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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The key terms of interest rate swaps are presented below:
Effective Date |  | Fixed Rate Paid (Received) |  | December 31, 2022 |  | March 31, 2023 |  |
Notional Amount (in millions) |  | Status |  | Notional Amount (in millions) |  | Status |  | Maturity Date
Entered into December 2018: |  |  |  |  |  |  |  |  |  |
February 3, 2019 |  | 2.7490% |  | — |  |  | Terminated |  | — |  |  | Terminated |  | November 3, 2023
February 3, 2020 |  | 2.7350% |  | — |  |  | Terminated |  | — |  |  | Terminated |  | November 3, 2023
February 3, 2021 |  | 2.7360% |  | — |  |  | Terminated |  | — |  |  | Terminated |  | November 3, 2023
February 3, 2022 |  | 2.7800% |  | — |  |  | Terminated |  | — |  |  | Terminated |  | November 3, 2023
Entered into February 2021: |  |  |  |  |  |  |  |  |  |
February 9, 2021 |  | 2.3820% |  | 1,350.0 |  |  | Active |  | 1,350.0 |  |  | Active |  | February 9, 2026
Total |  |  |  | $ | 1,350.0 |  |  |  |  | $ | 1,350.0 |  |  |  |  |
Schedule of Fair Values of Derivative Assets and Liabilities on the Consolidated Balance Sheets | The fair values of our derivatives and their location on the Consolidated Balance Sheets as of December 31, 2022 and March 31, 2023 were as follows:
|  | December 31, 2022 |  | March 31, 2023
(In millions) |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Derivatives designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Other current assets | $ | 44.3 |  |  | $ | — |  |  | $ | 43.5 |  |  | $ | — |
Interest rate swaps | Other non-current assets | 80.5 |  |  | — |  |  | 61.7 |  |  | — |
Interest rate swaps | Other current liabilities (1) | — |  |  | 17.3 |  |  | — |  |  | 17.3 |
Interest rate swaps | Other non-current liabilities (1) | — |  |  | 39.1 |  |  | — |  |  | 34.8 |
Total |  | $ | 124.8 |  |  | $ | 56.4 |  |  | $ | 105.2 |  |  | $ | 52.1 |
(1) The entire balance is comprised of the financing component of the pay-fixed interest rate swap.
Schedule Offsetting Assets Under Master Netting Arrangements | For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:
| December 31, 2022 |  | March 31, 2023
(In millions) | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts |  | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts
Assets |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 124.8 |  |  | $ | (56.4) |  |  | $ | 68.4 |  |  | $ | 105.2 |  |  | $ | (52.1) |  |  | $ | 53.1 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 56.4 |  |  | $ | (56.4) |  |  | $ | — |  |  | $ | 52.1 |  |  | $ | (52.1) |  |  | $ | — |
Schedule Offsetting Liabilities Under Master Netting Arrangements | For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:
| December 31, 2022 |  | March 31, 2023
(In millions) | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts |  | Gross Amounts on Balance Sheet |  | Effects of Counterparty Netting |  | Net Amounts
Assets |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 124.8 |  |  | $ | (56.4) |  |  | $ | 68.4 |  |  | $ | 105.2 |  |  | $ | (52.1) |  |  | $ | 53.1 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 56.4 |  |  | $ | (56.4) |  |  | $ | — |  |  | $ | 52.1 |  |  | $ | (52.1) |  |  | $ | — |
Schedule of Derivative Instruments, Effect on Comprehensive Income (Loss) | The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2023 was as follows:
|  | Three Months Ended March 31, |  |
(In millions) |  | 2022 |  | 2023 |  |  |  |
Derivatives not designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Interest income (expense) | $ | (4.6) |  |  | $ | (4.6) |  |  |  |  |
Derivatives designated as hedging instruments | Location |  |  |  |  |  |  |
Interest rate swaps | Interest income (expense) | $ | (1.3) |  |  | $ | 12.2 |  |  |  |  |

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