Derivatives (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Offsetting assets |
As of December 31, 2020, the information related to these offsetting arrangements were as follows (in thousands):
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Instrument Description |
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Gross Amounts of Recognized Assets / Liabilities |
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Gross Amounts Offset in the Consolidated Balance Sheet |
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Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |
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Notional Amount (1)
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Assets: |
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Derivatives |
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$ |
5,218 |
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$ |
(19) |
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$ |
5,199 |
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$ |
357,875 |
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Liabilities: |
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Derivatives |
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(175,444) |
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19 |
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(175,425) |
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1,987,126 |
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Total |
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$ |
(170,226) |
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$ |
— |
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$ |
(170,226) |
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$ |
2,345,001 |
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(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):
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Instrument Description |
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Gross Amounts of Recognized Assets / Liabilities |
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Gross Amounts Offset in the Consolidated Balance Sheet |
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Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |
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Notional Amount |
Assets: |
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Derivatives |
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$ |
683 |
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$ |
(615) |
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$ |
68 |
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$ |
11,605 |
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Liabilities: |
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Derivatives |
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(64,361) |
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|
615 |
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(63,746) |
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1,161,092 |
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Total |
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$ |
(63,678) |
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$ |
— |
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$ |
(63,678) |
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$ |
1,172,697 |
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Offsetting liabilities |
As of December 31, 2020, the information related to these offsetting arrangements were as follows (in thousands):
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Instrument Description |
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Gross Amounts of Recognized Assets / Liabilities |
|
Gross Amounts Offset in the Consolidated Balance Sheet |
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Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |
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Notional Amount (1)
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Assets: |
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Derivatives |
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$ |
5,218 |
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$ |
(19) |
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$ |
5,199 |
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$ |
357,875 |
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Liabilities: |
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Derivatives |
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(175,444) |
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19 |
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(175,425) |
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1,987,126 |
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Total |
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$ |
(170,226) |
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$ |
— |
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$ |
(170,226) |
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$ |
2,345,001 |
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(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):
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Instrument Description |
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Gross Amounts of Recognized Assets / Liabilities |
|
Gross Amounts Offset in the Consolidated Balance Sheet |
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Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet |
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Notional Amount |
Assets: |
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Derivatives |
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$ |
683 |
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$ |
(615) |
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$ |
68 |
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$ |
11,605 |
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Liabilities: |
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Derivatives |
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(64,361) |
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|
615 |
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(63,746) |
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1,161,092 |
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Total |
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$ |
(63,678) |
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$ |
— |
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$ |
(63,678) |
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$ |
1,172,697 |
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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):
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Year Ended December 31, |
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2020 |
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2019 |
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2018 |
Derivatives designated as cash flow hedges: |
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Interest rate swaps |
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$ |
86,367 |
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$ |
65,809 |
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$ |
(8,602) |
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The losses (gains) on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):
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Year Ended December 31, |
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2020 |
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2019 |
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2018 |
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Interest expense, net |
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Other expense, net |
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Interest expense, net |
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Other expense, net |
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Interest expense, net |
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Other expense, net |
Derivatives designated as cash flow hedges: |
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Interest rate swaps |
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Losses (gains) reclassified from AOCI into income |
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$ |
12,971 |
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$ |
— |
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$ |
(785) |
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$ |
— |
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$ |
295 |
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$ |
(7,549) |
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Derivatives not designated as cash flow hedges: |
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Interest rate swaps |
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Gains recognized into income |
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— |
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(2,911) |
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— |
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— |
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— |
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— |
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Total losses (gains) |
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$ |
12,971 |
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$ |
(2,911) |
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$ |
(785) |
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$ |
— |
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$ |
295 |
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$ |
(7,549) |
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