Quarterly report pursuant to Section 13 or 15(d)

Derivatives (Tables)

v3.19.1
Derivatives (Tables)
3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Swaps' Outstanding Notional Balance and Terms
As of March 31, 2019, the Swaps’ outstanding notional balances, effective dates, maturity dates and interest rates paid and received are noted below:
Notional
 
Effective Date
 
Maturity Date
 
Fixed Rate Paid
 
Variable Rate Received
$
189,013,883

 
March 23, 2018
 
April 9, 2022 (a)
 
3.110%
 
3 mo. USD-LIBOR-BBA, subject to a 1.00% floor
246,875,000

 
March 23, 2018
 
April 9, 2022 (a)
 
3.110%
 
3 mo. USD-LIBOR-BBA, subject to a 1.00% floor
49,375,000

 
March 23, 2018
 
April 9, 2022 (a)
 
2.504%
 
3 mo. USD-LIBOR-BBA, subject to a 1.00% floor
372,287,500

 
March 23, 2018
 
September 30, 2022 (a)
 
1.833%
 
3 mo. USD-LIBOR-BBA, subject to a 1.00% floor
 
(a)        On April 30, 2019, the various counterparties and the Company agreed to settle and terminate all of the outstanding swap agreements, which required us to pay $8,767,000 in termination amount to certain counterparties and required a certain counterparty to pay $6,540,000 in termination amount to us.
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 condensed consolidated financial statements is depicted below (amounts in thousands):
 
Three Months Ended 
 March 31,
 
2019
 
2018
Effective portion of gain recognized in Accumulated other comprehensive income (loss)
$

 
13,668

Effective portion of loss reclassified from Accumulated other comprehensive income (loss) into Net loss (a)
$
(468
)
 
(738
)
 

(a)        Amounts are included in Interest expense in the unaudited condensed consolidated statements of operations and comprehensive income (loss).