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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table summarizes the terms and fair value of the Company’s derivative financial instruments as of June 30, 2024 (amounts in thousands):
Instrument |  | Number of Swap Agreements |  | Associated Debt Instrument |  | Maturity Date |  | Notional Amount (1) |  |  | Fair Value as of June 30, 2024 (2) |
Interest rate swap |  | 1 |  | $200.0 Million Term Loan |  | Jan-29 |  | $ | 200,000 |  |  | $ | 3,510 |
Interest rate swaps |  | 3 |  | $50.0 Million Term Loan |  | Nov-26 |  |  | 50,000 |  |  |  | 583 |
Interest rate swaps |  | 3 |  | $100.0 Million Term Loan |  | Feb-27 |  |  | 100,000 |  |  |  | 1,241 |
Interest rate swaps |  | 7 |  | $50.0 Million Term Loan |  | Aug-27 |  |  | 50,000 |  |  |  | 730 |
Interest rate swaps |  | 7 |  | $110.0 Million Term Loan |  | Feb-28 |  |  | 110,000 |  |  |  | 1,756 |
|  |  |  |  |  |  |  | $ | 510,000 |  |  | $ | 7,820 |
(1) These interest rate swap agreements have an effective date of January 2, 2024 and utilize a 1-month SOFR CME index. (2) Included within Other assets on the Company’s Condensed Consolidated Balance Sheets.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The table below details the location in the financial statements of th e gain/(loss) recognized on interest rate swaps designated as cash flow hedges for the three and six months ended June 30, 2024 (amounts in thousands):
|  | Three Months Ended June 30, 2024 |  |  | Six Months Ended June 30, 2024 |
Amount of gain recognized in AOCI on interest rate swaps |  | $ | 3,445 |  |  | $ | 11,982 |
Amount reclassified from AOCI into income as Interest expense |  | $ | 2,084 |  |  | $ | 4,162 |
Total amount of Interest expense presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are being recorded |  | $ | (73,341 | ) |  | $ | (147,906 | )

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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