XML 37 R30.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Derivatives (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of outstanding derivatives that were not designated as a hedge in qualifying hedging relationships | 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%.
Summary of Location and Fair Value of Financial Position and Location of Derivative 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 Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: 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 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration