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Interest rate swaps
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest rate swaps Interest rate swaps
The Company uses interest rate swap agreements to fix the variable interest rates on portions of its debt. The purpose of using these derivatives is to reduce the Company’s exposure to the interest rate risk associated with variable-rate borrowings. Under these agreements, the Company pays a fixed interest rate in exchange for a LIBOR- or SOFR-based variable interest rate on a given notional amount. All of the Company’s interest rate swaps are designated and accounted for as cash flow hedges. Changes in the fair value of these derivatives are reported as a component of other comprehensive income and are reclassified into earnings in the period or periods in which the hedged transaction affects earnings. For information regarding the valuation of our interest rate swaps, see Note 13, “Fair value measurements.”
Notional amount
(in millions)		Fixed interest rateAsset (liability) (in millions) at
Effective dateMaturity dateSeptember 30, 2022December 31, 2021
$24.0
4.88% - 5.05%
9/1/2021 - 9/1/2022
9/1/2034 - 9/1/2035
0.7  (5.3) 
$13.02.79%11/1/202010/1/20311.4  0.3  

The asset related to the interest rate swaps as of September 30, 2022, is presented within other assets in the condensed consolidated balance sheet. The liability related to the interest rate swaps as of December 31, 2021, is presented within other liabilities. The changes in fair value of the cash flow hedges are recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense as interest is incurred on the related variable-rate debt.
In September 2022, HEI terminated forward starting swaps with a total notional amount of $100 million, resulting in a gain of $1.7 million, which is recognized in accumulated other comprehensive income (loss). The gain will be reclassified to interest expense over the life of the related Private Placement debt. See Note 5, “Credit Agreement and changes in debt.”
The following table provides the pre-tax gain (loss) of the derivative instruments in the Company's condensed consolidated statement of comprehensive income (loss) during the three and six months ended September 30, 2022 and 2021:
Three months ended September 30Nine months ended September 30
(in millions)2022202120222021
Gain on interest rate swaps designated as cash flow hedges recognized in other comprehensive income$3.5 $0.2 $8.6 $1.3 

As of September 30, 2022, the amount the Company expects to reclassify out of net gains (losses) on derivative instruments from accumulated other comprehensive income to earnings during the next 12 months is not expected to be material.