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Financial Instruments - Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of interest rate derivatives

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of March 31, 2024 is as follows:

																														Fair Value
Effective Date						Maturity Date						Swapped Variable Rate						Fixed Rate						Notional Amount						Assets						Liabilities
6/1/2022						7/26/2024						1 Month SOFR(1)						2.5875		%				$	50,000					$	441					$	—
6/1/2022						7/26/2024						1 Month SOFR(1)						2.5960		%				50,000						440						—
6/1/2022						7/26/2024						1 Month SOFR(1)						2.5860		%				100,000						883						—
6/1/2022						7/26/2024						1 Month SOFR(1)						2.5850		%				100,000						883						—
5/1/2023						7/26/2027						1 Month SOFR						3.5890		%				100,000						1,650						—
5/1/2023						7/26/2027						1 Month SOFR						3.5950		%				75,000						1,228						—
5/1/2023						7/26/2027						1 Month SOFR						3.5930		%				25,000						409						—
7/26/2024						7/26/2027						1 Month SOFR						4.0767		%				100,000						—						(226)
7/26/2024						7/26/2027						1 Month SOFR						4.0770		%				100,000						—						(227)
7/26/2024						7/26/2027						1 Month SOFR						4.0767		%				50,000						—						(116)
7/26/2024						7/26/2027						1 Month SOFR						4.0770		%				50,000						—						(116)
6/14/2024						6/14/2034						Compound SOFR						3.4400		%				100,000						2,929						—
6/14/2024						6/14/2034						Compound SOFR						3.4370		%				25,000						739						—
6/14/2024						6/14/2034						Compound SOFR						3.4400		%				25,000						733						—
																								$	950,000					$	10,335					$	(685)

(1)Swapped variable rate includes a secured overnight financing rate ("SOFR") adjustment of 10 basis points.

Detail on the terms and fair value of the Company’s interest rate derivatives designated as cash flow hedges outstanding as of December 31, 2023 is as follows:

																														Fair Value
Effective Date						Maturity Date						Swapped Variable Rate						Fixed Rate						Notional Amount						Assets						Liabilities
6/1/2022						7/26/2024						1 Month SOFR(1)						2.5875		%				$	50,000					$	710					$	—
6/1/2022						7/26/2024						1 Month SOFR(1)						2.5960		%				50,000						707						—
6/1/2022						7/26/2024						1 Month SOFR(1)						2.5860		%				100,000						1,421						—
6/1/2022						7/26/2024						1 Month SOFR(1)						2.5850		%				100,000						1,421						—
5/1/2023						7/26/2027						1 Month SOFR(2)						3.5890		%				100,000						59						—
5/1/2023						7/26/2027						1 Month SOFR(2)						3.5950		%				75,000						34						—
5/1/2023						7/26/2027						1 Month SOFR(2)						3.5930		%				25,000						12						—
7/26/2024						7/26/2027						1 Month SOFR(3)						4.0767		%				100,000						—						(2,073)
7/26/2024						7/26/2027						1 Month SOFR(3)						4.0770		%				100,000						—						(2,077)
7/26/2024						7/26/2027						1 Month SOFR(3)						4.0767		%				50,000						—						(1,038)
7/26/2024						7/26/2027						1 Month SOFR(3)						4.0770		%				50,000						—						(1,039)
6/14/2024						6/14/2034						Compound SOFR(4)						3.4400		%				100,000						—						(437)
6/14/2024						6/14/2034						Compound SOFR(4)						3.4370		%				25,000						—						(104)
6/14/2024						6/14/2034						Compound SOFR(4)						3.4400		%				25,000						—						(109)
																								$	950,000					$	4,364					$	(6,877)

(1)Swapped variable rate includes a SOFR adjustment of 10 basis points.

(2)In April 2023, the Company entered into three interest rate swap agreements with an aggregate notional amount of $200.0 million. The interest rate swap agreements were designated as cash flow hedges that effectively fix the SOFR component of the interest rate on a portion of the outstanding debt under the Term Loan Facility (defined hereafter) at 3.59%.

(3)In November 2023, the Company entered into four forward-starting interest rate swap agreements with an aggregate notional amount of $300.0 million. The forward-starting interest rate swap agreements were designated as cash flow hedges that effectively fix the SOFR component of the interest rate on a portion of the outstanding debt under the Term Loan Facility (defined hereafter) at 4.08% beginning on the effective date.

(4)In December 2023, the Company entered into three forward-starting interest rate swap agreements with an aggregate notional amount of $150.0 million to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $150.0 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending June 2026. The forward-starting interest rate swaps were designated as cash flow hedges.

Schedule of Derivatives in Cash Flow Hedging Relationships

The effective portion of the Company’s interest rate swaps that was recognized on the Company’s unaudited Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 is as follows:

Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps)						Three Months Ended March 31,
						2024						2023
Change in unrealized gain (loss) on interest rate swaps						$	15,204					$	(2,467)
Amortization (accretion) of interest rate swaps to interest expense						(3,075)						(1,521)
Change in unrealized gain (loss) on interest rate swaps, net						$	12,129					$	(3,988)

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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X

- Definition

Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

+ References

Reference 1: 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

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