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Interest Rate Caps | 9 Months Ended
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Sep. 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 (0.08% and 0.14% as of September 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 September 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 |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
In thousands |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Balance at beginning of period |  | $ | 2,027 |  |  | $ | 52 |  |  | $ | 265 |  |  | $ | — |
Purchases |  |  | — |  |  |  | 280 |  |  |  | 987 |  |  |  | 394 |
Fair value adjustment included as an (increase) decrease in interest expense |  |  | (284 | ) |  |  | (119 | ) |  |  | 491 |  |  |  | (181 | )
Balance at end of period |  | $ | 1,743 |  |  | $ | 213 |  |  | $ | 1,743 |  |  | $ | 213 |

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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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