v3.23.3

DERIVATIVE AND HEDGING ACTIVITIES | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE AND HEDGING ACTIVITIES | DERIVATIVE AND HEDGING ACTIVITIES The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (“Collars”), to manage its exposure to fluctuations in interest rates under the Company’s variable rate debt. Hedge Accounting Treatment As of September 30, 2023, the Company had the following derivative outstanding, which was designated as a cash flow hedge that qualified for hedge accounting treatment:
Type Of Hedge |  | Notional Amount |  | Effective Date |  | Collar |  | Fixed SOFR Rate |  | Expiration Date |  |  |  |
|  | (amounts in millions) |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Cap |  | 2.75% |  |  |  |  |  |
Collar |  | $ | 90.0 |  |  | Jun. 25, 2019 |  | Floor |  | 0.402% |  | Jun. 28, 2024 |  |  |  |
Total |  | $ | 90.0 |  |  |  |  |  |  |  |  |  |  |  |  |
For the nine months ended September 30, 2023, the Company recorded the net change in the fair value of this derivative as a loss of $1.6 million (net of tax benefit of $0.6 million as of September 30, 2023) to the condensed consolidated statement of comprehensive income (loss). The fair value of this derivative was determined using observable market-based inputs (a Level 2 measurement) and the impact of credit risk on a derivative’s fair value (the creditworthiness of the Company for liabilities). As of September 30, 2023, the fair value of these derivatives was an asset of $1.8 million, and is recorded within prepaid expenses, deposits and other assets, net of accumulated amortization on the condensed consolidated balance sheet. The Company expects to reclassify $1.8 million of this amount to the condensed consolidated statement of operations over the next twelve months. The following table presents the accumulated derivative gain (loss) recorded in other comprehensive income (loss) as of September 30, 2023 and December 31, 2022:
Accumulated Derivative Gain |  | September 30, 2023 |  | December 31, 2022
|  | (amounts in thousands)
Accumulated derivative unrealized gain |  | $ | 1,344 |  |  | $ | 2,942 |
The following tables present the accumulated net derivative gain (loss) recorded in other comprehensive income (loss) for the nine months ended September 30, 2023 and September 30, 2022:
Other Comprehensive Income (Loss)
Net Change in Accumulated Derivative Unrealized Gain (Loss) |  | Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations
Three Months Ended September 30,
2023 |  | 2022 |  | 2023 |  | 2022
(amounts in thousands)
$ | (367) |  |  | $ | 1,422 |  |  | $ | 528 |  |  | $ | — |
Other Comprehensive Income (Loss)
Net Change in Accumulated Derivative Unrealized Gain (Loss) |  | Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations
Nine Months Ended September 30,
2023 |  | 2022 |  | 2023 |  | 2022
(amounts in thousands)
$ | (1,598) |  |  | $ | 3,198 |  |  | $ | 2,826 |  |  | $ | 232 |
Undesignated Derivatives The Company was subject to equity market risks due to changes in the fair value of the notional investments selected by its employees as part of its non-qualified deferred compensation plans. During the quarter ended June 30, 2020, the Company entered into a Total Return Swap ("TRS") in order to manage the market risks associated with its non-qualified deferred compensation plan liabilities. The Company paid floating rate, based on the SOFR, on the notional amount of the TRS. The TRS was designed to substantially offset changes in its non-qualified deferred compensation plan's liabilities due to changes in the value of the investment options made by employees. The Company did not designate the TRS as an accounting hedge. Rather, the Company recorded all changes in the fair value of the TRS to earnings to offset the market value changes of its non-qualified deferred compensation plan liabilities. The contract term of the TRS expired April 2023 and was not renewed.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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