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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of cash flow hedges included in accumulated other comprehensive income (loss)

As of September 30, 2022, the Company had 15 outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

EXPIRATION DATE			AMOUNT			WEIGHTED AVERAGE RATE
December 16, 2022			75,000			2.37		%
January 31, 2023			$	300,000		1.42		%
January 15, 2024 1			200,000			1.21		%
May 1, 2026 1			100,000			2.15		%
			$	675,000		1.57		%

1 Derivatives hedge one-month term SOFR.

The table below presents the effect of cash flow hedge accounting on AOCI during the three and nine months ended September 30, 2022 and 2021 related to the Company's outstanding interest rate swaps.

			GAIN RECOGNIZED IN AOCI ON DERIVATIVE three months ended September 30,									LOSS RECLASSIFIED FROM AOCI INTO INCOME three months ended September 30,
In thousands			2022			2021						2022			2021
Interest rate swaps			$	(6,083)		$	(36)		Interest expense			$	614		$	982
Settled treasury hedges			—			—			Interest expense			107			107
Settled interest rate swaps			—			—			Interest expense			42			42
			$	(6,083)		$	(36)		Total interest expense			$	763		$	1,131

			GAIN RECOGNIZED IN AOCI ON DERIVATIVE nine months ended September 30,									LOSS RECLASSIFIED FROM AOCI INTO INCOME nine months ended September 30,
In thousands			2022			2021						2022			2021
Interest rate swaps			$	(12,905)		$	(2,079)		Interest expense			$	2,226		$	2,894
Settled treasury hedges			—			—			Interest expense			320			320
Settled interest rate swaps			—			—			Interest expense			126			126
			$	(12,905)		$	(2,079)		Total interest expense			$	2,672		$	3,340

Schedule of derivative instruments in statement of financial position, fair value

The table below presents the fair value of the Company's derivative financial instruments, as well as their classification on the Condensed Consolidated Balance Sheet as of September 30, 2022.

			BALANCE AT SEPTEMBER 30, 2022
In thousands			BALANCE SHEET LOCATION			FAIR VALUE
Derivatives designated as hedging instruments
Interest rate swaps			Other assets			$	16,136

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- References

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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