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Subsequent Events
6 Months Ended
Jun. 30, 2021
Subsequent Events  
Subsequent Events

23. Subsequent Events

July 2021 Dispositions

In July 2021, we completed sales consisting of certain contract operations customer service agreements and approximately 575 compressors, comprising approximately 100,000 horsepower, used to provide compression services under those agreements, as well as other assets used to support the operations. We allocated customer-related and contract-based intangible assets based on a ratio of the horsepower sold relative to the total horsepower of the asset group. Total cash consideration for the sales will approximate $61.0 million and a gain on the sales of approximately $13.5 million will be recognized in the third quarter of 2021.

The proceeds received in July from the sales were used to repay borrowings outstanding under our Credit Facility. On July 1, 2021, we dedesignated $125.0 million notional value of our interest rate swaps. Amounts previously recognized in accumulated other comprehensive loss will remain there until the expected cash flows impact earnings or become probable of not occurring. Changes in the value of the dedesignated interest rate swaps will be recorded in earnings.