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Derivatives

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

Interest Rate Swaps

At June 30, 2021, we held interest rate swap contracts with an aggregate notional amount of $394.2 million, which were designated as cash flow hedges. In July 2021, upon the full repayment of our 2018 Term Loan, our interest rate swaps were discontinued as cash flow hedges and were subsequently extinguished. We paid $13.6 million to extinguish our interest rate swaps and hybrid debt. Upon discontinuance of the interest rate swaps as cash flow hedges, the unrealized losses of $9.2 million, for the intervening period were recognized in interest expense, net.

Financial Guarantee

In June 2021, our financial guarantee of the personal loan of a former executive officer was waived and we recognized a gain of $0.1 million from the cancellation of our financial guarantee derivative in other income (expense), net in the accompanying condensed consolidated statements of operations. The associated restricted cash equivalent of $25.0 million became unrestricted and was reclassified to cash and cash equivalents.

Derivative financial instruments and hybrid debt consisted of the following (in thousands):

			December 31, 2020
Interest rate swap derivative liability, current portion			$	2,177
Interest rate swaps			3,640
Financial guarantee			150
Total derivative liability, net of current portion			$	3,790
Hybrid debt, current portion			$	2,954
Hybrid debt, net of current portion			$	8,152

There were no interest rate swaps as of September 30, 2021.

The impact from losses from our interest rate cap, interest rate swaps, and hybrid debt on our condensed consolidated statements of operations were as follows (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Settlement of interest rate swaps			$	—					$	256					$	1,052					$	698
Amortization of prior hedge effectiveness			19						1,230						3,095						2,226
Fair value adjustment of interest rate swap			364						—						364						—
Amortization of interest rate cap premium			—						44						28						159
Interest expense on hybrid debt			—						208						368						430
Discontinuance of interest rate swaps and prior hedge effectiveness			9,240						—						9,240						—
Total recorded in interest expense, net			$	9,623					$	1,738					$	14,147					$	3,513

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- References

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- 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

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