XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.21.2

Derivatives and Hedging Activities | 9 Months Ended
--- | ---
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The following interest rate swaps have been designated as cash flow hedges (in thousands):
|  |  |  |  |  | Notional value at |  | Fair value at
Hedge type |  | Interest rate |  | Maturity |  | September 30, 2021 |  | December 31, 2020 |  | September 30, 2021 |  | December 31, 2020
Swap-cash flow |  | 1.15% |  | April 2021 |  | $ | — |  |  | $ | 100,000 |  |  | $ | — |  |  | $ | (398) |
Swap-cash flow |  | 1.20% |  | April 2021 |  | — |  |  | 100,000 |  |  | — |  |  | (418) |
Swap-cash flow |  | 2.15% |  | April 2021 |  | — |  |  | 75,000 |  |  | — |  |  | (594) |
Swap-cash flow |  | 1.91% |  | April 2021 |  | — |  |  | 75,000 |  |  | — |  |  | (523) |
Swap-cash flow |  | 1.61% |  | June 2021 |  | — |  |  | 50,000 |  |  | — |  |  | (433) |
Swap-cash flow |  | 1.56% |  | June 2021 |  | — |  |  | 50,000 |  |  | — |  |  | (416) |
Swap-cash flow |  | 1.71% |  | June 2021 |  | — |  |  | 50,000 |  |  | — |  |  | (462) |
Swap-cash flow |  | 1.35% |  | September 2021 |  | — |  |  | 49,000 |  |  | — |  |  | (454) |
Swap-cash flow (1) |  | 2.29% |  | December 2022 |  | 200,000 |  |  | 200,000 |  |  | (5,732) |  |  | (9,044) |
Swap-cash flow (2) |  | 2.29% |  | December 2022 |  | 125,000 |  |  | 125,000 |  |  | (3,579) |  |  | (5,648) |
Swap-cash flow (3) |  | 2.38% |  | December 2022 |  | 87,780 |  |  | 200,000 |  |  | (2,626) |  |  | (9,436) |
Swap-cash flow (4) |  | 2.38% |  | December 2022 |  | 36,875 |  |  | 100,000 |  |  | (1,103) |  |  | (4,716) |
Swap-cash flow |  | 2.39% |  | December 2023 |  | 75,000 |  |  | 75,000 |  |  | (3,556) |  |  | (5,012) |
Swap-cash flow |  | 2.51% |  | December 2023 |  | 75,000 |  |  | 75,000 |  |  | (3,768) |  |  | (5,284) |
Swap-cash flow |  | 2.75% |  | November 2023 |  | 100,000 |  |  | 100,000 |  |  | (5,300) |  |  | (7,635) |
Swap-cash flow |  | 1.28% |  | September 2022 |  | 100,000 |  |  | 100,000 |  |  | (1,181) |  |  | (2,035) |
Swap-cash flow |  | 1.24% |  | September 2025 |  | 150,000 |  |  | 150,000 |  |  | (2,952) |  |  | (5,508) |
Swap-cash flow |  | 1.16% |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | (952) |  |  | (1,464) |
Swap-cash flow |  | 1.20% |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | (1,007) |  |  | (1,526) |
Swap-cash flow |  | 1.15% |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | (940) |  |  | (1,450) |
Swap-cash flow |  | 1.10% |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | (873) |  |  | (1,374) |
Swap-cash flow |  | 0.98% |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | (356) |  |  | (596) |
Swap-cash flow |  | 0.95% |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | (336) |  |  | (573) |
Swap-cash flow |  | 0.93% |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | (323) |  |  | (558) |
Swap-cash flow |  | 0.90% |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | (303) |  |  | (535) |
Swap-cash flow |  | 0.85% |  | December 2024 |  | 50,000 |  |  | 50,000 |  |  | (422) |  |  | (1,249) |
Swap-cash flow |  | 0.75% |  | December 2024 |  | 50,000 |  |  | 50,000 |  |  | (257) |  |  | (1,047) |
Swap-cash flow |  | 0.65% |  | January 2026 |  | 50,000 |  |  | 50,000 |  |  | 358 |  |  | (662) |
|  |  |  |  |  | $ | 1,399,655 |  |  | $ | 2,124,000 |  |  | $ | (35,208) |  |  | $ | (69,050) |
(1)In June 2021, the Company paid down a portion of its Term Loans and dedesignated approximately $83.8 million of the original $200.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as a result of the debt paydown. Therefore, the Company reclassified approximately $2.8 million of unrealized losses included in other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. The portion of the swap that was dedesignated was subsequently redesignated and the amounts related to the initial fair value of $2.8 million that are recorded in other comprehensive loss during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of the swap. (2)In June 2021, the Company paid down a portion of its Term Loans and dedesignated approximately $47.2 million of the original $125.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as a result of the debt paydown. Therefore, the Company reclassified approximately $1.6 million of unrealized losses included in other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. The portion of the swap that was dedesignated was subsequently redesignated and the amounts related to the initial fair value of $1.6 million that are recorded in other comprehensive loss during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of the swap. (3)In June 2021, the Company paid down a portion of its Term Loans and terminated approximately $112.2 million of the original $200.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as result of the debt paydown in June 2021. As part of the swap termination, the Company paid approximately $2.2 million to terminate a portion of this swap. In addition, the Company reclassified this swap resulting in the reclassification of approximately $2.2 million of the unrealized losses included in accumulated other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. (4)In June 2021, the Company paid down a portion of its Term Loans and terminated approximately $63.1 million of the original $100.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring as result of the debt paydown in June 2021. As part of the swap termination, the Company paid approximately $4.0 million to terminate a portion of this swap. In addition, the Company reclassified this swap resulting in the reclassification of approximately $4.0 million of the unrealized losses included in accumulated other comprehensive loss to other (expense) income, net, in the consolidated statements of operations and comprehensive loss. As of September 30, 2021 and December 31, 2020, the aggregate fair value of the interest rate swap liabilities of $35.6 million and $69.1 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of September 30, 2021, the aggregate fair value of the interest rate swap assets of $0.4 million was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of September 30, 2021 and December 31, 2020, there was approximately $35.2 million and $69.1 million, respectively, of unrealized losses included in accumulated other comprehensive loss related to interest rate hedges that are effective in offsetting the variable cash flows. There was no ineffectiveness recorded on the designated hedges during the three or nine month periods ended September 30, 2021 or 2020. For the three and nine months ended September 30, 2021, approximately $5.0 million and $18.9 million, respectively, of the amounts included in accumulated other comprehensive loss were reclassified into interest expense for the interest rate swaps that have been designated as cash flow hedges. For the three and nine months ended September 30, 2020, approximately, $6.9 million and $13.2 million, respectively, of the amounts included in accumulated other comprehensive loss were reclassified into interest expense for the interest rate swaps that have been designated as cash flow hedges. Approximately $20.2 million of the unrealized losses included in accumulated other comprehensive loss at September 30, 2021 is expected to be reclassified into interest expense within the next 12 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 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