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Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
As of June 30, 2025, the Company had 15 outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk:
MATURITYAMOUNTWEIGHTED
AVERAGE RATE
May 2026$275,000 3.74 %
June 2026150,000 3.83 %
December 2026150,000 3.84 %
June 2027200,000 4.27 %
December 2027300,000 3.93 %
$1,075,000 3.92 %
The table below presents the effect of cash flow hedge accounting on AOCI during the three and six months ended June 30, 2025 and 2024 related to the Company's outstanding interest rate swaps.
(GAIN)/LOSS RECOGNIZED IN
AOCI ON DERIVATIVE
three months ended June 30,
(GAIN)/LOSS RECLASSIFIED FROM
AOCI INTO INCOME
three months ended June 30,
In thousands2025202420252024
Interest rate swaps$1,028 $(5,891)Interest expense$(1,098)$(3,811)
Settled treasury hedges— — Interest expense107 107 
Settled interest rate swaps— — Interest expense11 42 
 $1,028 $(5,891)Total interest expense$(980)$(3,662)
(GAIN)/LOSS RECOGNIZED IN
AOCI ON DERIVATIVE
six months ended June 30,
(GAIN)/LOSS RECLASSIFIED FROM
AOCI INTO INCOME
six months ended June 30,
In thousands2025202420252024
Interest rate swaps$6,206 $(25,501)Interest expense$(2,188)$(7,825)
Settled treasury hedges— — Interest expense214 213 
Settled interest rate swaps— — Interest expense53 84 
 $6,206 $(25,501)Total interest expense$(1,921)$(7,528)
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 June 30, 2025 and December 31, 2024.
AS OF JUNE 30, 2025AS OF DECEMBER 31, 2024
In thousandsBALANCE SHEET LOCATIONFAIR VALUEBALANCE SHEET LOCATIONFAIR VALUE
Interest rate swaps 2019Other Assets$1,442 Other Assets$2,493 
Interest rate swaps 2022Other Assets— Other Assets2,250 
Interest rate swaps 2022Other Liabilities(4,791)Other Liabilities(853)
Interest rate swaps 2023Other Assets156 Other Assets521 
Interest rate swaps 2023Other Liabilities(4,100)Other Liabilities(3,310)
Total derivatives designated as hedging instruments$(7,293)$1,101