XML 46 R32.htm IDEA: XBRL DOCUMENT v3.22.4

DERIVATIVES AND HEDGING

12 Months Ended

Dec. 31, 2022

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING

NOTE 24. DERIVATIVES AND HEDGING

Prior to the expiration of our interest rate swaps in March 2022, we used derivative instruments to manage our exposure to fluctuations in the variable interest rate of our Credit Facility. We do not use derivative instruments for trading or other speculative purposes.

We had entered into three interest rate swaps with an aggregate notional amount of $300.0 million to offset changes in the expected cash flows due to fluctuations in the associated variable interest rates and designated them as cash flow hedges.

In 2021, we dedesignated one of the interest rate swaps with a $125.0 million notional value. At the time of dedesignation, the fair value of this interest rate swap was a liability of $1.6 million. The associated amount in accumulated other comprehensive loss related to this interest rate swap was amortized into interest expense over the remaining term of the swap through its expiration in March 2022. Changes in the fair value of this interest rate swap subsequent to dedesignation and prior to expiration were recorded in interest expense, the same consolidated statement of operations line item to which the earnings effect of the hedged item was recorded.

The remaining interest rate swaps had a $175.0 million notional value and were designated as (highly effective) cash flow hedging instruments until their expiration. Changes in the fair value of these interest rate swaps were recognized as a component of other comprehensive income (loss) until the hedged transactions affected earnings. At that time, amounts were reclassified into earnings to interest expense, the same consolidated statement of operations line item to which the earnings effect of the hedged items were recorded.

The effect of our derivative instruments on our consolidated balance sheet is as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
​	​	2022		​	​	2021
Interest rate swaps designated as cash flow hedging instruments	​	​	​	​	​	​
Accrued liabilities	​	$	—	​	$	727
Interest rate swaps not designated as hedging instruments	​	​	​	​	​	​
Accrued liabilities	​	​	—	​	​	523
Total derivative liabilities	​	$	—	​	$	1,250

​

The effect of our derivative instruments on our consolidated statements of operations is as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	2022			2021			2020
Total amount of interest expense in which the effects of cash flow hedges and undesignated interest rate swaps are recorded	​	$	101,259	​	$	108,135	​	$	105,716
​	​	​	​	​	​	​	​	​	​
Interest rate swaps designated as cash flow hedging instruments:	​	​	​	​	​	​	​	​	​
Pre-tax loss recognized in other comprehensive income	​	$	(512)	​	$	(1,219)	​	$	(8,459)
Pre-tax loss reclassified from accumulated other comprehensive loss into interest expense	​		(1,758)	​		(6,308)	​		(3,878)
​	​	​	​	​	​	​	​	​	​
Interest rate swaps not designated as hedging instruments:	​	​	​	​	​	​	​	​	​
Gain recognized in interest expense	​	$	523	​	$	1,088	​	$	—

​

See Note 16 and Note 25 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 https://asc.fasb.org/topic&trid=2229140

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 5
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008

+ Details

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