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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

As of September 30, 2024, the Company had 15 outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

			AMOUNT			WEIGHTED AVERAGE RATE
May 2026			$	275,000		3.74		%
June 2026			150,000			3.83		%
December 2026			150,000			3.84		%
June 2027			200,000			4.27		%
December 2027			300,000			3.93		%
			$	1,075,000		3.92		%

The table below presents the effect of cash flow hedge accounting on AOCI during the three and nine months ended September 30, 2024 and 2023 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			2024			2023						2024			2023
Interest rate swaps			$	20,662		$	(12,016)		Interest expense			$	(3,790)		$	(4,317)
Settled treasury hedges			—			—			Interest expense			107			107
Settled interest rate swaps			—			—			Interest expense			42			42
			$	20,662		$	(12,016)		Total interest expense			$	(3,641)		$	(4,168)

			(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			2024			2023						2024			2023
Interest rate swaps			$	(4,839)		$	(24,999)		Interest expense			$	(11,615)		$	(10,320)
Settled treasury hedges			—			—			Interest expense			126			126
Settled interest rate swaps			—			—			Interest expense			320			320
			$	(4,839)		$	(24,999)		Total interest expense			$	(11,169)		$	(9,874)

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 and their classification on the Condensed Consolidated Balance Sheet as of September 30, 2024.

			BALANCE AT SEPTEMBER 30, 2024
In thousands			BALANCE SHEET LOCATION			FAIR VALUE
Derivatives designated as hedging instruments
Interest rate swaps			Other liabilities			$	(16,847)
Interest rate swaps			Other assets			$	2,094
Total derivatives designated as hedging instruments						$	(14,753)

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-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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