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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate swap contracts

During the year ended December 31, 2019, the Company entered into the following hedging instruments:

Derivative Instrument		Date Effective		Notional Amount		Fixed Leg (Pay) Interest Rate		Indexed To		Scheduled Maturity
Interest rate swap		June 20, 2019		$75.0 million		1.84%		1 month LIBOR		June 20, 2026
Interest rate swap		June 20, 2019		$75.0 million		1.83%		1 month LIBOR		June 20, 2026
Interest rate swap		November 29, 2019		$200.0 million		1.57%		1 month LIBOR		November 30, 2029
Interest rate swap		November 29, 2019		$100.0 million		1.55%		1 month LIBOR		November 30, 2029
Interest rate swap		November 29, 2019		$100.0 million		1.57%		1 month LIBOR		November 30, 2029
Forward starting interest rate swap		April 15, 2020		$100.0 million		1.84%		1 month LIBOR		April 15, 2027
Forward starting interest rate swap		April 15, 2020		$100.0 million		1.83%		1 month LIBOR		April 15, 2027
Forward starting interest rate swap		September 30, 2024		$100.0 million		1.68%		1 month LIBOR		September 30, 2029
Forward starting interest rate swap		September 30, 2024		$100.0 million		1.74%		1 month LIBOR		September 30, 2029
Forward starting interest rate swap		September 30, 2024		$150.0 million		1.72%		1 month LIBOR		September 30, 2029
Interest rate cap		June 20, 2019		$200.0 million		n/a		1 month LIBOR		December 20, 2021

During the year ended December 31, 2019, the Company canceled the following interest rate swaps:

Date Canceled		Notional Amount		Funds Paid
November 22, 2019		$100.0 million		$3.9 million
November 22, 2019		$100.0 million		$3.9 million
November 22, 2019		$190.0 million		$14.5 million

As of December 31, 2019, the Company had interest rate swap and cap agreements in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities summarized below:

Derivatives		Notional Amount		Weighted Average Fixed Leg (Pay) Interest Rate		Cap Rate		Weighted Average Remaining Term
Interest Rate Swap(1)		$1,799.2 million		2.02%		n/a		5.1 years
Interest Rate Cap		$200.0 million		n/a		5.50%		2.0 years

(1) The impact of forward starting swaps with total notional amount of $550.0 million will increase the weighted average remaining term to 6.7 years.

Schedule of fair value of derivative instruments

The following table represents pre-tax amounts in accumulated other comprehensive income (loss) related to interest rate swap and cap agreements expected to be recognized in income over the next twelve months (in thousands):

	Year Ended December 31, 2019
Unrealized gain (loss) on derivative instruments designated as cash flow hedges	$	(1,906	)
Net gain (loss) on terminated derivative instruments designated as cash flow hedges	(3,621		)

Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income

The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income on a pretax basis (in thousands):

	Financial statement caption		Year Ended December 31,
Derivative instrument			2019				2018				2017
Non-designated derivative instruments	Realized (gain) loss on derivative instruments, net		$	(2,237	)		$	(2,072	)		$	900
Non-designated derivative instruments	Unrealized (gain) loss on derivative instruments, net		3,107				430				(1,397		)
Designated derivative instruments	Interest and debt (income) expense		(6,048		)		(6,780		)		611
Designated derivative instruments	Comprehensive loss		48,653				2,119				641

The fair value of derivative instruments on the Company's consolidated balance sheets as of December 31, 2019 and December 31, 2018 was as follows (in thousands):

	Asset Derivatives								Liability Derivatives
Derivative Instrument	December 31, 2019				December 31, 2018				December 31, 2019				December 31, 2018
Interest rate hedges, designated	$	10,562			$	10,531			$	36,087			$	10,966
Interest rate hedges, non-designated	286				3,392				—				—
Total derivatives	$	10,848			$	13,923			$	36,087			$	10,966

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Tabular disclosure of interest rate swap agreements, including net notional amount outstanding, weighted average fixed leg (pay) interest rate, and weighted average remaining term as of the balance sheet date.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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