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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The Swap Transactions have an aggregate notional amount of $375.0 million and include one and two-year tenors with the following terms:

NOTIONAL AMOUNT						WEIGHTED AVERAGE FIXED INTEREST RATE (1)						EFFECTIVE DATE						TERMINATION DATE
$	100,000,000					4.92%						December 29, 2023						December 31, 2024
100,000,000						4.34%						December 29, 2023						December 31, 2025
175,000,000						4.40%						March 29, 2024						March 31, 2026
$	375,000,000					4.52%

____________________

(1)The weighted average fixed interest rate excludes the term SOFR adjustment and interest rate spread described below.

Schedule of derivative instruments in statement of financial position, fair value

The following table presents the fair value and classification of the Company’s swap agreements as of the periods indicated:

(dollars in thousands)			MARCH 31, 2024						DECEMBER 31, 2023						CONSOLIDATED BALANCE SHEET CLASSIFICATION
Interest rate swaps - asset (1)			$	1,574					$	320					Other current assets, net
Interest rate swaps - liability			$	—					$	253					Accrued and other current liabilities
Interest rate swaps - liability			846						893						Other long-term liabilities, net
Total fair value of derivative instruments - liabilities (1)			$	846					$	1,146

____________________

(1)    See Note 13 - Fair Value Measurements for fair value discussion of the interest rate swaps.

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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 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.

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