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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Fair Value of Derivative Instruments | The following table presents information about the fair value amounts of our cash flow derivative instruments:
|  |  | Derivatives as of
|  |  | September 30, 2024 |  | December 31, 2023
| Balance Sheet Location |  | Fair Value |  | Fair Value
Derivatives Designated as Hedging Instruments: |  |  |  |  |
Interest rate swap contracts | Other assets |  | $ | 457 |  |  | $ | 1,023 |
Interest rate swap contracts | Other liabilities |  | $ | 38 |  |  | $ | — |
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |
Interest rate swap contracts | Other assets |  | $ | 2,486 |  |  | $ | 2,947 |
Interest rate swap contracts | Other liabilities |  | $ | 945 |  |  | $ | 629 |
Make-whole provisions | Other liabilities |  | $ | 14,344 |  |  | $ | 6,012 |
Summary of Derivative Effect on Consolidated Statements of Income (Loss) | The following table presents information about the effects of our derivative instruments on our condensed consolidated statements of income and condensed consolidated statements of comprehensive income:
|  |  | Amount of (Gain) Loss Recognized in Net Income
| Location of (Gain) Loss Recognized in Net Income |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |  |
Interest rate swap contracts | Other expenses, net |  | $ | (259) |  |  | $ | (546) |  |  | $ | (806) |  |  | $ | (757) |
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |  |  |
Interest rate swap contracts | Other expenses, net |  | $ | 2,109 |  |  | $ | (1,281) |  |  | $ | 778 |  |  | $ | (1,160) |
Make-whole provisions | Other expenses, net |  | $ | 1,592 |  |  | $ | (1,764) |  |  | $ | (1,045) |  |  | $ | (2,146) |
Summary of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, from our hedging instruments:
| Nine Months Ended September 30, 2024 |  |
Derivatives Designated as Hedging Instruments: |  |  |
Accumulated gain in AOCI at the beginning of the period | $ | 746 |  |  |
Unrealized gain recognized in AOCI | 360 |  |  |
Gain reclassified from AOCI to other expenses, net | (806) |  |  |
Loss on derivatives | (446) |  |  |
Accumulated gain in AOCI at the end of the period | $ | 300 |  |  |
Summary of Active Derivative Instruments | The following tables present all of our active derivative instruments as of September 30, 2024:
Active Interest Rate Swaps |  |  |  | Expiration Date |  | Initial Notional Amount ($) |  | Status
11-Year, 5.77% Fixed |  |  |  | October 2029 |  | $ | 9,200 |  |  | Designated
15-Year, 5.24% Fixed |  |  |  | June 2033 |  | $ | 10,000 |  |  | Designated
10-Year, 4.74% Fixed |  |  |  | December 2027 |  | $ | 14,100 |  |  | Designated
8-Year, 3.49% Fixed |  |  |  | June 2028 |  | $ | 14,643 |  |  | Designated
8-Year, 3.49% Fixed |  |  |  | June 2028 |  | $ | 10,734 |  |  | Designated
13-Year, 0.72% Fixed |  |  |  | March 2033 |  | $ | 9,505 |  |  | Not Designated
13-Year, 0.72% Fixed |  |  |  | March 2033 |  | $ | 6,968 |  |  | Not Designated
17.75-Year, 3.16% Fixed |  |  |  | December 2040 |  | $ | 14,084 |  |  | Designated
18-Year, 3.81% Fixed |  |  |  | July 2041 |  | $ | 32,021 |  |  | Not Designated
Other Derivatives |  | Classification |  | Effective Date |  | Expiration Date |  | Fair Value ($)
Make-whole provisions |  | Liability |  | June/August 2018 |  | December 2038 |  | $ | 252 |
Make-whole provisions |  | Liability |  | August 2016 |  | April 2031 |  | $ | 33 |
Make-whole provisions |  | Liability |  | April 2017 |  | February 2034 |  | $ | 34 |
Make-whole provisions |  | Liability |  | November 2020 |  | December 2027 |  | $ | 21 |
Make-whole provisions |  | Liability |  | October 2011 |  | May 2028 |  | $ | 4 |
Make-whole provisions |  | Liability |  | May 2021 |  | April 2045 |  | $ | 48 |
Make-whole provisions |  | Liability |  | July 2021 |  | March 2046 |  | $ | 2,376 |
Make-whole provisions |  | Liability |  | June 2022 |  | March 2042 |  | $ | 917 |
Make-whole provisions |  | Liability |  | March 2023 |  | December 2047 |  | $ | 1,826 |
Make-whole provisions |  | Liability |  | April 2024 |  | June 2042 |  | $ | 8,359 |
Make-whole provisions |  | Liability |  | April 2024 |  | June 2042 |  | $ | 475 |

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