XML 32 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Derivative Financial Instruments
9 Months Ended
Sep. 30, 2020
Derivative Financial Instruments  
Derivative Financial Instruments

Note N — Derivative Financial Instruments

​

Cash Flow Hedges of Interest Rate Risk

​

In March 2018, we entered into interest rate swap agreements with notional values of $325.0 million at inception, which reduces $12.5 million annually until the swaps mature on March 6, 2024.  As of September 30, 2020 and December 31, 2019, our swaps had a notional value outstanding of $300.0 million and $312.5 million, respectively.

​

Change in Net Loss on Cash Flow Hedges Including Accumulated Other Comprehensive Income (Loss)

​

The following table presents the activity of cash flow hedges included in accumulated other comprehensive loss for the three months ended September 30, 2020 and 2019, respectively:

​

​

​

​

​

(in thousands)

    

Cash Flow Hedges

Balance as of June 30, 2020

​

$

(19,612)

Unrealized loss recognized in other comprehensive loss, net of tax

​

 

(455)

Reclassification to interest expense, net

​

 

1,997

Balance as of September 30, 2020

​

$

(18,070)

​

​

​

​

Balance as of June 30, 2019

​

$

(10,560)

Unrealized loss recognized in other comprehensive loss, net of tax

​

 

(2,060)

Reclassification to interest expense, net

​

 

419

Balance as of September 30, 2019

​

$

(12,201)

​

The following table presents the activity of cash flow hedges included in accumulated other comprehensive loss for the nine months ended September 30, 2020 and 2019, respectively:

​

​

​

​

​

(in thousands)

    

Cash Flow Hedges

Balance as of December 31, 2019

​

$

(10,137)

Unrealized loss recognized in other comprehensive loss, net of tax

​

​

(12,518)

Reclassification to interest expense, net

​

​

4,585

Balance as of September 30, 2020

​

$

(18,070)

​

​

​

​

Balance as of December 31, 2018

​

$

(2,936)

Unrealized loss recognized in other comprehensive loss, net of tax

​

​

(10,135)

Reclassification to interest expense, net

​

 

870

Balance as of September 30, 2019

​

$

(12,201)

​

The following table presents the fair value of derivative assets and liabilities within the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2020

​

As of December 31, 2019

(in thousands)

    

Assets

    

Liabilities

    

Assets

    

Liabilities

Derivatives designated as cash flow hedging instruments:

​

​

  

​

​

  

​

​

  

​

​

  

Accrued expenses and other current liabilities

 

$

—

 

$

7,704

​

$

—

​

$

3,516

Other liabilities

 

​

—

 

​

16,075

​

​

—

​

​

9,821

​