XML 30 R14.htm IDEA: XBRL DOCUMENT
v3.10.0.1

DERIVATIVE INSTRUMENTS | 8 Months Ended
--- | ---
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS Our objective in using an interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate fluctuations. To accomplish this objective, we primarily use interest rate swap contracts to fix the variable rate interest on our term loans. The interest rate swap contracts qualify as cash flow hedges. Under ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which we adopted on November 1, 2017, the ineffective portion of a hedging instrument is no longer required to be recognized currently in earnings or disclosed. Changes in the fair value of cash flow hedges are recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income for our interest rate swap will be reclassified to interest expense as interest payments are made on our term loan. During the next 12 months, we estimate an additional $61,000 will be reclassified as a decrease to interest expense. At December 31, 2018, we had two interest rate swap contracts in effect with a notional amount of $145.0 million and one additional interest rate swap that becomes effective on January 31, 2023 with a notional amount of $70.0 million. The table below presents the fair value of our derivative financial instruments as well as their classification on our Consolidated Balance Sheets as of December 31, 2018, April 30, 2018 and April 30, 2017.
|  |  | (in thousands) |  |  |  | (in thousands)
|  |  | December 31, 2018 |  | April 30, 2018 |  | April 30, 2017 |  |  |  | December 31, 2018 |  | April 30, 2018 |  | April 30, 2017
| Balance Sheet Location |  | Fair Value |  |  | Fair Value |  | Fair Value |  | Balance Sheet Location |  | Fair Value |  |  | Fair Value |  | Fair Value
Derivative instruments - interest rate swaps | Other Assets |  | $ | 818 |  |  | $ | 1,779 |  |  | — |  |  | Accounts Payable and Accrued Expenses |  | $ | 1,675 |  |  | — |  |  | — |
Total derivatives designated as hedging instruments |  |  | $ | 818 |  |  | $ | 1,779 |  |  | — |  |  |  |  | $ | 1,675 |  |  | — |  |  | — |
The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations as of December 31, 2018 and April 30, 2018.
| (in thousands)
| Gain (Loss) Recognized in OCI |  | Location of Gain (Loss) Reclassified from Accumulated OCI into Income |  | Gain (Loss) Reclassified from Accumulated OCI into Income
| Transition Period Ended December 31, |  | Year Ended April 30, |  |  |  | Transition Period Ended December 31, |  | Year Ended April 30,
| 2018 |  | 2018 |  | 2017 |  |  |  | 2018 |  | 2018 |  | 2017
Interest rate contracts | $ | (2,794 | ) |  | $ | 1,627 |  |  | — |  |  | Interest expense |  | $ | (159 | ) |  | $ | (152 | ) |  | — |
Total derivatives in cash flow hedging relationships | $ | (2,794 | ) |  | $ | 1,627 |  |  | — |  |  |  |  | $ | (159 | ) |  | $ | (152 | ) |  | — |

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