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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Financial Instruments [Abstract]

Company's Derivative Instruments

At September 30, 2025, the Company’s derivative instruments included four interest rate swap agreements as follows:

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​	​	​	​	​	​	​	​	​	​	​	​
​		​	​		Fixed		Variable		​		​
​	​	Notional		​	Interest	​	Interest Rate	​	​	​	​
Date Entered	​	Amount		​	Rate Paid (a)	​	Received	​	Effective Date (b)	​	Expiration Date
August 2017	​	$	200,000		2.1230	%	1-month Term SOFR		November 2022		October 2025
June 2018	​	$	200,000		2.8480	%	1-month Term SOFR		November 2022		October 2025
June 2018	​	$	200,000		2.8284	%	1-month Term SOFR		November 2022		October 2025
December 2018	​	$	200,000		2.7715	%	1-month Term SOFR		November 2022		July 2027

____________________

(a)Plus applicable margin.

(b)In October 2022, the Company amended the reference rate in all of its outstanding interest rate swap contracts to replace One-Month LIBOR with One-Month Term SOFR and certain credit spread adjustments. The Company did not record any gains or losses upon the conversion of the reference rates in these interest rate swap contracts, and the Company believes these amendments will not have a material impact on its Condensed Consolidated Financial Statements.

Fair Value of Derivative Instrument Designated as Cash Flow Hedges

The fair values of derivative instruments designated as cash flow hedges at September 30, 2025, were as follows:

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​	​	​	​	​	​	​	​	​	​	​
Derivatives Designated as Cash	​	Asset Derivatives				​	Liability Derivatives
Flow Hedges		Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
Interest rate swaps		Prepaid expenses and other current assets(a)	​	$	2,334		Accrued liabilities	​	$	—
​		Other assets, net	​		749		​	​	​	​
Total derivatives designated as cash flow hedges	​	​	​	$	3,083	​	​	​	$	—

____________________

(a)Represents the estimated amount of the existing unrealized gains on interest rate swaps at September 30, 2025 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates.

The fair values of derivative instruments designated as cash flow hedges at December 31, 2024, were as follows:

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​	​	​	​	​	​	​	​	​	​	​
Derivatives Designated as Cash	​	Asset Derivatives				​	Liability Derivatives
Flow Hedges		Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
Interest rate swaps		Prepaid expenses and other current assets	​	$	10,545		Accrued liabilities	​	$	—
​		Other assets, net	​		3,384		​	​		​
Total derivatives designated as cash flow hedges	​	​	​	$	13,929	​	​	​	$	—

Impact of Cash Flow Hedges on Results of Operations, Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

The following tables summarize the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the three and nine months ended September 30, 2025 and 2024:

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​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives

​

​

​

​

​

​

​

Statement of

​

Amount of (Gain) or Loss Reclassified

Designated as Cash

​

Amount of Gain or (Loss) Recognized

​

Net Income

​

from AOCIL into Earnings,

Flow Hedges

​

as AOCIL on Derivatives, Net of Tax (a)

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Classification

​

Net of Tax (b)

​

​

Three Months Ended

​

​

​

Three Months Ended

​

​

September 30,

​

​

​

September 30,

​

2025

2024

​

2025

2024

Interest rate swaps

​

$

250

​

$

(6,576)

​

Interest expense

​

$

(2,524)

​

$

(3,992)

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives

​

​

​

​

​

​

​

Statement of

​

Amount of (Gain) or Loss Reclassified

Designated as Cash

​

Amount of Gain or (Loss) Recognized

​

Net Income

​

from AOCIL into Earnings,

Flow Hedges

as AOCIL on Derivatives, Net of Tax (a)

​

Classification

​

Net of Tax (b)

​

​

Nine Months Ended

​

​

​

Nine Months Ended

​

​

September 30,

​

​

​

September 30,

​

2025

2024

​

2025

2024

Interest rate swaps

​

$

(506)

​

$

3,562

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Interest expense

​

$

(7,466)

​

$

(11,934)

____________________

(a)In accordance with the derivatives and hedging guidance, the changes in fair values of interest rate swaps have been recorded in equity as a component of AOCIL. As the critical terms of the interest rate swaps match the underlying debt being hedged, all unrealized changes in fair value are recorded in AOCIL.

(b)Amounts reclassified from AOCIL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt.

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

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-Topic 815
-SubTopic 10
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-Section 50
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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-Topic 815
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-Section 55
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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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