Derivative Instruments

12 Months Ended

Dec. 31, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments

8. Derivative Instruments

SPLLC participated in an interest rate swap agreement designated as a cash flow hedge against variable interest rate exposure on a portion of the construction term loan. The Company has not entered into any new derivative instruments since the termination of this swap agreement in June 2014. There were no notional amounts as of December 31, 2014 related to the swap agreement.

This cash flow hedging instrument was recorded as a liability on the Consolidated Balance Sheets at fair value, with an offset to accumulated other comprehensive income to the extent the cash flow hedging instrument was effective. The cash flow hedging instrument gains and losses included in other comprehensive income were reclassified into earnings as the underlying transaction occurred. There was no cash flow hedging instrument ineffectiveness recorded for this swap agreement.

The Company reclassified $0.9 million related to the swap agreement, included in other comprehensive income, during the year ended December 31, 2014 to interest expense, net on the Consolidated Statements of Operations. The Company did not reclassify any amounts related to the swap agreement to interest expense, net during the years ended December 31, 2016 and 2015.