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Financial Instruments: Derivatives and Hedging

12 Months Ended

Dec. 31, 2024

Financial Instruments: Derivatives and Hedging

Financial Instruments: Derivatives and Hedging

5.   Financial Instruments: Derivatives and Hedging

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On February 20, 2019, the Company entered into interest rate swap transactions that fixed the interest rate for the period beginning August 26, 2020 and ending January 31, 2024 on the BMO Term Loan (the “2019 BMO Interest Rate Swap”). The variable rates that were fixed under the 2019 BMO Interest Rate Swap is described in Note 3. On February 8, 2023, the Company terminated the 2019 BMO Interest Rate Swap applicable to the BMO Term Loan and, on February 10, 2023, the Company received an aggregate of approximately $4.3 million as a result of such terminations, of which approximately $0.1 million related to interest receivable. As of December 31, 2024 and December 31, 2023, there were no derivative instruments.

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The 2019 BMO Interest Rate Swap qualified as a cash flow hedge and has been recognized on the consolidated balance sheets at fair value. If a derivative qualifies as a hedge, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value will be recognized in earnings in the same period in which the hedged interest payments affect earnings, which may increase or decrease reported net income and stockholders’ equity prospectively, depending on future levels of interest rates and other variables affecting the fair values of derivative instruments and hedged items, but will have no effect on cash flows.

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The gain/(loss) on the 2019 BMO Interest Rate Swap that was recorded in OCI and the accompanying consolidated statements of income as a component of interest expense for the years ended December 31, 2024, 2023 and 2022, respectively, was as follows:

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​	​	​	​	​	​	​	​	​	​
(in thousands)	​	Year Ended December 31,
Interest Rate Swaps in Cash Flow Hedging Relationships:		2024			2023			2022
​	​	​	​	​	​	​	​	​	​
Amounts of gain recognized in OCI	​	$	—	​	$	177	​	$	8,451
Amounts of previously recorded gain (loss) reclassified from OCI into Interest Expense	​	$	355	​	$	4,180	​	$	(1,146)
​	​	​	​	​	​	​	​	​	​
Total amount of Interest Expense presented in the consolidated statements of operations	​	$	26,424	​	$	24,318	​	$	22,808

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Over time, the realized gains in accumulated other comprehensive income were reclassified into earnings as a decrease to interest expense in the same periods in which the hedged interest payments affected earnings.

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The Company hedged the exposure to variability in anticipated future interest payments on existing debt.

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- References

No definition available.

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- Definition

The entire disclosure for derivatives and fair value of assets and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/820/tableOfContent

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