Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instrument Detail [Abstract]

Effect of Derivatives on Condensed Consolidated Statements of Operations

The following table details the effect of derivatives on our Condensed Consolidated Statements of Operations:

		Three Months Ended March 31,
(in thousands)	Location	2023			2022
Derivatives designated in cash flow hedging relationships:
Interest rate contracts
(Loss) income recognized in other comprehensive (loss) income, net of tax		$	(13,591	)	$	41,330
Amounts reclassified from accumulated other comprehensive income (loss), net of tax1	Interest expense, net	$	3,744		$	(1,946	)
Interest expense, net		$	199		$	2,894

1 Realized gains and losses on interest rate contracts consist of realized net cash received or paid and interest accruals on the interest rate swaps during the periods in addition to amortization of amounts out of other comprehensive (loss) income related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. Net cash received or paid is included within Interest expense, net in the Condensed Consolidated Statements of Operations.

At March 31, 2023, the amount of net gains expected to be reclassified into earnings in the next 12 months is approximately $15.6 million. However, this expected amount to be reclassified into earnings is subject to volatility as the ultimate amount recognized in earnings is based on the SOFR rates at the time of net swap cash payments.