Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments and Hedging Activities

v3.24.2.u1
Derivative Instruments and Hedging Activities
6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The following table presents information about the fair value amounts of our cash flow derivative instruments:  
  Derivatives as of
  June 30, 2024   December 31, 2023
  Balance Sheet Location Fair Value Fair Value
Derivatives Designated as Hedging Instruments:
Interest rate swap contracts Other assets $ 1,853  $ 1,023 
Derivatives Not Designated as Hedging Instruments:
Interest rate swap contracts Other assets $ 3,650  $ 2,947 
Interest rate swap contracts Other liabilities $ —  $ 629 
Make-whole provisions Other liabilities $ 12,750  $ 6,012 
As of June 30, 2024 and December 31, 2023, all but 3 of our freestanding derivatives were designated as hedging instruments.
The following table presents information about the effects of our derivative instruments on our condensed consolidated statements of income and condensed consolidated statements of comprehensive income:
Amount of (Gain) Loss Recognized in Net Income (Loss)
Location of (Gain) Loss Recognized in Net Income (Loss)
Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Derivatives Designated as Hedging Instruments:
Interest rate swap contracts Other expenses, net $ (271) $ (222) $ (547) $ (211)
Derivatives Not Designated as Hedging Instruments:
Interest rate swap contracts Other expenses, net $ (229) $ (338) $ (1,331) $ 182 
Make-whole provisions Other expenses, net $ (1,380) $ (86) $ (2,637) $ (443)
The following table presents the changes in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, from our hedging instruments:
Six Months Ended June 30, 2024
Derivatives Designated as Hedging Instruments:
Accumulated gain in AOCI at the beginning of the period $ 746 
Unrealized gain recognized in AOCI 1,161 
Gain reclassified from AOCI to other expenses, net (547)
Gain on derivatives 614 
Accumulated gain in AOCI at the end of the period $ 1,360 
The following tables present all of our active derivative instruments as of June 30, 2024:
Active Interest Rate Swaps Expiration Date Initial Notional
Amount ($)
Status
11-Year, 5.77% Fixed
October 2029 $ 9,200  Designated
15-Year, 5.24% Fixed
June 2033 $ 10,000  Designated
10-Year, 4.74% Fixed
December 2027 $ 14,100  Designated
8-Year, 3.49% Fixed
June 2028 $ 14,643  Designated
8-Year, 3.49% Fixed
June 2028 $ 10,734  Designated
13-Year, 0.72% Fixed
March 2033 $ 9,505  Not Designated
13-Year, 0.72% Fixed
March 2033 $ 6,968  Not Designated
17.75-Year, 3.16% Fixed
December 2040 $ 14,084  Designated
18-Year, 3.81% Fixed
July 2041 $ 32,021  Not Designated
Other Derivatives Classification Effective Date Expiration Date Fair Value ($)
Make-whole provisions Liability June/August 2018 December 2038 $ 241 
Make-whole provisions Liability August 2016 April 2031 $ 30 
Make-whole provisions Liability April 2017 February 2034 $ 26 
Make-whole provisions Liability November 2020 December 2027 $ 24 
Make-whole provisions Liability October 2011 May 2028 $
Make-whole provisions Liability May 2021 April 2045 $ 11 
Make-whole provisions Liability July 2021 March 2046 $ 2,310 
Make-whole provisions Liability June 2022 March 2042 $ 870 
Make-whole provisions Liability March 2023 December 2047 $ 1,348 
Make-whole provisions Liability April 2024 June 2042 $ 7,390 
Make-whole provisions Liability April 2024 June 2042 $ 499