XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.23.1

Derivative Financial Instruments | 3 Months Ended
--- | ---
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 13. Derivative Financial Instruments The Company is exposed to market risks, including changes in interest rates. To manage the risk related to these exposures, the Company has entered into various derivative instruments that reduce these risks by creating offsetting exposures. Interest Rate Swaps The Company has utilized swap agreements that will fix the floating interest rates associated with its Term Loan as shown in the following table:
Designation Date |  | Effective Date |  | Initial Notional Amount |  |  | Notional Amount Outstanding as of March 31, 2023 |  |  | Fixed Rate |  | Expiration Date
December 2021 |  | August 2020 |  | $ |  | 181,205,050 |  |  | $ |  | 522,934,227 |  |  |  | 0.7203 |  | % |  | April 2024
December 2021 |  | August 2020 |  | $ |  | 388,877,200 |  |  | $ |  | 651,065,293 |  |  |  | 0.6826 |  | % |  | April 2024
December 2021 |  | May 2022 |  | $ |  | 220,130,318 |  |  | $ |  | 272,061,373 |  |  |  | 0.4570 |  | % |  | April 2024
December 2021 |  | May 2022 |  | $ |  | 306,004,562 |  |  | $ |  | 347,501,107 |  |  |  | 0.4480 |  | % |  | April 2024
December 2021 |  | April 2024 |  | $ |  | 871,205,040 |  |  |  | n/a |  |  |  | 1.6533 |  | % |  | June 2025
December 2021 |  | April 2024 |  | $ |  | 435,602,520 |  |  |  | n/a |  |  |  | 1.6560 |  | % |  | June 2025
December 2021 |  | April 2024 |  | $ |  | 435,602,520 |  |  |  | n/a |  |  |  | 1.6650 |  | % |  | June 2025
March 2022 |  | June 2025 |  | $ |  | 1,197,000,000 |  |  |  | n/a |  |  |  | 2.5540 |  | % |  | December 2026
March 2023 |  | March 2023 |  | $ |  | 150,000,000 |  |  | $ |  | 150,000,000 |  |  |  | 3.9025 |  | % |  | December 2026
March 2023 |  | March 2023 |  | $ |  | 150,000,000 |  |  | $ |  | 150,000,000 |  |  |  | 3.9100 |  | % |  | December 2026
Concurrent with the refinancing of certain term loans, we amended our interest rate swaps to incorporate Term SOFR. In accordance with ASC Topic 848, Reference Rate Reform, we did not redesignate the interest rate hedges when they were amended from LIBOR to SOFR; as we are permitted to maintain the designation through the transition. During the three months ended March 31, 2023, we executed two additional interest rate swaps, which have been designated as cash flow hedges. Certain swap agreements amortize or accrete based on achieving targeted hedge ratios. All interest rate swaps have been designated as cash flow hedges. As a result of hedge amendments in December 2021 and July 2021, the fair value of the instruments at the time of re-designation are being amortized into interest expense over the remaining life of the instruments. Financial Instrument Presentation The fair values and location of outstanding derivative instruments recorded in the Condensed Consolidated Balance Sheets are as follows (in millions):
|  | March 31, |  |  |  | December 31, |
|  | 2023 |  |  |  | 2022 |
Assets |  |  |  |  |  |  |  |  |
Other current assets |  | $ |  | 72 |  |  |  | $ |  | 72 |
Other assets |  |  |  | 37 |  |  |  |  |  | 62 |
Total |  | $ |  | 109 |  |  |  | $ |  | 134 |
Liabilities |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ |  | — |  |  |  | $ |  | — |
Other liabilities |  |  |  | 5 |  |  |  |  |  | — |
Total |  | $ |  | 5 |  |  |  | $ |  | — |
The Company does not expect any derivative gains or losses included in Accumulated other comprehensive income as of March 31, 2023 will be reclassified into earnings over the next twelve months.

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