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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

As of September 30, 2023, the Company had 14 outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

EXPIRATION DATE			AMOUNT			WEIGHTED AVERAGE RATE
January 15, 2024			$	200,000		1.21		%
May 1, 2026			100,000			2.15		%
June 1, 2026			150,000			3.83		%
December 1, 2026			150,000			3.84		%
June 1, 2027			150,000			4.13		%
December 1, 2027			250,000			3.79		%
			$	1,000,000		3.17		%

The table below presents the effect of cash flow hedge accounting on AOCI during the three and nine months ended September 30, 2023 and 2022 related to the Company's outstanding interest rate swaps.

			(GAIN)/LOSS RECOGNIZED IN AOCI ON DERIVATIVE three months ended September 30,									(GAIN)/LOSS RECLASSIFIED FROM AOCI INTO INCOME three months ended September 30,
In thousands			2023			2022						2023			2022
Interest rate swaps			$	(12,016)		$	(6,083)		Interest expense			$	(4,317)		$	614
Settled treasury hedges			—			—			Interest expense			107			107
Settled interest rate swaps			—			—			Interest expense			42			42
			$	(12,016)		$	(6,083)		Total interest expense			$	(4,168)		$	763

			(GAIN)/LOSS RECOGNIZED IN AOCI ON DERIVATIVE nine months ended September 30,									(GAIN)/LOSS RECLASSIFIED FROM AOCI INTO INCOME nine months ended September 30,
In thousands			2023			2022						2023			2022
Interest rate swaps			$	(24,999)		$	(12,905)		Interest expense			$	(10,320)		$	2,226
Settled treasury hedges			—			—			Interest expense			126			320
Settled interest rate swaps			—			—			Interest expense			320			126
			$	(24,999)		$	(12,905)		Total interest expense			$	(9,874)		$	2,672

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, 2023.

			BALANCE AT SEPTEMBER 30, 2023
In thousands			BALANCE SHEET LOCATION			FAIR VALUE
Derivatives designated as hedging instruments
Interest rate swaps			Other assets			$	21,499

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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
-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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- 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
-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

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