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Interest Rate Caps

9 Months Ended

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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- References

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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

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