Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value of Derivative Instrument Designated as Cash Flow Hedges

The fair values of derivative instruments designated as cash flow hedges as of March 31, 2020, were as follows:

Derivatives Designated as Cash	Asset Derivatives			Liability Derivatives
Flow Hedges	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest rate swaps	Prepaid expenses and other current assets(a)	$	—	Accrued liabilities(a)	$	(14,730)
				Other long-term liabilities		(83,539)
Total derivatives designated as cash flow hedges		$	—		$	(98,269)

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(a)Represents the estimated amount of the existing unrealized losses, respectively, on interest rate swaps as of March 31, 2020 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates.

The fair values of derivative instruments designated as cash flow hedges as of December 31, 2019, were as follows:

Derivatives Designated as Cash	Asset Derivatives			Liability Derivatives
Flow Hedges	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest rate swaps	Prepaid expenses and other current assets	$	2,845	Accrued liabilities	$	(3,680)
				Other long-term liabilities		(38,967)
Total derivatives designated as cash flow hedges		$	2,845		$	(42,647)

Impact of Cash Flow Hedges on Results of Operations, Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

The following table summarizes the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the three months ended March 31, 2020 and 2019:

Derivatives					Statement of	Amount of (Gain) or Loss Reclassified
Designated as Cash	Amount of Gain or (Loss) Recognized				Net Income	from AOCIL into Earnings,
Flow Hedges	as AOCIL on Derivatives, Net of Tax (a)				Classification	Net of Tax (b)
	Three Months Ended					Three Months Ended
	March 31,					March 31,
	2020		2019			2020		2019
Interest rate swaps	$	(42,649)	$	(11,555)	Interest expense	$	(323)	$	(1,817)

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(a)In accordance with the derivatives and hedging guidance, the changes in fair values of interest rate swaps have been recorded in equity as a component of AOCIL. As the critical terms of the interest rate swaps match the underlying debt being hedged, all unrealized changes in fair value are recorded in AOCIL.

(b)Amounts reclassified from AOCIL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt.

Interest Rate Swap [Member]

Company's Derivative Instruments

At March 31, 2020, the Company’s derivative instruments included 14 interest rate swap agreements as follows:

			Fixed		Variable
	Notional		Interest		Interest Rate
Date Entered	Amount		Rate Paid*		Received	Effective Date	Expiration Date
May 2014	$	50,000	2.344	%	1-month LIBOR	October 2015	October 2020
May 2014	$	25,000	2.326	%	1-month LIBOR	October 2015	October 2020
May 2014	$	50,000	2.350	%	1-month LIBOR	October 2015	October 2020
May 2014	$	50,000	2.350	%	1-month LIBOR	October 2015	October 2020
June 2016	$	150,000	0.950	%	1-month LIBOR	January 2018	January 2021
June 2016	$	150,000	0.950	%	1-month LIBOR	January 2018	January 2021
July 2016	$	50,000	0.900	%	1-month LIBOR	January 2018	January 2021
July 2016	$	50,000	0.890	%	1-month LIBOR	January 2018	January 2021
August 2017	$	100,000	1.900	%	1-month LIBOR	July 2019	July 2022
August 2017	$	200,000	2.200	%	1-month LIBOR	October 2020	October 2025
August 2017	$	150,000	1.950	%	1-month LIBOR	February 2020	February 2023
June 2018	$	200,000	2.925	%	1-month LIBOR	October 2020	October 2025
June 2018	$	200,000	2.925	%	1-month LIBOR	October 2020	October 2025
December 2018	$	200,000	2.850	%	1-month LIBOR	July 2022	July 2027

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* Plus applicable margin.