XML 22 R15.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Derivatives | 6 Months Ended
--- | ---
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Note 7. Derivatives To reduce exposure to variability in expected future cash outflows on variable rate debt attributable to the changes in one-month LIBOR, the Company has historically entered into interest rate derivative instruments to economically offset a portion of this risk and may do so in the future. In June 2023, the Company transitioned the reference rate for its interest rate derivative agreements from one-month LIBOR to one-month SOFR. As of June 30, 2024, the Company had the following outstanding derivatives that were not designated as a hedge in qualifying hedging relationships:
Product |  | Effective Date |  | Maturity Date |  | Notional |  | Rate
Interest rate swap(a) |  | June 30, 2023 |  | February 28, 2026 |  | $100.0 million |  | 4.32%
Interest rate swap |  | December 29, 2023 |  | December 31, 2026 |  | $150.0 million |  | 3.86%
Interest rate swap |  | March 1, 2024 |  | December 31, 2026 |  | $150.0 million |  | 3.76%
(a) In conjunction with the June 2023 transition of the reference rate from LIBOR to SOFR, the fixed rate was reduced from 4.36% to 4.32%. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements; however, the Company has not elected to apply hedge accounting for these instruments. The following is a summary of location and fair value of the financial positions recorded related to the derivative instruments (in thousands):
|  |  |  | Fair Value |
Derivatives not designated as hedging instruments |  | Balance Sheet Location |  | As of June 30, 2024 |  |  | As of December 31, 2023 |
Interest rate collars |  | Prepaid expenses and other current assets |  | $ | — |  |  | $ | 1,986 |
Interest rate swaps |  | Accrued liabilities |  | $ | — |  |  | $ | 1,576 |
Interest rate swaps |  | Prepaid expenses and other current assets |  | $ | 4,602 |  |  | $ | — |
The following is a summary of location and amount of gains recorded related to the derivative instruments (in thousands):
|  |  |  | Gain |
|  |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
Derivatives not designated as hedging instruments |  | Income Statement Location |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest rate collars |  | Interest expense, net |  | $ | — |  |  | $ | 1,204 |  |  | $ | 951 |  |  | $ | 769 |
Interest rate swaps |  | Interest expense, net |  | $ | 2,132 |  |  | $ | 1,910 |  |  | $ | 8,226 |  |  | $ | 466 |

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 The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration