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Interest Rate Contracts (Tables)
 9 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swaps
The following table sets forth a summary of the interest rate swaps at September 30, 2016 and December 31, 2015:
 
 
 
 
 
 
 
 
Fair Value (1)
 
Current Notional Amount (2)
Derivative Instrument
 
Effective Date
 
Maturity Date
 
Interest Strike Rate
 
September 30, 2016
 
December 31, 2015
 
September 30, 2016
 
December 31, 2015
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swap
 
7/9/2015
 
7/1/2020
 
1.687%
 
$
(12,187
)
 
$
(4,305
)
 
$
425,000

 
$
425,000

Interest Rate Swap
 
1/1/2016
 
7/1/2018
 
1.320%
 
(2,956
)
 
(1,605
)
 
300,000

 
—

Interest Rate Swap
 
7/1/2016
 
7/1/2018
 
1.495%
 
(1,290
)
 
(484
)
 
100,000

 
—

Interest Rate Swap
 
5/31/2016
 
(3) 
 
1.811%
 
(6,817
)
 
—

 
200,000

 
—

Total
 
 
 
 
 
 
 
$
(23,250
)
 
$
(6,394
)
 
$
1,025,000

 
$
425,000

(1)
The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that
net assets against liabilities. As of September 30, 2016, all of the derivatives were in a liability position, and as such, the fair value is included in the line item "Interest rate swap liability" in the consolidated balance sheets.
(2)
Represents the notional amount of swaps that are effective as of the balance sheet date of September 30, 2016 and December 31, 2015.
(3)
This interest rate swap has a maturity date of May 31, 2026, but requires a mandatory redemption on November 30, 2016, at which time the fair value will be cash settled.
Impact of Interest Rate Swap on Consolidated Statements of Operation
The following table sets forth the impact of the interest rate swap on the consolidated statements of operations for the periods presented:
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2016
 
September 30, 2016
Interest Rate Swap in Cash Flow Hedging Relationship:
 
 
 
Amount of gain (loss) recognized in AOCL on derivatives (effective portion)
$
4,506

 
$
(23,815
)
Amount of gain (loss) reclassified from AOCL into earnings under “Interest expense” (effective portion)
$
(1,988
)
 
$
(6,209
)
Amount of gain (loss) recognized in earnings under “Interest expense” (ineffective portion and amount excluded from effectiveness testing)
$
25

 
$
21