XML 56 R30.htm IDEA: XBRL DOCUMENT
v3.20.4

Derivatives | 12 Months Ended
--- | ---
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | 22. Derivatives We are exposed to market risks associated with changes in the variable interest rate of our Credit Facility. We use derivative instruments to manage our exposure to fluctuations in this variable interest rate and thereby minimize the risks and costs associated with financial activities. We do not use derivative instruments for trading or other speculative purposes. As of December 31, 2020, we had $300.0 million notional value of interest rate swaps outstanding, which expire in March 2022 and were entered into to offset changes in expected cash flows due to fluctuations in the associated variable interest rates. We have designated these interest rate swaps as cash flow hedging instruments. The counterparties to our derivative agreements are major financial institutions. We monitor the credit quality of these financial institutions and do not expect nonperformance by any counterparty, although such nonperformance could have a material adverse effect on us. We have no collateral posted for our derivative instruments. We expect the hedging relationship to be highly effective as the interest rate swap terms substantially coincide with the hedged item and are expected to offset changes in expected cash flows due to fluctuations in the variable rate. We estimate that $4.8 million of the deferred pre-tax loss attributable to interest rate swaps included in accumulated other comprehensive loss at December 31, 2020 will be reclassified into earnings as interest expense at then-current values during the next 12 months as the underlying hedged transactions occur. As of December 31, 2020, the weighted average effective fixed interest rate on our interest rate swaps was 1.8%. The following table presents the effect of our derivative instruments designated as cash flow hedging instruments on our consolidated balance sheets (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2020 | ​ | ​ | 2019
Other current assets | ​ | $ | — | ​ | $ | 12
Total derivative assets | ​ | $ | — | ​ | $ | 12
​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued liabilities | ​ | $ | 4,810 | ​ | $ | 593
Other liabilities | ​ |  | 1,527 | ​ |  | 1,175
Total derivative liabilities | ​ | $ | 6,337 | ​ | $ | 1,768
​ The following table presents the effect of our derivative instruments designated as cash flow hedging instruments on our consolidated statements of operations (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2020 |  | 2019 |  | 2018
Pre-tax gain (loss) recognized in other comprehensive income (loss) | ​ | $ | (8,459) | ​ | $ | (6,785) | ​ | $ | 3,512
Pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense | ​ |  | (3,878) | ​ |  | 2,278 | ​ |  | 617
Total amount of interest expense in which the effects of cash flow hedges are recorded | ​ | ​ | 105,716 | ​ | ​ | 104,681 | ​ | ​ | 93,328
​ See Note 2 (“Basis of Presentation and Significant Accounting Policies”), Note 15 (“Accumulated Other Comprehensive Income (Loss)”) and Note 23 (“Fair Value Measurements”) for further details on our derivative instruments.

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