Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments

Schedule of Outstanding Derivative Instruments

As of March 31, 2020 and December 31, 2019, we had the following outstanding interest rate derivatives that were designated as effective cash flow hedges of interest rate risk (in thousands):

										Fair Value at Significant Other
Notional Amount										Observable Inputs (Level 2)
As of			As of							As of		As of
March 31,			December 31,			Type of	Strike	Effective	Expiration	March 31,		December 31,
2020			2019			Derivative	Rate	Date	Date	2020 (3)		2019 (3)
Current contracts
$	29,000	(1)	$	29,000	(1)	Swap	1.016	Apr 6, 2016	Jan 6, 2021	$	(143)	$	175
	75,000	(1)		75,000	(1)	Swap	1.164	Jan 15, 2016	Jan 15, 2021		(483)		345
	300,000	(1)		300,000	(1)	Swap	1.435	Jan 15, 2016	Jan 15, 2023		(9,612)		945
	70,024	(2)		75,825	(2)	Swap	0.779	Jan 15, 2016	Jan 15, 2021		(24)		931
$	474,024		$	479,825						$	(10,262)	$	2,396

(1) Represents debt which bears interest based on one-month U.S. LIBOR.

(2) Represents debt which bears interest based on one-month CDOR. Translation to U.S. dollars is based on exchange rates of $0.71 to 1.00 CAD as of March 31, 2020 and $0.77 to 1.00 CAD as of December 31, 2019.

(3) Balance recorded in other assets in the consolidated balance sheets if positive and recorded in accounts payable and other accrued liabilities in the consolidated balance sheets if negative.