Debt and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

The following represents the Company’s debt obligations as of June 30, 2020 and December 31, 2019:

Secured Debt Facilities, Revolving Credit Facilities, Term Loan and Bonds Payable	June 30, 2020					December 31, 2019
	Outstanding		Average Interest			Outstanding		Average Interest			Final Maturity
TL Revolving Credit Facility	$	1,253,383		1.68	%	$	1,280,037		3.29	%	September 2023
TL 2019 Term Loan		153,289		3.50	%		158,371		3.50	%	December 2026
TMCL II Secured Debt Facility (1)		653,325		1.93	%		689,658		3.49	%	July 2026
TMCL V 2017-1 Bonds		298,479		3.91	%		316,395		3.91	%	May 2042
TMCL V 2017-2 Bonds		375,188		3.73	%		395,836		3.73	%	June 2042
TMCL VI Term Loan		238,769		4.30	%		249,421		4.30	%	February 2038
TMCL VII 2018-1 Bonds		218,002		4.13	%		227,624		4.14	%	July 2043
TMCL VII 2019-1 Bonds		313,940		4.02	%		327,563		4.02	%	April 2044
TAP Funding Revolving Credit Facility		143,618		2.13	%		152,824		3.69	%	December 2021
Total debt obligations	$	3,647,993				$	3,797,729
Amount due within one year	$	241,519				$	242,433
Amounts due beyond one year	$	3,406,474				$	3,555,296

(1)

Final maturity of the TMCL II Secured Debt Facility is based on the assumption that the facility will not be extended on its associated conversion date.

Future Scheduled Repayments

The following is a schedule of future scheduled repayments, by year, and borrowing capacities, as of June 30, 2020:

	Twelve months ending June 30,												Available Borrowing,		Current and Available Borrowing,
	2021		2022		2023		2024		2025 and thereafter		Total Borrowing		as limited by the Borrowing Base		as limited by the Borrowing Base		Total Commitment
TL Revolving Credit Facility	$	—	$	—	$	—	$	1,258,800	$	—	$	1,258,800	$	151,727	$	1,410,527	$	1,500,000
TL 2019 Term Loan		10,709		11,090		11,484		11,892		109,610		154,785		—		154,785		154,785
TMCL II Secured Debt Facility		58,801		60,148		53,915		53,328		431,054		657,246		—		657,246		1,200,000
TMCL V 2017-1 Bonds (1)		45,408		58,522		64,545		59,705		72,397		300,577		—		300,577		300,577
TMCL V 2017-2 Bonds (2)		48,667		61,700		74,474		79,210		113,801		377,852		—		377,852		377,852
TMCL VI Term Loan		25,500		25,500		25,500		25,500		138,500		240,500		—		240,500		240,500
TMCL VII 2018-1 Bonds (2)		18,656		18,655		18,655		18,655		147,635		222,256		—		222,256		222,256
TMCL VII 2019-1 Bonds (2)		28,000		28,000		28,000		28,000		205,333		317,333		—		317,333		317,333
TAP Funding Revolving Credit Facility		11,964		132,106		—		—		—		144,070		219		144,289		155,000
Total (3)	$	247,705	$	395,721	$	276,573	$	1,535,090	$	1,218,330	$	3,673,419	$	151,946	$	3,825,365	$	4,468,303

(1)

TMCL V 2017-1 Bonds was fully repaid by proceeds from the TMCL VII 2020-1 Bonds on August 20, 2020, see Note 13 "Subsequent Events" for further information.

(2)

Future scheduled payments for TMCL V 2017-2 Bonds, TMCL VII 2018-1 and TMCL VII 2019-1 Bonds exclude an unamortized discount of $39, $2,071 and $91, respectively.

(3)

Future scheduled payments for all debts exclude unamortized prepaid debt issuance costs in an aggregate amount of $23,225.

Summary of Derivative Instruments

The following is a summary of the Company’s derivative instruments as of June 30, 2020:

	Notional
Derivative instruments	amount
Interest rate swap contracts with several banks, with fixed rates between 1.73% and 2.94% per annum, amortizing notional amounts, with termination dates through January 15, 2023, non-designated	$	616,000
Interest rate swap contracts with several banks, with fixed rates between 0.17% and 1.58% per annum, amortizing notional amounts, with termination dates through April 30, 2027, designated		775,000
Total notional amount as of June 30, 2020	$	1,391,000

Summary of Pre-tax Impact of Derivative Instruments on Condensed Consolidated Statements of Comprehensive (Loss) Income

The following table summarizes the pre-tax impact of derivative instruments on the condensed consolidated statements of comprehensive income during the three and six months ended June 30, 2020 and 2019:

		Three Months Ended June 30,						Six Months Ended June 30,
Derivative instruments	Financial Statement Caption	2020			2019			2020			2019
Non-designated	Realized (loss) gain on derivative instruments, net	$	(3,267	)	$	1,095		$	(4,793	)	$	2,539
Non-designated	Unrealized gain (loss) on derivative instruments, net	$	1,342		$	(10,099	)	$	(13,595	)	$	(15,837	)
Designated	Other comprehensive loss	$	4,393		$	—		$	13,251		$	—
Designated	Interest and debt expense, net	$	590		$	—		$	528		$	—