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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of interest rate derivatives | In conjunction with the issuance of ABS notes, the Company canceled the following interest rate swaps that were in place to hedge the impact of interest rate changes on fixed-rate debt issuances:
Derivative Instrument |  | Date Canceled |  | Notional Amount |  | Funds Received
Interest rate swap |  | January 25, 2021 |  | $150.0 million |  | $0.3 million
Interest rate swap |  | January 27, 2021 |  | $150.0 million |  | $0.3 million
Interest rate swap |  | February 19, 2021 |  | $150.0 million |  | $2.4 million
Interest rate swap |  | February 19, 2021 |  | $150.0 million |  | $2.4 million
In conjunction with the redemption of the institutional notes, the Company entered into and subsequently canceled the following interest rate swaps that were in place to hedge the impact of interest rate changes related to the make-whole premium payment during the notification period. The settlement of these swaps is presented in debt termination expense on the consolidated statement of operations and in payments under debt facilities and finance lease obligations within the financing section of the consolidated statement of cash flows.
Derivative Instrument |  | Date Canceled |  | Notional Amount |  | Funds Received (Paid)
Interest rate swap |  | June 25, 2021 |  | $72.5 million |  | $— million
Interest rate swap |  | June 25, 2021 |  | $195.9 million |  | $(0.9) million
During the nine months ended September 30, 2021, 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 cap |  | May 24, 2021 |  | $200.0 million |  | n/a |  | 1 month LIBOR |  | November 13, 2023
Forward starting interest rate swap |  | October 29, 2021 |  | $150.0 million |  | 1.21% |  | 1 month LIBOR |  | October 29, 2031(1)
Forward starting interest rate swap |  | October 29, 2021 |  | $150.0 million |  | 1.21% |  | 1 month LIBOR |  | October 29, 2031(1)
(1) Mandatory termination date of July 29, 2022. As of September 30, 2021, 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) |  | $1,654.1 Million |  | 2.02% |  | n/a |  | 4.4 years
Interest Rate Cap |  | $400.0 Million |  | n/a |  | 5.5% |  | 2.2 years
(1) The impact of forward starting swaps will increase total notional amount by $650.0 million and increase the weighted average remaining term to 7.2 years.
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):
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| Financial statement caption |  | 2021 |  | 2020 |  | 2021 |  | 2020
Non-Designated Derivative Instruments |  |  |  |  |  |  |  |  |
Realized (gains) losses | Other (income) expense, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (224) |
Realized (gains) losses | Debt termination expense |  | $ | — |  |  | $ | — |  |  | $ | 883 |  |  | $ | — |
Unrealized (gains) losses | Other (income) expense, net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 286 |
Designated Derivative Instruments |  |  |  |  |  |  |  |  |
Realized (gains) losses | Interest and debt (income) expense |  | $ | 7,583 |  |  | $ | 7,834 |  |  | $ | 22,592 |  |  | $ | 15,282 |
Unrealized (gains) losses | Comprehensive (income) loss |  | $ | (8,176) |  |  | $ | (852) |  |  | $ | (49,298) |  |  | $ | 146,386 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
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