XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.23.2

Derivative Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives | The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands, except number of instruments):
|  | Number of Instruments |  | Notional
Interest Rate Derivatives |  | June 30, 2023 |  | December 31, 2022 |  | June 30, 2023 |  | December 31, 2022
Interest rate swaps |  | 10 |  |  | 7 |  |  | $ | 525,000 |  |  | $ | 375,000 |
Fair Value of Derivative Financial Instruments | The following table presents the fair value of the Company's derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 (in thousands):
|  | Derivative Assets
|  |  |  | Fair Value at
Derivatives Designated as Hedging Instruments: |  | Balance Sheet Location |  | June 30, 2023 |  | December 31, 2022
Interest rate swaps |  | Other assets, net |  | $ | 24,476 |  |  | $ | 24,067 |
Effect of Interest Rate Swaps | The following table presents the effect of the Company's interest rate swaps on the condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2023 and 2022 (in thousands):
|  | Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) |  | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships |  | 2023 |  | 2022 |  |  |  | 2023 |  | 2022
For the Three Months Ended June 30 |  |  |  |  |  |  |  |  |  |
Interest Rate Products |  | $ | 9,714 |  |  | $ | 1,591 |  |  | Interest expense, net |  | $ | 3,326 |  |  | $ | 253 |
For the Six Months Ended June 30 |  |  |  |  |  |  |  |  |  |
Interest Rate Products |  | $ | 6,572 |  |  | $ | 7,779 |  |  | Interest expense, net |  | $ | 6,163 |  |  | $ | 230 |
Schedule of Derivative Liabilities at Fair Value | The table below presents the Company’s derivative assets measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):
|  | Fair Value Hierarchy Level |  |
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
June 30, 2023 |  |  |  |  |  |  |  |
Derivative assets |  | $ | — |  |  | $ | 24,476 |  |  | $ | — |  |  | $ | 24,476 |
December 31, 2022 |  |  |  |  |  |  |  |
Derivative assets |  | $ | — |  |  | $ | 24,067 |  |  | $ | — |  |  | $ | 24,067 |

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 the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: 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 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: 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 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative liabilities at fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock
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