Quarterly report pursuant to Section 13 or 15(d)

Derivatives (Tables)

v3.22.2.2
Derivatives (Tables)
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets As of September 30, 2022, 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 designated as hedging instruments $ 128,921  $ —  $ 128,921  $ 1,647,224 
Derivatives not designated as hedging instruments 112,595  —  112,595  1,174,990 
Total derivative assets $ 241,516  $ —  $ 241,516  $ 2,822,214 
Liabilities:
Derivatives designated as hedging instruments $ —  $ —  $ —  $ — 
Derivatives not designated as hedging instruments —  —  —  — 
Total derivative liabilities $ —  $ —  $ —  $ — 
Total $ 241,516  $ —  $ 241,516  $ 2,822,214 

(1)    Comprised of 69 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 8, Indebtedness) at 0.57% to 3.47% per annum. These swaps mature from April 30, 2024 to January 31, 2043.
As of December 31, 2021, 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 designated as hedging instruments $ 17,475  $ (1,815) $ 15,660  $ 421,281 
Derivatives not designated as hedging instruments 9,198  —  9,198  345,258 
Total derivative assets $ 26,673  $ (1,815) $ 24,858  $ 766,539 
Liabilities:
Derivatives designated as hedging instruments (54,017) 1,815  (52,202) 1,110,729 
Derivatives not designated as hedging instruments (29,856) —  (29,856) 621,884 
Total derivative liabilities $ (83,873) $ 1,815  $ (82,058) $ 1,732,613 
Total $ (57,200) $ —  $ (57,200) $ 2,499,152 
Schedule of Offsetting Liabilities As of September 30, 2022, 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 designated as hedging instruments $ 128,921  $ —  $ 128,921  $ 1,647,224 
Derivatives not designated as hedging instruments 112,595  —  112,595  1,174,990 
Total derivative assets $ 241,516  $ —  $ 241,516  $ 2,822,214 
Liabilities:
Derivatives designated as hedging instruments $ —  $ —  $ —  $ — 
Derivatives not designated as hedging instruments —  —  —  — 
Total derivative liabilities $ —  $ —  $ —  $ — 
Total $ 241,516  $ —  $ 241,516  $ 2,822,214 

(1)    Comprised of 69 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 8, Indebtedness) at 0.57% to 3.47% per annum. These swaps mature from April 30, 2024 to January 31, 2043.
As of December 31, 2021, 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 designated as hedging instruments $ 17,475  $ (1,815) $ 15,660  $ 421,281 
Derivatives not designated as hedging instruments 9,198  —  9,198  345,258 
Total derivative assets $ 26,673  $ (1,815) $ 24,858  $ 766,539 
Liabilities:
Derivatives designated as hedging instruments (54,017) 1,815  (52,202) 1,110,729 
Derivatives not designated as hedging instruments (29,856) —  (29,856) 621,884 
Total derivative liabilities $ (83,873) $ 1,815  $ (82,058) $ 1,732,613 
Total $ (57,200) $ —  $ (57,200) $ 2,499,152 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) The (gains) losses on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):
Three months ended September 30,
2022 2021
Derivatives designated as cash flow hedges:
   Interest rate swaps $ (60,900) $ 1,315 
Nine months ended September 30,
2022 2021
Derivatives designated as cash flow hedges:
   Interest rate swaps $ (171,664) $ (23,748)
The (gains) losses on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):
Three months ended September 30,
2022 2021
Interest expense, net Other expense, net Interest expense, net Other expense, net
Derivatives designated as cash flow hedges:
   Interest rate swaps:
      Losses reclassified from AOCI into income $ (7,887) $ —  $ 6,434  $ — 
Derivatives not designated as cash flow hedges:
   Interest rate swaps:
      Gains recognized into income —  (71,825) —  (4,261)
         Total losses (gains) $ (7,887) $ (71,825) $ 6,434  $ (4,261)
Nine months ended September 30,
2022 2021
Interest expense, net Other expense, net Interest expense, net Other expense, net
Derivatives designated as cash flow hedges:
   Interest rate swaps:
      Losses reclassified from AOCI into income $ 1,025  $ —  $ 15,646  $ — 
Derivatives not designated as cash flow hedges:
   Interest rate swaps:
      Gains recognized into income —  (192,838) —  (23,520)
         Total losses (gains) $ 1,025  $ (192,838) $ 15,646  $ (23,520)