DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
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9 Months Ended |
Sep. 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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September 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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$ |
457 |
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$ |
1,023 |
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| Interest rate swap contracts |
Other liabilities |
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$ |
38 |
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$ |
— |
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| Derivatives Not Designated as Hedging Instruments: |
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| Interest rate swap contracts |
Other assets |
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$ |
2,486 |
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$ |
2,947 |
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| Interest rate swap contracts |
Other liabilities |
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$ |
945 |
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$ |
629 |
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| Make-whole provisions |
Other liabilities |
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$ |
14,344 |
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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 |
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Location of (Gain) Loss Recognized in Net Income |
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Three Months Ended September 30, |
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Nine Months Ended September 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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$ |
(259) |
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$ |
(546) |
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$ |
(806) |
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$ |
(757) |
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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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$ |
2,109 |
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$ |
(1,281) |
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$ |
778 |
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$ |
(1,160) |
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| Make-whole provisions |
Other expenses, net |
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$ |
1,592 |
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$ |
(1,764) |
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$ |
(1,045) |
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$ |
(2,146) |
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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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Nine Months Ended September 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 |
360 |
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| Gain reclassified from AOCI to other expenses, net |
(806) |
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| Loss on derivatives |
(446) |
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| Accumulated gain in AOCI at the end of the period |
$ |
300 |
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| Summary of Active Derivative Instruments |
The following tables present all of our active derivative instruments as of September 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 ($) |
| Make-whole provisions |
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Liability |
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June/August 2018 |
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December 2038 |
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$ |
252 |
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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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$ |
33 |
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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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$ |
34 |
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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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$ |
21 |
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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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$ |
4 |
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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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$ |
48 |
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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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$ |
2,376 |
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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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$ |
917 |
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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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$ |
1,826 |
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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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$ |
8,359 |
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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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$ |
475 |
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