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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives | The following table contains information on the outstanding interest rate swaps as of March 31, 2025:
Outstanding Interest Rate Swaps (a)
Date Entered Into | Term | Notional Amount | Related Debt Facility | Fixed Rate of Swap | Bank Margin on Debt (b) | Total Effective Interest Rate (c)
April 2016 | 10 years | $100,000 |  | 2016 Incremental Term Loan | 1.50 | % | 1.75 | % | 3.25 | %
April 2016 | 10 years | 100,000 |  | 2016 Incremental Term Loan | 1.51 | % | 1.75 | % | 3.26 | %
February 2022 | 7 years | 200,000 |  | 2021 Incremental Term Loan | 0.67 | % | 1.65 | % | 2.32 | %
August 2024 | 4 years | 100,000 |  | 2015 Term Loan | 0.78 | % | 1.60 | % | 2.38 | %
August 2024 | 4 years | 50,000 |  | 2015 Term Loan | 0.64 | % | 1.60 | % | 2.24 | %
August 2024 | 4 years | 50,000 |  | 2015 Term Loan | 3.29 | % | 1.60 | % | 4.89 | %
(a)All interest rate swaps are designated as cash flow hedges and qualify for hedge accounting. (b)Includes the SOFR Credit Spread Adjustment component of 0.1%. (c)Rate is before estimated patronage payments.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table demonstrates the impact, gross of tax, of our derivatives on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024:
|  |  | Three Months Ended March 31,
| Income Statement Location |  | 2025 |  | 2024
Derivatives designated as cash flow hedges: |  |  |  |  |
Interest rate products | Other comprehensive (loss) income, relating to continuing operations |  | ($4,247) |  |  | $15,041 |
| Interest expense, net |  | (4,511) |  |  | (7,278) |
The following table provides details of these expected reclassifications:
| Amount expected to be reclassified into earnings in next 12 months
Derivatives designated as cash flow hedges: |
Interest rate products (a) | $15,320 |
Total estimated net gain on derivatives contracts | $15,320 |
(a) These reclassified amounts are expected to perfectly offset variable interest rate payments to debt holders, resulting in no net impact on our earnings or cash flows.
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:
| Notional Amount |
| March 31, 2025 |  | December 31, 2024 |
Derivatives designated as cash flow hedges: |  |  |  |
Interest rate swaps | $600,000 |  |  | $600,000 |  |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2025 and December 31, 2024:
| Location on Balance Sheet |  | Fair Value Assets / (Liabilities) (a)
|  |  | March 31, 2025 |  | December 31, 2024
Derivatives designated as cash flow hedges: |  |  |  |
Interest rate swaps | Other assets |  | $40,367 |  |  | $49,353 |
(a) See Note 9 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

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