Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Effects of Derivative Instruments on Consolidated Statements of Comprehensive (Loss) Income and Consolidated Statements of Operations

The following table presents the effect of our interest rate swaps, net of tax, in the Consolidated Statements of Comprehensive Loss and Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019 ($ in thousands):

Derivative Liabilities Designated as Hedging Instruments	2021		2020		2019
AOCI from our cash flow hedges as of January 1	$	26,369	$	20,164	$	—
Change in fair value	—		16,956		5,834
Reclassification from AOCI to interest expense	(2,894)		(1,908)		24
OCI related to our cash flow hedges for the three months ended March 31	(2,894)		15,048		5,858
Change in fair value	—		—		14,648
Reclassification from AOCI to interest expense	(2,926)		(2,926)		136
OCI related to our cash flow hedges for the three months ended June 30	(2,926)		(2,926)		14,784
Change in fair value	—		—		4,912
Reclassification from AOCI to interest expense	(2,958)		(2,958)		(324)
OCI related to our cash flow hedges for the three months ended September 30	(2,958)		(2,958)		4,588
Change in fair value	—		—		(3,907)
Reclassification from AOCI to interest expense	(2,959)		(2,959)		(1,159)
AOCI from our cash flow hedges as of December 31(1)	$	14,632	$	26,369	$	20,164

________

(1) As of December 31, 2021, the total amount expected to be reclassified from AOCI to interest expense during the next twelve months is $11.7 million, which represents prior losses recognized in AOCI when our interest rate swaps were deemed effective hedges.

Derivative Liabilities for Ineffective Hedges(1)	Financial Statement Classification	Year Ended December 31,
		2021		2020		2019
Interest rate swaps(2)	Interest expense	$	10,223	$	26,299	$	2,715

________

(1) Beginning on February 29, 2020, our interest rate swaps were deemed ineffective.

(2) Includes the change in fair value of our interest rate swaps and the cash interest paid for the monthly settlements of the derivative.

Schedule of Location and Fair Value of Derivative Instruments in Consolidated Balance Sheet

The following table presents the effect of our interest rate swaps in the Consolidated Balance Sheet as of December 31, 2021 and December 31, 2020 ($ in thousands):

Derivative Liabilities for Ineffective Hedges	Financial Statement Classification	As of December 31,
		2021		2020
Interest rate swaps	Derivative financial instruments	$	22,543	$	46,340