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Derivative Instruments | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments The Company is exposed to interest rate risk related to its variable-rate interest debt. From time to time, the Company may use interest rate swaps to manage its exposure to interest rate risk. Cash Flow Hedges of Interest Rate Risk The Company has three interest rate swap agreements designated as cash flow hedges, whose key terms are as follows (dollars in millions):
Effective |  | Maturity |  | Fixed Interest |  | Notional Amount at |  | Asset (Liability) Fair Value at
Date |  | Date |  | Rate |  | September 30, 2023 |  | September 30, 2023 |  | December 31, 2022
Interest Rate Swap Agreements |  |  |  |  |  |  |  |
4/7/2016 |  | 8/1/2029 |  | 3.14% |  | $ | 53.1 |  |  | $ | 6.2 |  |  | $ | 5.5 |
Forward Interest Rate Swap Agreements |  |  |  |  |  |
5/1/2024 |  | 12/9/2031 |  | 4.88% |  | $ | 57.0 |  |  | $ | 1.7 |  |  | $ | (1.3) |
12/9/2024 |  | 12/9/2031 |  | 4.83% |  | $ | 73.0 |  |  | $ | 1.7 |  |  | $ | (1.5) |
The asset related to the interest rate swap and the forward interest rate swaps as of September 30, 2023, is presented within Prepaid expenses and other assets in the condensed consolidated balance sheets. The liability related to the forward interest rate swaps and the asset related to the interest rate swap as of December 31, 2022, are presented within Accrued and other liabilities and Prepaid expenses and other assets, respectively, in the condensed consolidated balance sheets. 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. The following table represents the pre-tax effect of the derivative instruments in the Company's condensed consolidated statements of comprehensive income (loss) during the three and nine months ended September 30, 2023 and 2022, (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives in Designated Cash Flow Hedging Relationships: |  |  |  |  |  |  |  |
Amount of gain (loss) recognized in OCI on derivatives |  | $ | 7.5 |  |  | $ | 2.6 |  |  | $ | 8.0 |  |  | $ | 8.0 |
Impact of reclassification adjustment to interest expense included in Net Income (Loss) |  | $ | (0.4) |  |  | $ | (0.1) |  |  | $ | (1.2) |  |  | $ | 0.5 |
Realized interest rate hedging gain (loss) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (0.5) |
As of September 30, 2023, the Company expects to reclassify $2.3 million of net gains (losses) on derivative instruments from accumulated other comprehensive income to earnings during the next 12 months.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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