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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate derivatives

As of September 30, 2023, the Company had derivative agreements in place to fix interest rates on a portion of the borrowings under its debt facilities with floating interest rates as summarized below:

Derivatives

Notional Amount (in millions)

Weighted Average Fixed Leg (Pay) Interest Rate

Weighted Average Remaining Term

Interest Rate Swap(1)

$1,609.0

2.49%

2.9 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 4.0 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						2023						2022						2023						2022
Non-Designated Derivative Instruments
Unrealized (gains) losses			Unrealized (gain) loss on derivative instruments, net						$	(4)					$	19					$	(8)					$	(320)
Designated Derivative Instruments
Realized (gains) losses			Interest and debt (income) expense						$	(13,030)					$	(2,313)					$	(34,183)					$	7,403
Unrealized (gains) losses			Comprehensive (income) loss						$	(32,317)					$	(53,866)					$	(56,646)					$	(169,315)

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E

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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

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-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 4C
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