XML 43 R15.htm IDEA: XBRL DOCUMENT
v3.20.1

Derivatives and Hedging | 3 Months Ended
--- | ---
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging The Company's interest rate swaps are pay-fixed (1.16%), receive-variable (one month LIBOR) that hedged approximately 45.4% of outstanding debt with outstanding notional amounts totaling $328.7 and $339.8 million March 31, 2020 and December 31, 2019, respectively. The fair value of these instruments was estimated using an income approach and observable market inputs. The hedge was determined to be highly effective and therefore all of the change in its fair value was recognized through Other comprehensive income. During the three months ended March 31, 2020 the fair market value decreased by $8.1 million due to a decline in the one month LIBOR. They were presented as follows:
(in thousands) |  | March 31, 2020 |  | December 31, 2019
Balance sheet location of derivative financial instruments: |  |  |  |
Prepaid expenses and other |  | $ | — |  |  | $ | 1,382 |
Deferred charges and other assets, net |  | — |  |  | 1,252 |
Accrued liabilities and other |  | 2,731 |  |  | — |
Other liabilities |  | 2,769 |  |  | — |
Total derivatives designated as hedging instruments |  | $ | 5,500 |  |  | $ | 2,634 |
The table below summarizes changes in accumulated other comprehensive income (loss) by component:
(in thousands) | Gains (Losses) on Cash Flow Hedges |  | Income Tax (Expense) Benefit |  | Accumulated Other Comprehensive Income (Loss), net of taxes
Balance as of December 31, 2019 | $ | 2,634 |  |  | $ | (2,326 | ) |  | $ | 308 |
Net change in unrealized gain (loss) | (7,706 | ) |  | 1,921 |  |  | (5,785 | )
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | (428 | ) |  | 107 |  |  | (321 | )
Net current period other comprehensive income (loss) | (8,134 | ) |  | 2,028 |  |  | (6,106 | )
Balance as of March 31, 2020 | $ | (5,500 | ) |  | $ | (298 | ) |  | $ | (5,798 | )

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