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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2020
Derivative Financial Instruments [Abstract] |
Derivative Financial Instruments | 13.DERIVATIVE FINANCIAL INSTRUMENTS The Company recognizes all derivatives on the Condensed Consolidated Balance Sheets at fair value. All of the Company’s derivatives have been designated as cash flow hedges; therefore, the gain or loss on the derivatives will be recognized in accumulated other comprehensive income (loss) (“AOCIL”) and reclassified into earnings in the same period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. The Company classifies cash inflows and outflows from derivatives within operating activities on the Condensed Consolidated Statements of Cash Flows. One of the Company’s objectives for utilizing derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in the variable interest rates of certain borrowings under the Credit Agreement. The Company’s strategy to achieve that objective involves entering into interest rate swaps. The interest rate swaps outstanding at September 30, 2020 were specifically designated to the Credit Agreement and accounted for as cash flow hedges. At September 30, 2020, the Company’s derivative instruments included 10 interest rate swap agreements as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Fixed |  | Variable |  | ​ |  | ​
​ | ​ | Notional | ​ | Interest | ​ | Interest Rate | ​ | ​ | ​ | ​
Date Entered | ​ | Amount | ​ | Rate Paid* | ​ | Received | ​ | Effective Date | ​ | Expiration Date
May 2014 | ​ | $ | 50,000 |  | 2.344 | % | 1-month LIBOR |  | October 2015 |  | October 2020
May 2014 | ​ | $ | 25,000 |  | 2.326 | % | 1-month LIBOR |  | October 2015 |  | October 2020
May 2014 | ​ | $ | 50,000 |  | 2.350 | % | 1-month LIBOR |  | October 2015 |  | October 2020
May 2014 | ​ | $ | 50,000 |  | 2.350 | % | 1-month LIBOR |  | October 2015 |  | October 2020
August 2017 | ​ | $ | 100,000 |  | 1.900 | % | 1-month LIBOR |  | July 2019 |  | July 2022
August 2017 | ​ | $ | 200,000 |  | 2.200 | % | 1-month LIBOR |  | October 2020 |  | October 2025
August 2017 | ​ | $ | 150,000 |  | 1.950 | % | 1-month LIBOR |  | February 2020 |  | February 2023
June 2018 | ​ | $ | 200,000 |  | 2.925 | % | 1-month LIBOR |  | October 2020 |  | October 2025
June 2018 | ​ | $ | 200,000 |  | 2.925 | % | 1-month LIBOR |  | October 2020 |  | October 2025
December 2018 | ​ | $ | 200,000 |  | 2.850 | % | 1-month LIBOR |  | July 2022 |  | July 2027
____________________ * Plus applicable margin. On September 28, 2020, the Company terminated four of its interest rate swaps with notional amounts of $150,000, $150,000, $50,000 and $50,000, each of which would have expired in January 2021. As a result of terminating these interest rate swaps, the Company made total cash payments of $853 to the counterparties of the swap agreements. The fair values of derivative instruments designated as cash flow hedges as of September 30, 2020, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives Designated as Cash | ​ | Asset Derivatives | ​ | Liability Derivatives
Flow Hedges |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Interest rate swaps |  | Prepaid expenses and other current assets(a) | ​ | $ | — |  | Accrued liabilities(a) | ​ | $ | (19,825)
​ |  | ​ | ​ |  | ​ |  | Other long-term liabilities | ​ | ​ | (83,429)
Total derivatives designated as cash flow hedges | ​ | ​ | ​ | $ | — | ​ | ​ | ​ | $ | (103,254)
____________________ (a)Represents the estimated amount of the existing unrealized losses, respectively, on interest rate swaps as of September 30, 2020 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates. The fair values of derivative instruments designated as cash flow hedges as of December 31, 2019, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives Designated as Cash | ​ | Asset Derivatives | ​ | Liability Derivatives
Flow Hedges |  | Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Interest rate swaps |  | Prepaid expenses and other current assets | ​ | $ | 2,845 |  | Accrued liabilities | ​ | $ | (3,680)
​ |  | ​ | ​ |  | ​ |  | Other long-term liabilities | ​ |  | (38,967)
Total derivatives designated as cash flow hedges | ​ | ​ | ​ | $ | 2,845 | ​ | ​ | ​ | $ | (42,647)
​ The following table summarizes the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the three and nine months ended September 30, 2020 and 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Statement of | ​ | Amount of (Gain) or Loss Reclassified
Designated as Cash | ​ | Amount of Gain or (Loss) Recognized | ​ | Net Income | ​ | from AOCIL into Earnings,
Flow Hedges | ​ | as AOCIL on Derivatives, Net of Tax (a) | ​ | Classification | ​ | Net of Tax (b)
​ | ​ | Three Months Ended | ​ | ​ | ​ | Three Months Ended
​ | ​ | September 30, | ​ | ​ | ​ | September 30,
​ |  | 2020 |  | 2019 |  | ​ |  | 2020 |  | 2019
Interest rate swaps | ​ | $ | 1,357 | ​ | $ | (11,379) | ​ | Interest expense | ​ | $ | 2,126 | ​ | $ | (1,451)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Statement of | ​ | Amount of (Gain) or Loss Reclassified
Designated as Cash | ​ | Amount of Gain or (Loss) Recognized | ​ | Net Income | ​ | from AOCIL into Earnings,
Flow Hedges |  | as AOCIL on Derivatives, Net of Tax (a) | ​ | Classification | ​ | Net of Tax (b), (c)
​ | ​ | Nine Months Ended | ​ | ​ | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | ​ | ​ | September 30,
​ |  | 2020 |  | 2019 |  | ​ |  | 2020 |  | 2019
Interest rate swaps | ​ | $ | (50,014) | ​ | $ | (41,761) | ​ | Interest expense | ​ | $ | 3,377 | ​ | $ | (5,085)
​ ____________________ (a)In accordance with the derivatives and hedging guidance, the changes in fair values of interest rate swaps have been recorded in equity as a component of AOCIL. As the critical terms of the interest rate swaps match the underlying debt being hedged, all unrealized changes in fair value are recorded in AOCIL. (b)Amounts reclassified from AOCIL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt. See Note 17 for further discussion on the impact of the Company’s hedge accounting to its consolidated comprehensive income (loss) and AOCIL.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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