Interest Rate Caps |
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Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Caps |
Note 4. Interest Rate Caps The Company has interest rate cap contracts with an aggregate notional principal amount of $450.0 million. Each contract contains a strike rate against the one-month LIBOR (0.15% and 1.76% as of September 30, 2020 and December 31, 2019, respectively). The interest rate caps have maturities of ($200.0 million with 3.50% strike rate), ($100.0 million with 1.75% strike rate), ($50.0 million with 0.50% strike rate), and ($100.0 million with 0.50% strike rate). When the one-month LIBOR exceeds the strike rate, the counterparty reimburses the Company for the excess over the strike rate. No payment is required by the Company or the counterparty when the one-month LIBOR is below the strike rate. The following is a summary of changes in the rate caps:
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