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