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INTEREST RATE SWAPS | 12 Months Ended
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Dec. 31, 2022
INTEREST RATE SWAPS |
INTEREST RATE SWAPS | NOTE 17. INTEREST RATE SWAPS The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the years ended December 31, 2022, 2021, and 2020. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income (loss). The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements are noted below (in thousands): ​
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Hedged Item (1) | ​ | Effective Date | ​ | Maturity Date | ​ | Rate | ​ | Amount | ​ | Fair Value as of December 31, 2022
2026 Term Loan | ​ | 3/10/2021 | ​ | 3/29/2024 | ​ | 0.12% + 0.10% + applicable spread | ​ | $ | 50,000 | ​ | $ | 2,818
2026 Term Loan | ​ | 3/29/2024 | ​ | 3/10/2026 | ​ | 1.44% + 0.10% + applicable spread | ​ | $ | 50,000 | ​ | $ | 1,768
2026 Term Loan | ​ | 8/31/2021 | ​ | 3/10/2026 | ​ | 0.70% + 0.10% + applicable spread | ​ | $ | 15,000 | ​ | $ | 1,461
2027 Term Loan | ​ | 11/5/2021 | ​ | 3/29/2024 | ​ | 0.64% + 0.10% + applicable spread | ​ | $ | 100,000 | ​ | $ | 5,007
2027 Term Loan | ​ | 3/29/2024 | ​ | 1/31/2027 | ​ | 1.35% + 0.10% + applicable spread | ​ | $ | 100,000 | ​ | $ | 5,104
2028 Term Loan | ​ | 9/30/2022 | ​ | 1/31/2028 | ​ | 3.78% + 0.10% + applicable spread | ​ | $ | 50,000 | ​ | $ | (194)
2028 Term Loan | ​ | 9/30/2022 | ​ | 1/31/2028 | ​ | 3.78% + 0.10% + applicable spread | ​ | $ | 50,000 | ​ | $ | (203)
(1) | Effective September 30, 2022 the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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