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Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swaps

Interest rate swaps outstanding during the six months ended June 30, 2023 and 2022, are as follows:

Notional Amount

Interest Rate Received

Interest Rate Paid

Effective Date

Maturity Date

Designated as Hedging Instrument

$200 million

1 month SOFR(1)

1.71%(2)

April 30, 2022

December 31, 2023

$150 million

1 month SOFR(1)

2.79%(3)

June 30, 2022

December 31, 2023

$250 million

1 month SOFR(1)

4.72%

June 30, 2023

June 30, 2026

$250 million

1 month SOFR(1)

3.88%

December 31, 2023

December 31, 2024

______________________

(1)    Subject to a 0.5% floor.

(2)    Fixed fee of 1.71% effective April 30, 2022, and expiring December 30, 2022, and 3.09% effective December 31, 2022, and expiring December 31, 2023.

(3)    Fixed fee of 2.79% effective June 30, 2022, and expiring December 30, 2022, and 3.98% effective December 31, 2022, and expiring December 31, 2023.

Schedule of Estimated Fair Values of Derivatives Designated as Hedging Instruments

The estimated fair values of our derivatives designated as hedging instruments as of June 30, 2023 and December 31, 2022 are as follows (in thousands):

						Derivative Assets
												Fair Value as of
Derivatives Designated as Hedging Instruments						Consolidated Balance Sheet Location						June 30, 2023			December 31, 2022
Interest rate swaps						Prepaid expenses and other current assets						$	3,374		$	4,905
Interest rate swaps						Other noncurrent liabilities						(127)			(168)
Total												$	3,247		$	4,737

Schedule of Derivative Instruments, Net of Taxes

The effects of derivative instruments, net of taxes, on OCI for the three and six months ended June 30, 2023 and 2022 are as follows (in thousands):

						Amount of Gains (Losses) Recognized in OCI on Derivative, Effective Portion
Derivatives in Cash Flow Hedging Relationships									Three Months Ended June 30,												Six Months Ended June 30,
									2023						2022						2023						2022
Interest rate swaps									$	1,181					$	(18)					$	885					$	(18)
Total									$	1,181					$	(18)					$	885					$	(18)

												Amount of (Gains) Losses Reclassified from Accumulated OCI into Income, Effective Portion
Derivatives in Cash Flow Hedging Relationships						Income Statement Location						Three Months Ended June 30,												Six Months Ended June 30,
												2023						2022						2023						2022
Interest rate swaps						Interest expense, net									$	(1,427)								$	244					$	(2,416)					$	244
Total												$	(1,427)					$	244					$	(2,416)					$	244

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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-Topic 815
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-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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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.

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