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Financial Instruments - Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate derivatives

Detail on the Company’s interest rate derivatives designated as cash flow hedges outstanding as of June 30, 2021 and December 31, 2020 is as follows:

			Number of Instruments												Notional Amount
			June 30, 2021						December 31, 2020						June 30, 2021						December 31, 2020
Interest Rate Swaps			5						7						$	550,000					$	800,000

Schedule of derivative instruments in Statement of Financial Position, fair value

Detail on the fair value of the Company’s interest rate derivatives on a gross and net basis as of June 30, 2021 and December 31, 2020 is as follows:

						Fair Value of Derivative Instruments
Interest rate swaps classified as:						June 30, 2021						December 31, 2020
Gross derivative assets						$	—					$	—
Gross derivative liabilities						(19,516)						(28,225)
Net derivative liabilities						$	(19,516)					$	(28,225)

Schedule of Derivatives in Cash Flow Hedging Relationships

The effective portion of the Company’s interest rate swaps that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020 is as follows:

Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps)						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
Change in unrealized gain (loss) on interest rate swaps						$	(325)					$	(3,180)					$	2,274					$	(27,011)
Amortization of interest rate swaps to interest expense						3,157						2,345						6,224						2,298
Change in unrealized gain (loss) on interest rate swaps, net						$	2,832					$	(835)					$	8,498					$	(24,713)

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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