XML 22 R13.htm IDEA: XBRL DOCUMENT
v3.23.2

Derivatives and Hedging Activities | 6 Months Ended
--- | ---
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The following interest rate swaps have been designated as cash flow hedges (in thousands):
|  |  |  |  |  |  |  | Notional value at |  | Fair value at
Hedge type |  | Swap rate |  | Effective Date |  | Maturity Date |  | June 30, 2023 |  | December 31, 2022 |  | June 30, 2023 |  | December 31, 2022
Swap-cash flow-LIBOR |  | 2.29% |  | March 2019 |  | December 2022 |  | $ | — |  |  | $ | 200,000 |  |  | $ | — |  |  | $ | — |
Swap-cash flow-LIBOR |  | 2.29% |  | March 2019 |  | December 2022 |  | — |  |  | 125,000 |  |  | — |  |  | — |
Swap-cash flow-Term SOFR |  | 2.64% |  | November 2022 |  | November 2023 |  | 100,000 |  |  | 100,000 |  |  | 1,102 |  |  | 1,935 |
Swap-cash flow-Daily SOFR (1) |  | 2.44% |  | May 2023 |  | December 2023 |  | 75,000 |  |  | 75,000 |  |  | 1,219 |  |  | 1,852 |
Swap-cash flow-Daily SOFR (1) |  | 2.31% |  | May 2023 |  | December 2023 |  | 75,000 |  |  | 75,000 |  |  | 1,275 |  |  | 1,948 |
Swap-cash flow-Daily SOFR (1) |  | 1.08% |  | May 2023 |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | 1,850 |  |  | 2,464 |
Swap-cash flow-Daily SOFR (1) |  | 1.13% |  | May 2023 |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | 1,832 |  |  | 2,436 |
Swap-cash flow-Daily SOFR (1) |  | 1.08% |  | May 2023 |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | 1,854 |  |  | 2,470 |
Swap-cash flow-Daily SOFR (2) |  | 1.10% |  | April 2021 |  | April 2024 |  | 50,000 |  |  | 50,000 |  |  | 1,900 |  |  | 2,504 |
Swap-cash flow-Daily SOFR (2) |  | 0.98% |  | April 2021 |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | 976 |  |  | 1,293 |
Swap-cash flow-Daily SOFR (1) |  | 0.88% |  | May 2023 |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | 971 |  |  | 1,304 |
Swap-cash flow-Daily SOFR (1)(3) |  | 0.86% |  | May 2023 |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | 975 |  |  | 1,310 |
Swap-cash flow-Daily SOFR (1)(3) |  | 0.83% |  | May 2023 |  | April 2024 |  | 25,000 |  |  | 25,000 |  |  | 982 |  |  | 1,321 |
Swap-cash flow-Term SOFR |  | 4.37% |  | April 2023 |  | April 2024 |  | 200,000 |  |  | — |  |  | 1,589 |  |  | — |
Swap-cash flow-Daily SOFR (1)(3) |  | 0.77% |  | May 2023 |  | December 2024 |  | 50,000 |  |  | 50,000 |  |  | 3,141 |  |  | 3,538 |
Swap-cash flow-Daily SOFR (2)(3) |  | 0.75% |  | June 2020 |  | December 2024 |  | 50,000 |  |  | 50,000 |  |  | 3,247 |  |  | 3,636 |
Swap-cash flow-Daily SOFR (1) |  | 1.16% |  | May 2023 |  | September 2025 |  | 150,000 |  |  | 150,000 |  |  | 11,346 |  |  | 11,636 |
Swap-cash flow-Daily SOFR (1)(3) |  | 0.56% |  | May 2023 |  | January 2026 |  | 50,000 |  |  | 50,000 |  |  | 4,864 |  |  | 5,041 |
Swap-cash flow-Daily SOFR |  | 2.95% |  | April 2024 |  | April 2027 |  | 125,000 |  |  | — |  |  | 2,619 |  |  | — |
Swap-cash flow-Daily SOFR |  | 2.85% |  | April 2024 |  | April 2027 |  | 65,000 |  |  | — |  |  | 1,540 |  |  | — |
Swap-cash flow-Daily SOFR |  | 2.75% |  | April 2024 |  | April 2027 |  | 60,000 |  |  | — |  |  | 1,586 |  |  | — |
|  |  |  |  |  |  |  | $ | 1,300,000 |  |  | $ | 1,175,000 |  |  | $ | 44,868 |  |  | $ | 44,688 |
(1)In May 2023, the Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR. (2)In July 2023, the Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR. (3)In February 2022, the Company dedesignated these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of approximately $5.9 million of unrealized gains included in accumulated other comprehensive income to other income, net, in the consolidated statements of operations and comprehensive income. These swaps were subsequently redesignated and the amounts related to the initial fair value of $5.9 million that are recorded in other comprehensive income during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps. As of June 30, 2023 and December 31, 2022, the aggregate fair value of the interest rate swap assets of $44.9 million and $44.7 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of June 30, 2023 and December 31, 2022, there was approximately $41.7 million and $40.6 million, respectively, of unrealized gains included in accumulated other comprehensive income related to interest rate swaps. There was no ineffectiveness recorded during the three or six month periods ended June 30, 2023 or 2022. For the three and six months ended June 30, 2023, gains of approximately $7.5 million and $13.5 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. For the three and six months ended June 30, 2022, losses of approximately $3.1 million and $8.1 million, respectively, included in accumulated other comprehensive income were reclassified into interest expense for the interest rate swaps. Approximately $26.5 million of the unrealized gains included in accumulated other comprehensive income at June 30, 2023 is expected to be reclassified into earnings within the next 12 months

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 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
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration