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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | As of March 31, 2025, 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 months ended March 31, 2025 and 2024 related to the Company's outstanding interest rate swaps.
| (GAIN)/LOSS RECOGNIZED IN AOCI ON DERIVATIVE three months ended March 31, |  | (GAIN)/LOSS RECLASSIFIED FROM AOCI INTO INCOME three months ended March 31,
In thousands | 2025 | 2024 | 2025 | 2024
Interest rate swaps | $ | 5,178 |  | $ | (19,611) |  | Interest expense | $ | (1,090) |  | $ | (4,014) |
Settled treasury hedges | — |  | — |  | Interest expense | 107 |  | 107 |
Settled interest rate swaps | — |  | — |  | Interest expense | 42 |  | 42 |
| $ | 5,178 |  | $ | (19,611) |  | Total interest expense | $ | (941) |  | $ | (3,865) |
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 March 31, 2025 and December 31, 2024.
| AS OF MARCH 31, 2025 | AS OF DECEMBER 31, 2024
In thousands | BALANCE SHEET LOCATION | FAIR VALUE | BALANCE SHEET LOCATION | FAIR VALUE
Interest rate swaps 2019 | Other Assets | $ | 1,848 |  | Other Assets | $ | 2,493 |
Interest rate swaps 2022 | Other Assets | 188 |  | Other Assets | 2,250 |
Interest rate swaps 2022 | Other Liabilities | (3,144) |  | Other Liabilities | (853) |
Interest rate swaps 2023 | Other Assets | 201 |  | Other Assets | 521 |
Interest rate swaps 2023 | Other Liabilities | (4,261) |  | Other Liabilities | (3,310) |
Total derivatives designated as hedging instruments |  | $ | (5,168) |  |  | $ | 1,101 |

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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 + Details
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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 + Details
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