XML 33 R23.htm IDEA: XBRL DOCUMENT v3.24.3

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The Company had the following derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):

																																										Fair Value of Assets (Liabilities)
Hedged Debt						Type						Fixed Rate						Index						Effective Date						Maturity Date						Notional Amount						September 30, 2024						December 31, 2023
$300M Senior unsecured term loans						Swap (1)						1.63		%				SOFR						November 28, 2022						July 25, 2024						$	87,500					$	—					$	1,660
$300M Senior unsecured term loans						Swap (1)						1.63		%				SOFR						November 28, 2022						July 25, 2024						$	87,500					—						1,658
$500M Senior unsecured term loans						Swap						3.36		%				SOFR						March 1, 2023						January 1, 2028						$	75,000					(231)						554
$500M Senior unsecured term loans						Swap						3.50		%				SOFR						March 1, 2023						January 1, 2027						$	75,000					(217)						449
$500M Senior unsecured term loans						Swap						3.27		%				SOFR						October 1, 2024						January 1, 2028						$	37,500					(13)						—
$500M Senior unsecured term loans						Swap						3.27		%				SOFR						October 1, 2024						January 1, 2028						$	37,500					(13)						—
$500M Senior unsecured term loans						Swap						3.07		%				SOFR						January 2, 2025						January 1, 2027						$	25,000					60						—
$500M Senior unsecured term loans						Swap						3.25		%				SOFR						January 2, 2025						January 1, 2026						$	75,000					104						—
																																										$	(310)					$	4,321

______________________

(1)Swap was designated as cash flow hedge as of April 1, 2023.

Schedule of Gains and Losses Recognized on Derivative Financial Statements

The table below details the location in the consolidated financial statements of the gains and losses recognized related to derivative financial instruments (in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
Effect of derivative instruments			Location in Statements of Operations and Comprehensive Income			2024						2023						2024						2023
Loss (gain) recognized in other comprehensive income			Unrealized loss (gain) on interest rate derivative instruments			$	4,237					$	150					$	4,631					$	3,533
Interest (income) for derivatives that were designated as cash flow hedges			Interest expense			$	(1,155)					$	(2,694)					$	(5,863)					$	(5,235)
Interest (income) expense for derivatives that were not designated as cash flow hedges			Interest expense			$	—					$	—					$	—					$	469

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 gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
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