XML 40 R30.htm IDEA: XBRL DOCUMENT v3.23.1
INTEREST RATE SWAPS (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
A summary of the significant terms of the Company’s interest rate swap agreements is as follows (dollars in thousands):
Entry
Date		Effective
Date
Maturity
Date(1)
Notional
Amount		Settlement TypeSettlement
Frequency		Fixed
Base Rate
Swap A(2)
3/7/20193/11/20193/11/2029$850,000 Receive one-month SOFR, pay fixedMonthly2.595%
Swap B(3)
3/6/20196/15/20202/28/2029350,000 Receive one-month SOFR, pay fixedMonthly2.691%
Total$1,200,000 
(1)Each swap may be terminated prior to the scheduled maturity at the election of the Company or the financial institution counterparty under the terms provided in each swap agreement.
(2)Swap A was amended effective February 28, 2023 to transition the reference rate from LIBOR to SOFR, resulting in the fixed base rate changing from 2.653% to 2.595%.
(3)Swap B was amended effective March 1, 2023 to transition the reference rate from LIBOR to SOFR, resulting in the fixed base rate changing from 2.739% to 2.691%.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The combined fair values of the Company’s interest rate swaps are reflected within the condensed consolidated balance sheets as follows (in thousands):
March 31, 2023December 31, 2022
Assets:
Current portion:
Prepaid and other current assets$23,707 $25,794 
Noncurrent portion:
Other noncurrent assets$19,023 $40,289 
Total interest rate swap asset$42,730 $66,083 
Stockholders’ Equity:
Accumulated other comprehensive income$32,279 $50,221 
The combined effect of the Company’s interest rate swaps on the condensed consolidated statements of operations and comprehensive income was as follows (in thousands):
Three Months Ended
March 31,
20232022
Interest (income) expense$(5,644)$7,609 
Unrealized gain (loss) on cash flow hedges, gross$(23,352)$75,831 
Less: Tax effect5,410 (18,461)
Unrealized gain (loss) on cash flow hedges, net of tax$(17,942)$57,370