December 31, 2021 | $ | 313 |
The following table summarizes the Company's SOFR interest rate swap instrument, purchased in November 2022, as of December 31, 2022.
($ in thousands) |
Current notional balance | $ | 220,000 |
Fixed interest rate | 3.00 | %
Remaining term | 1.3 years
Estimated asset fair value (included in other assets, net) at December 31, 2022 | $ | 4,834 |
Summary of Asset Impairment Expense | The following is a summary of asset impairment expense.
| For the Years Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
Operating lease right-of-use assets | $ | 13.7 |  |  | $ | 16.6 |  |  | $ | 76.3 |
Property, plant and equipment and leasehold intangibles, net | 15.9 |  |  | 6.4 |  |  | 29.3 |
Investment in unconsolidated ventures | — |  |  | — |  |  | 1.5 |
Assets held for sale | — |  |  | — |  |  | 0.2 |
Asset impairment | $ | 29.6 |  |  | $ | 23.0 |  |  | $ | 107.3 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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