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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate derivatives

During the nine months ended September 30, 2022, the company terminated the following derivative instruments (in millions):

Derivative Instrument						Date Terminated						Notional Amount						Funds Received (Paid)(1)
Interest rate swap						January 11, 2022						$150.0						$6.0
Interest rate swap						January 11, 2022						$150.0						$6.1
Interest rate cap						April 27, 2022						$200.0						$0.3
Interest rate cap						April 27, 2022						$200.0						$0.2
Interest rate swap						April 29, 2022						$62.5						$1.4
Interest rate swap						April 29, 2022						$100.0						$1.6
Interest rate swap						April 29, 2022						$100.0						$0.9
Interest rate swap						September 20, 2022						$186.1						$2.5

(1)    For interest rate swaps that were originally designated as cash flow hedges, the amounts in accumulated other comprehensive income (loss) will be amortized to debt and interest expense in the consolidated statements of operations over the remaining term of the derivative instruments at time of termination.

Within the next twelve months, we expect to reclassify $35.6 million of net unrealized and realized gains related to derivative instruments designated as cash flow hedges from accumulated other comprehensive income (loss) into earnings.

On September 30, 2022, the Company entered into an interest rate swap agreement with a scheduled maturity date of September 30, 2025. This contract is indexed to 1 month term SOFR, has a fixed rate of 3.82%, and has a notional amount of $200.0 million.

As of September 30, 2022, the Company had derivative instruments in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities as summarized below:

Derivatives

Notional Amount (in millions)

Weighted Average Fixed Leg (Pay) Interest Rate

Weighted Average Remaining Term

Interest Rate Swap(1)

$1,339.8

2.22%

4.2 years

(1)     Excludes certain interest rate swaps with an effective date in a future period ("forward starting swaps"). Including these instruments will increase total notional amount by $350.0 million and increase the weighted average remaining term to 5.5 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						2022						2021						2022						2021
Non-Designated Derivative Instruments
Realized (gains) losses			Debt termination expense						$	—					$	—					$	—					$	883
Unrealized (gains) losses			Unrealized (gain) loss on derivative instruments, net						$	19					$	—					$	(320)					$	—
Designated Derivative Instruments
Realized (gains) losses			Interest and debt (income) expense						$	(2,313)					$	7,583					$	7,403					$	22,592
Unrealized (gains) losses			Comprehensive (income) loss						$	(53,866)					$	(8,176)					$	(169,315)					$	(49,298)

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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.

+ 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=125515794&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
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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
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