XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.21.2

Interest Rate Caps | 6 Months Ended
--- | ---
Jun. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Interest Rate Caps | Note 4. Interest Rate Caps The Company has interest rate cap contracts with an aggregate notional principal amount of $450.0 million. Each contract contains a strike rate against the one-month LIBOR (0.10% and 0.14% as of June 30, 2021 and December 31, 2020, respectively). When the one-month LIBOR exceeds the strike rate, the counterparty reimburses the Company for the excess over the strike rate. No payment is required by the Company or the counterparty when the one-month LIBOR is below the strike rate. The following is a summary of the Company’s interest rate caps as of June 30, 2021:
|  |  |  |  |  |  |  | Notional Amount |
Execution Date |  | Maturity Date |  | Strike Rate |  |  | (in thousands) |
03/2020 |  | 03/2023 |  |  | 1.75 | % |  | $ | 100,000 |
08/2020 |  | 08/2023 |  |  | 0.50 | % |  |  | 50,000 |
09/2020 |  | 10/2023 |  |  | 0.50 | % |  |  | 100,000 |
11/2020 |  | 11/2023 |  |  | 0.25 | % |  |  | 50,000 |
02/2021 |  | 02/2024 |  |  | 0.25 | % |  |  | 50,000 |
03/2021 |  | 03/2024 |  |  | 0.25 | % |  |  | 50,000 |
06/2021 |  | 06/2024 |  |  | 0.25 | % |  |  | 50,000 |
Total notional amount |  |  |  |  |  |  |  | $ | 450,000 |
The following is a summary of changes in fair value of the interest rate caps (included in other assets) for the periods indicated:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
In thousands |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Balance at beginning of period |  | $ | 1,652 |  |  | $ | 85 |  |  | $ | 265 |  |  | $ | — |
Purchases |  |  | 385 |  |  |  | — |  |  |  | 987 |  |  |  | 114 |
Fair value adjustment included as an (increase) decrease in interest expense |  |  | (10 | ) |  |  | (33 | ) |  |  | 775 |  |  |  | (62 | )
Balance at end of period |  | $ | 2,027 |  |  | $ | 52 |  |  | $ | 2,027 |  |  | $ | 52 |

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