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Derivatives | 3 Months Ended
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Mar. 31, 2025
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 SOFR, 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. As of March 31, 2025, 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 |  | 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%
Interest rate swap |  | August 31, 2024 |  | December 31, 2026 |  | $160.0 million |  | 3.72%
Interest rate swap |  | October 31, 2024 |  | October 31, 2027 |  | $275.0 million |  | 3.94%
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 as of March 31, 2025 and December 31, 2024 (in thousands):
|  |  |  | Fair Value |
Derivatives not designated as hedging instruments |  | Balance Sheet Location |  | March 31, 2025 |  |  | December 31, 2024 |
Interest rate swaps |  | Prepaid expenses and other current assets |  | $ | 97 |  |  | $ | 3,110 |
Interest rate swaps |  | Accrued liabilities |  | $ | 2,428 |  |  | $ | 247 |
The following is a summary of location and amount of gains and (losses) recorded related to the derivative instruments (in thousands):
|  |  |  | Gain (Loss) |
|  |  |  | Three Months Ended March 31, |
Derivatives not designated as hedging instruments |  | Income Statement Location |  | 2025 |  |  | 2024 |
Interest rate collars |  | Interest expense, net |  | $ | — |  |  | $ | 951 |
Interest rate swaps |  | Interest expense, net |  | $ | (3,936 | ) |  | $ | 6,094 |

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- 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
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