Annual report pursuant to Section 13 and 15(d)

Derivative Instruments And Hedging Strategies

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Derivative Instruments And Hedging Strategies
12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments And Hedging Strategies
10. DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
Cash Flow Hedges. RF Vessel Holdings has subsidiaries with interest rate swap agreements designated as cash flow hedges, with an aggregate amortizing notional value of $48.0 million that mature in March 2028. These interest rate swaps call for these subsidiaries to pay a fixed rate of 1.74% on the aggregate amortizing notional value and receive a variable interest rate based on LIBOR. By entering into these interest rate swap agreements, these subsidiaries converted the variable LIBOR component of certain of its outstanding borrowings to a fixed interest rate. During the year ended December 31, 2020, the Company recognized losses on the fair value of these contracts of $1.0 million which is included as a component of other comprehensive loss.