XML 57 R43.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Derivative Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of cash flow hedges included in accumulated other comprehensive income (loss) | As of December 31, 2023, the Company had interest rate derivatives that were designated as cash flow hedges of interest rate risk. The table below presents the notional value and weighted average rates of the Company's derivative financial instruments as of December 31, 2023 and 2022:
| NOTIONAL VALUE AS OF | WEIGHTED AVERAGE RATE |  | NOTIONAL VALUE AS OF | WEIGHTED AVERAGE RATE
EXPIRATION | DECEMBER 31, 2023 | EXPIRATION | DECEMBER 31, 2022
January 2024 | $ | 200,000 |  | 1.21 | % | January 2023 | $ | 300,000 |  | 1.42 | %
May 2026 | 275,000 |  | 3.74 | % | January 2024 | 200,000 |  | 1.21 | %
June 2026 | 150,000 |  | 3.83 | % | May 2026 | 100,000 |  | 2.15 | %
December 2026 | 150,000 |  | 3.84 | % | December 2026 | 150,000 |  | 3.84 | %
June 2027 | 200,000 |  | 4.27 | % | June 2027 | 150,000 |  | 4.13 | %
December 2027 | 300,000 |  | 3.93 | % | December 2027 | 250,000 |  | 3.79 | %
| $ | 1,275,000 |  | 3.49 | % |  | $ | 1,150,000 |  | 2.63 | %
Tabular Disclosure of the Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) The table below presents the effect of cash flow hedge accounting on Accumulated other comprehensive income (loss) as of December 31, 2023 and 2022 related to the Company's outstanding interest rate swaps.
| AMOUNT OF GAIN/(LOSS) RECOGNIZED IN AOCI ON DERIVATIVE for the year ended December 31, |  | AMOUNT OF (GAIN)/LOSS RECLASSIFIED FROM AOCI INTO INCOME for the year ended December 31,
Dollars in thousands | 2023 | 2022 | 2023 | 2022
Interest rate swaps 2017 | $ | — |  | $ | 302 |  | Interest expense | $ | — |  | $ | 118 |
Interest rate swaps 2018 | — |  | 616 |  | Interest expense | — |  | 361 |
Interest rate swaps 2019 | 1,995 |  | 12,964 |  | Interest expense | (6,964) |  | 563 |
Interest rate swaps 2022 | 4,583 |  | (3,252) |  | Interest expense | (6,289) |  | (109) |
Interest rate swaps 2023 | (5,115) |  | — |  | Interest expense | (1,829) |  | — |
Settled treasury hedges | — |  | — |  | Interest expense | 426 |  | 426 |
Settled interest rate swaps | — |  | — |  | Interest expense | 168 |  | 168 |
| $ | 1,463 |  | $ | 10,630 |  | Total interest expense | $ | (14,488) |  | $ | 1,527 |
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 Consolidated Balance Sheets as of December 31, 2023 and 2022.
| AS OF DECEMBER 31, 2023 | AS OF DECEMBER 31, 2022
Dollars in thousands | BALANCE SHEET LOCATION | FAIR VALUE | BALANCE SHEET LOCATION | FAIR VALUE
Interest rate swaps 2019 | Other Assets | $ | 4,214 |  | Other Assets | $ | 13,603 |
Interest rate swaps 2022 |  |  | Other Assets | 909 |
Interest rate swaps 2022 | Other Liabilities | (5,067) |  | Other Liabilities | (4,269) |
Interest rate swaps 2023 | Other Assets | 411 |  |  |
Interest rate swaps 2023 | Other Liabilities | (7,357) |  |  |
Total derivatives designated as hedging instruments |  | $ | (7,799) |  |  | $ | 10,243 |
Schedule of offsetting assets | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2023. The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative liabilities are presented on the Company's Consolidated Balance Sheets.
Offsetting of Derivative Assets
| GROSS AMOUNTS of recognized assets | GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets | NET AMOUNTS OF ASSETS presented in the Consolidated Balance Sheets | GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets
FINANCIAL INSTRUMENTS | CASH COLLATERAL | NET AMOUNT
Derivatives | $ | 4,625 |  | $ | — |  | $ | 4,625 |  | $ | (4,625) |  | $ | — |  | $ | — |
Offsetting of Derivative Liabilities
| GROSS AMOUNTS of recognized liabilities | GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets | NET AMOUNTS OF LIABILITIES presented in the Consolidated Balance Sheets | GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets
FINANCIAL INSTRUMENTS | CASH COLLATERAL | NET AMOUNT
Derivatives | $ | (12,424) |  | $ | — |  | $ | (12,424) |  | $ | 4,625 |  | $ | — |  | $ | (7,799) |
Schedule of offsetting liabilities | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2023. The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative liabilities are presented on the Company's Consolidated Balance Sheets.
Offsetting of Derivative Assets
| GROSS AMOUNTS of recognized assets | GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets | NET AMOUNTS OF ASSETS presented in the Consolidated Balance Sheets | GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets
FINANCIAL INSTRUMENTS | CASH COLLATERAL | NET AMOUNT
Derivatives | $ | 4,625 |  | $ | — |  | $ | 4,625 |  | $ | (4,625) |  | $ | — |  | $ | — |
Offsetting of Derivative Liabilities
| GROSS AMOUNTS of recognized liabilities | GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets | NET AMOUNTS OF LIABILITIES presented in the Consolidated Balance Sheets | GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets
FINANCIAL INSTRUMENTS | CASH COLLATERAL | NET AMOUNT
Derivatives | $ | (12,424) |  | $ | — |  | $ | (12,424) |  | $ | 4,625 |  | $ | — |  | $ | (7,799) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration