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Derivatives and Hedging | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging The Company's interest rate swaps consisted of the following (in thousands):
|  |  |  |  |  | Notional value at |  | Fair value at
Hedge type |  | Interest rate |  | Maturity |  | December 31, 2021 |  | December 31, 2020 |  | December 31, 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 |  | 1.28% |  | September 2022 |  | 100,000 |  |  | 100,000 |  |  | (759) |  |  | (2,035) |
Swap-cash flow (1) |  | 2.29% |  | December 2022 |  | 200,000 |  |  | 200,000 |  |  | (4,077) |  |  | (9,044) |
Swap-cash flow (2) |  | 2.29% |  | December 2022 |  | 125,000 |  |  | 125,000 |  |  | (2,545) |  |  | (5,648) |
Swap-cash flow (3) |  | 2.38% |  | December 2022 |  | 87,780 |  |  | 200,000 |  |  | (1,879) |  |  | (9,436) |
Swap-cash flow (4) |  | 2.38% |  | December 2022 |  | 36,875 |  |  | 100,000 |  |  | (789) |  |  | (4,716) |
Swap-cash flow |  | 2.75% |  | November 2023 |  | 100,000 |  |  | 100,000 |  |  | (3,893) |  |  | (7,635) |
Swap-cash flow |  | 2.51% |  | December 2023 |  | 75,000 |  |  | 75,000 |  |  | (2,692) |  |  | (5,284) |
Swap-cash flow |  | 2.39% |  | December 2023 |  | 75,000 |  |  | 75,000 |  |  | (2,504) |  |  | (5,012) |
Swap-cash flow |  | 1.24% |  | September 2025 |  | 150,000 |  |  | 150,000 |  |  | (860) |  |  | (5,508) |
Swap-cash flow |  | 1.16% |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | (338) |  |  | (1,464) |
Swap-cash flow |  | 1.20% |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | (387) |  |  | (1,526) |
Swap-cash flow |  | 1.15% |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | (327) |  |  | (1,450) |
Swap-cash flow |  | 1.10% |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | (267) |  |  | (1,374) |
Swap-cash flow |  | 0.98% |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | (61) |  |  | (596) |
Swap-cash flow |  | 0.95% |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | (43) |  |  | (573) |
Swap-cash flow |  | 0.93% |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | (31) |  |  | (558) |
Swap-cash flow |  | 0.90% |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | (13) |  |  | (535) |
Swap-cash flow |  | 0.85% |  | December 2024 |  | 50,000 |  |  | 50,000 |  |  | 221 |  |  | (1,249) |
Swap-cash flow |  | 0.75% |  | December 2024 |  | 50,000 |  |  | 50,000 |  |  | 372 |  |  | (1,047) |
Swap-cash flow |  | 0.65% |  | January 2026 |  | 50,000 |  |  | 50,000 |  |  | 955 |  |  | (662) |
|  |  |  |  |  | $ | 1,399,655 |  |  | $ | 2,124,000 |  |  | $ | (19,917) |  |  | $ | (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) income. 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) income. 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 re-designated the remaining portion of 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) income. (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 re-designated the remaining portion of 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) income. As of December 31, 2021 and 2020, the aggregate fair value of the interest rate swap liabilities of $21.5 million and $69.1 million, respectively, was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2021, the aggregate fair value of the interest rate swap assets of $1.5 million was included in prepaid expense and other assets in the accompanying consolidated balance sheet. As of December 31, 2021 and 2020, there was approximately $19.9 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 years ended December 31, 2021 and 2020. For the year ended December 31, 2021, approximately $24.1 million of the amounts included in accumulated other comprehensive loss were reclassified into interest expense. For the year ended December 31, 2020, approximately $19.7 million of the amounts included in accumulated other comprehensive loss were reclassified into interest expense. Approximately $16.7 million of the unrealized losses included in accumulated other comprehensive loss at December 31, 2021 is expected to be reclassified into interest expense within the next 12 months.

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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 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 http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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