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INTEREST RATE SWAPS (Tables) | 3 Months Ended
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Mar. 31, 2025
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 Type |  | Settlement Frequency |  | Fixed Base Rate
Swap A(2) | 3/7/2019 |  | 3/11/2019 |  | 3/11/2029 |  | $ | 850,000 |  |  | Receive one-month SOFR, pay fixed |  | Monthly |  | 2.595%
Swap B(3) | 3/6/2019 |  | 6/15/2020 |  | 2/28/2029 |  | 350,000 |  |  | Receive one-month SOFR, pay fixed |  | Monthly |  | 2.691%
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, 2025 |  | December 31, 2024
Assets: |  |  |
Current portion: |  |  |
Prepaid and other current assets | $ | 15,469 |  |  | $ | 17,659 |
Noncurrent portion: |  |  |
Other noncurrent assets | 28,764 |  |  | 46,200 |
Total interest rate swap asset | $ | 44,233 |  |  | $ | 63,859 |
Stockholders’ Equity: |  |  |
Accumulated other comprehensive income | $ | 33,305 |  |  | $ | 48,291 |
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, |  |
| 2025 |  | 2024 |  |  |  |
Interest (income) expense | $ | (5,130) |  |  | $ | (8,243) |  |  |  |  |
Unrealized gain (loss) on cash flow hedges, gross | $ | (19,626) |  |  | $ | 24,059 |  |  |  |  |
Less: Tax effect | 4,640 |  |  | (5,785) |  |  |  |  |
Unrealized gain (loss) on cash flow hedges, net of tax | $ | (14,986) |  |  | $ | 18,274 |  |  |  |  |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: 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 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: 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
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