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Interest Rate Swap Contracts | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate Swap Contracts | Note 8. INTEREST RATE SWAP CONTRACTS During 2024, we held the following interest rate swap contracts (in thousands):
Type |  | Notional Amount |  |  | Termination Date |  | Fixed Rate |
Spot starting |  | $ | 150,000 |  |  | April 1, 2024 |  |  | 0.413 | %
Spot starting |  |  | 75,000 |  |  | April 1, 2024 |  |  | 0.298 | %
Spot starting |  |  | 75,000 |  |  | April 1, 2024 |  |  | 0.298 | %
Spot starting |  |  | 50,000 |  |  | March 30, 2028 |  |  | 3.287 | %
Spot starting |  |  | 100,000 |  |  | March 31, 2028 |  |  | 3.287 | %
Spot starting |  |  | 50,000 |  |  | April 8, 2028 |  |  | 3.282 | %
Forward starting April 1, 2024 |  |  | 100,000 |  |  | April 1, 2028 |  |  | 2.932 | %
Spot starting |  |  | 80,000 |  |  | March 31, 2028 |  |  | 4.105 | %
Spot starting |  |  | 20,000 |  |  | March 31, 2028 |  |  | 4.121 | %
Our interest rate swap contracts fix the rate on a portion of our SOFR-based borrowings under our CAPL Credit Facility, have been designated as cash flow hedges and are expected to be highly effective. The first three swap contracts above matured April 1, 2024, and as a result, our effective interest rate on the CAPL Credit Facility has increased since that time. The fair value of each of these interest rate swap contracts was reported as a separate line item within current assets, noncurrent assets, current liabilities and noncurrent liabilities, as applicable. See Note 12 for additional information on the fair value of the interest rate swap contracts. We report the unrealized gains and losses on our interest rate swap contracts designated as highly effective cash flow hedges as a component of other comprehensive income and reclassify such gains and losses into earnings (interest expense on our statement of operations) in the same period during which the hedged interest expense is recorded. We recognized a net realized gain from settlements of the interest rate swap contracts of $2.0 million and $4.7 million for the three months ended September 30, 2024 and 2023 and $9.0 million and $12.1 million for the nine months ended September 30, 2024 and 2023, respectively. We currently estimate that a net gain of $1.7 million will be reclassified from accumulated other comprehensive income into interest expense during the next 12 months; however, the actual amount that will be reclassified will vary based on changes in interest rates.

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