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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments

The following table summarizes the terms and fair values of the Company's derivative financial instruments, as well as their classification on the Consolidated Balance Sheets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets (Liabilities) (1)

 

Effective

Date

 

Maturity

Date

 

Notional

Amount

 

 

Receive

Variable Rate of

 

Pay

Fixed Rate of

 

 

June 30, 2021

 

 

December 31, 2020

 

8/1/16

 

1/5/22 (2)

 

$

265,000

 

 

1 Month LIBOR with Floor

 

1.053%

 

 

$

—

 

 

 

(2,472

)

4/7/16

 

4/1/23

 

 

19,219

 

 

1 Month LIBOR

 

1.303%

 

 

 

(360

)

 

 

(494

)

12/1/16

 

11/1/23

 

 

32,069

 

 

1 Month LIBOR

 

1.490%

 

 

 

(851

)

 

 

(1,181

)

9/17/19

 

3/17/25

 

 

24,000

 

 

1 Month LIBOR

 

1.542%

 

 

 

(812

)

 

 

(1,288

)

6/2/17

 

6/2/27

 

 

36,306

 

 

1 Month LIBOR with Floor

 

2.366%

 

 

 

(2,706

)

 

 

(3,856

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(4,729

)

 

 

(9,291

)

 

(1)

Derivatives in an asset position are included within Other assets in the accompanying Consolidated Balance Sheets, while those in a liability position are included within Accounts payable and other liabilities.

 

(2)

In January 2021, the Company cash settled before maturity the $265 million notional interest rate swaps in connection with its repayment of the Term Loan.

 
Derivative Instruments, Gain (Loss)

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements:

 

Location and Amount of Gain (Loss) Recognized in OCI on Derivative

 

 

Location and Amount of Gain (Loss) Reclassified from AOCI into Income

 

 

Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded

 

 

 

Three months ended June 30,

 

 

 

 

Three months ended June 30,

 

 

 

 

Three months ended June 30,

 

(in thousands)

 

2021

 

 

2020

 

 

 

 

2021

 

 

2020

 

 

 

 

2021

 

 

2020

 

Interest rate swaps

 

$

(2,302

)

 

 

(2,442

)

 

Interest expense

 

$

1,034

 

 

 

2,484

 

 

Interest expense, net

 

$

35,812

 

 

 

40,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30,

 

 

 

 

Six months ended June 30,

 

 

 

 

Six months ended June 30,

 

(in thousands)

 

2021

 

 

2020

 

 

 

 

2021

 

 

2020

 

 

 

 

2021

 

 

2020

 

Interest rate swaps

 

$

3,508

 

 

 

(18,521

)

 

Interest expense

 

$

2,069

 

 

 

3,909

 

 

Interest expense, net

 

$

72,748

 

 

 

77,811