XML 30 R15.htm IDEA: XBRL DOCUMENT v3.19.2

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The Company's derivative financial instruments primarily consist of LIBOR-based interest rate swap contracts, which were entered into with the objective of managing exposure to variability in interest rates on the Company's debt. All interest rate swaps are reported in the Condensed Consolidated Balance Sheets at fair value. For the interest rate swaps that are not designated as hedges, the change in fair value is recognized in interest expense, net in the Condensed Consolidated Statements of Operations. For the interest rate swaps that are designated as cash flow hedges, the change in fair value is recognized as a component of accumulated other comprehensive loss (“AOCI”) in the Condensed Consolidated Statements of Comprehensive Loss and is reclassified into interest expense, net in the same period in which the related interest on debt affects earnings.

During the six months ended June 30, 2019, the Company entered into LIBOR-based interest rate swap contracts with an aggregate notional amount of $725 million. Below is a summary of the Company’s derivative financial instruments as of June 30, 2019 (in thousands):

Execution		Maturity		Designation		Notional Amount
April 2017		April 2020		Not designated		$	1,000,000
June 2018		April 2022		Cash flow hedge		1,500,000
August 2018		April 2022		Cash flow hedge		1,000,000
January 2019		April 2022		Cash flow hedge		425,000
February 2019		April 2022		Cash flow hedge		300,000
Total notional amount						$	4,225,000

All interest rate swaps designated as cash flow hedges were highly effective as of June 30, 2019.

The fair value of the Company’s interest rate swaps and related presentation in the Condensed Consolidated Balance Sheets for the periods presented was as follows:

(in thousands)	June 30, 2019				December 31, 2018
Assets
Prepaid expenses and other current assets	$	—			$	6,525
Other assets	—				1,236
Liabilities
Accrued expenses and other current liabilities	21,117				1,989
Other liabilities	73,823				26,040
Fair value of interest rate swaps	$	94,940			$	20,268

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration