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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swap

As of December 31, 2023, the Company had three interest rate swap agreements, one of which was designated as a cash flow hedge. The key terms of the agreements are as follows (dollars in millions):

Effective			Maturity			Fixed Interest						Notional Amount at						Asset (Liability) Fair Value at
Date			Date			Rate						December 31, 2023						December 31, 2023						December 31, 2022
Interest Rate Swap Agreements1
4/7/2016			8/1/2029			3.14%						$	52.7					$	4.1					$	5.5
Forward Interest Rate Swap Agreements2
5/1/2024			12/9/2031			4.88%						$	57.0					$	(1.1)					$	(1.3)
12/9/2024			12/9/2031			4.83%						$	73.0					$	(1.6)					$	(1.5)
1 In 2022, the Company terminated a $50.0 million notional interest rate swap agreement resulting in a realized gain of $0.5 million that is included within Interest and other income (expense), net during the year ended December 31, 2022.
2 In 2022, the Company entered into two forward starting interest rate swap agreements with notional amounts of $57.0 million and $73.0 million in order to hedge interest rate fluctuations related to $130.0 million of future financing aligned with the effective and maturity dates listed. The Company initially designated the hedging relationship of the two forward interest swap agreements as cash flow hedges. As of December 31, 2023, the Company de-designated the hedging relationship related to the two forward interest rate swaps as it was determined that underlying cash flows related to the designated hedging relationships were no longer probable of occurring . The Company has not terminated the forward interest rate swap agreements.

Schedule of Derivative Instruments in Consolidated Statements of Comprehensive Income (Loss)

The following table represents the pre-tax effect of the derivative instruments in the Company's consolidated statements of comprehensive income (loss) during the three years ended December 31, 2023, 2022, and 2021, (in millions):

						2023						2022						2021
Information regarding derivatives designated as hedging instruments
Amount of gain (loss) recognized in OCI on derivatives						$	0.3					$	4.9					$	2.3
Impact of reclassification adjustment to interest expense included in Net Income (Loss)						$	(1.7)					$	0.5					$	1.6
Information regarding derivatives terminated and de-designated hedging instruments
Reclassification of interest rate derivative loss (gain) to interest and other income (expense), net included in Net Income (Loss)						$	2.7					$	(0.5)					$	—

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- References

No definition available.

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- Definition

Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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- Definition

Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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