| Schedule of Swaps' outstanding notional balance and terms |
As of December 31, 2017, the Swaps' outstanding notional balances, effective dates, maturity dates and interest rates paid and received are noted below:
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Notional |
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Effective Date |
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Maturity Date |
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Fixed Rate Paid |
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Variable Rate Received |
$ |
518,375,000 |
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March 28, 2013 |
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March 23, 2018 |
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1.884% |
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3 mo. USD-LIBOR-BBA, subject to a 1.00% floor (a) |
137,387,500 |
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March 28, 2013 |
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March 23, 2018 |
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1.384% |
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3 mo. USD-LIBOR-BBA, subject to a 1.00% floor (a) |
107,412,060 |
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September 30, 2013 |
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March 23, 2018 |
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1.959% |
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3 mo. USD-LIBOR-BBA, subject to a 1.00% floor |
107,412,060 |
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September 30, 2013 |
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March 23, 2018 |
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1.850% |
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3 mo. USD-LIBOR-BBA, subject to a 1.00% floor |
191,475,002 |
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March 23, 2018 |
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April 9, 2022 |
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3.110% |
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3 mo. USD-LIBOR-BBA, subject to a 1.00% floor (a) |
250,000,000 |
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March 23, 2018 |
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April 9, 2022 |
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3.110% |
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3 mo. USD-LIBOR-BBA, subject to a 1.00% floor (a) |
50,000,000 |
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March 23, 2018 |
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April 9, 2022 |
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2.504% |
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3 mo. USD-LIBOR-BBA, subject to a 1.00% floor |
377,000,000 |
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March 23, 2018 |
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September 30, 2022 |
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1.833% |
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3 mo. USD-LIBOR-BBA, subject to a 1.00% floor |
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(a)
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On March 25, 2013 and September 30, 2016, the Company negotiated amendments to the terms of these interest rate swap agreements (the "Existing Swap Agreements," as amended, the "Amended Swaps"). The Amended Swaps are held with the same counterparties as the Existing Swap Agreements. Upon entering into the Amended Swaps, the Company simultaneously dedesignated the Existing Swap Agreements and redesignated the Amended Swaps as cash flow hedges for the underlying change in the swap terms. The amounts previously recognized in Accumulated other comprehensive income (loss) relating to the dedesignation are recognized in Interest expense over the remaining life of the Amended Swaps. |
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| Schedule of impact of the derivatives designated as cash flow hedges on the condensed consolidated financial statements |
The impact of the derivatives designated as cash flow hedges on the consolidated financial statements is depicted below (amounts in thousands):
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Year Ended December 31, |
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2017 |
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2016 |
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2015 |
Effective portion of loss recognized in Accumulated other comprehensive income (loss) |
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$ |
(3,842 |
) |
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(2,673 |
) |
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(16,041 |
) |
Effective portion of loss reclassified from Accumulated other comprehensive income (loss) into Net loss (a) |
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$ |
(5,424 |
) |
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(7,262 |
) |
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(7,300 |
) |
Ineffective portion of amount of gain (loss) recognized into Net loss on interest rate swaps (a) |
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$ |
88 |
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|
423 |
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(119 |
) |
(a) Amounts are included in Interest expense in the consolidated statements of operations and comprehensive income (loss).
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