Annual report pursuant to Section 13 and 15(d)

Derivatives (Tables)

v3.20.4
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Offsetting assets As of December 31, 2020, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1)
Assets:
Derivatives
 $ 5,218  $ (19) $ 5,199  $ 357,875 
Liabilities:
Derivatives
 (175,444) 19  (175,425) 1,987,126 
Total $ (170,226) $ —  $ (170,226) $ 2,345,001 

(1)Comprised of 52 interest rate swaps which effectively fix the LIBOR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 11, Indebtedness) at 0.57% to 3.33% per annum. These swaps mature from April 30, 2021 to January 31, 2043.
As of December 31, 2019, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet Notional Amount
Assets:
Derivatives
 $ 683  $ (615) $ 68  $ 11,605 
Liabilities:
Derivatives
 (64,361) 615  (63,746) 1,161,092 
Total $ (63,678) $ —  $ (63,678) $ 1,172,697 
Offsetting liabilities As of December 31, 2020, the information related to these offsetting arrangements were as follows (in thousands):
Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet
Notional Amount (1)
Assets:
Derivatives
 $ 5,218  $ (19) $ 5,199  $ 357,875 
Liabilities:
Derivatives
 (175,444) 19  (175,425) 1,987,126 
Total $ (170,226) $ —  $ (170,226) $ 2,345,001 

(1)Comprised of 52 interest rate swaps which effectively fix the LIBOR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 11, Indebtedness) at 0.57% to 3.33% per annum. These swaps mature from April 30, 2021 to January 31, 2043.
As of December 31, 2019, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet Notional Amount
Assets:
Derivatives
 $ 683  $ (615) $ 68  $ 11,605 
Liabilities:
Derivatives
 (64,361) 615  (63,746) 1,161,092 
Total $ (63,678) $ —  $ (63,678) $ 1,172,697 
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)
The losses (gains) on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):
Year Ended December 31,
2020 2019 2018
Derivatives designated as cash flow hedges:
Interest rate swaps $ 86,367  $ 65,809  $ (8,602)
The losses (gains) on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):
Year Ended December 31,
2020 2019 2018
Interest expense, net Other expense, net Interest expense, net Other expense, net Interest expense, net Other expense, net
Derivatives designated as cash flow hedges:
Interest rate swaps
Losses (gains) reclassified from AOCI into income $ 12,971  $ —  $ (785) $ —  $ 295  $ (7,549)
Derivatives not designated as cash flow hedges:
Interest rate swaps
Gains recognized into income —  (2,911) —  —  —  — 
Total losses (gains) $ 12,971  $ (2,911) $ (785) $ —  $ 295  $ (7,549)