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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The following table presents information about the fair value amounts of our cash flow derivative instruments:
|  |  | Derivatives as of
|  |  | March 31, 2025 |  | December 31, 2024
| Balance Sheet Location |  | Fair Value |  | Fair Value
Derivatives Designated as Hedging Instruments: |  |  |  |  |
Interest rate swap contracts | Other assets |  | $ | 930 |  |  | $ | 1,556 |
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |
Interest rate swap contracts | Other assets |  | $ | 2,712 |  |  | $ | 3,540 |
Interest rate swap contracts | Other liabilities |  | $ | 99 |  |  | $ | — |
Make-whole provisions | Other liabilities |  | $ | 15,983 |  |  | $ | 15,574 |
The following table presents information about the effects of our derivative instruments on our condensed consolidated statements of loss and condensed consolidated statements of comprehensive loss:
|  |  | Amount of (Gain) Loss Recognized in Net Loss
| Location of (Gain) Loss Recognized in Net Loss |  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |  |
Interest rate swap contracts | Other expenses, net |  | $ | (107) |  |  | $ | (276) |  |  |  |  |
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |  |  |
Interest rate swap contracts | Other expenses, net |  | $ | 927 |  |  | $ | (1,102) |  |  |  |  |
Make-whole provisions | Other expenses, net |  | $ | 408 |  |  | $ | (1,257) |  |  |  |  |
The following table presents the changes in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, from our hedging instruments:
| Three Months Ended March 31, 2025 |  |
Derivatives Designated as Hedging Instruments: |  |  |
Accumulated gain in AOCI at the beginning of the period | $ | 1,140 |  |  |
Unrealized loss recognized in AOCI | (395) |  |  |
Gain reclassified from AOCI to other expenses, net | (107) |  |  |
Loss on derivatives | (502) |  |  |
Accumulated gain in AOCI at the end of the period | $ | 638 |  |  |
The following tables present all of our active derivative instruments as of March 31, 2025:
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 |  |  | Not Designated
8-Year, 3.49% Fixed |  |  |  | June 2028 |  | $ | 10,734 |  |  | Not 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 |  | $ | 492 |
Make-whole provisions |  | Liability |  | August 2016 |  | April 2031 |  | $ | 35 |
Make-whole provisions |  | Liability |  | April 2017 |  | February 2034 |  | $ | 27 |
Make-whole provisions |  | Liability |  | November 2020 |  | December 2027 |  | $ | 14 |
Make-whole provisions |  | Liability |  | October 2011 |  | May 2028 |  | $ | 3 |
Make-whole provisions |  | Liability |  | May 2021 |  | April 2045 |  | $ | 77 |
Make-whole provisions |  | Liability |  | July 2021 |  | March 2046 |  | $ | 2,218 |
Make-whole provisions |  | Liability |  | June 2022 |  | March 2042 |  | $ | 852 |
Make-whole provisions |  | Liability |  | March 2023 |  | December 2047 |  | $ | 2,045 |
Make-whole provisions |  | Liability |  | April 2024 |  | June 2042 |  | $ | 9,578 |
Make-whole provisions |  | Liability |  | April 2024 |  | June 2042 |  | $ | 641 |

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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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