| 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 |
| |
|
|
March 31, 2025 |
|
December 31, 2024 |
| |
Balance Sheet Location |
|
Fair Value |
|
Fair Value |
| Derivatives Designated as Hedging Instruments: |
|
|
|
|
|
| Interest rate swap contracts |
Other assets |
|
$ |
930 |
|
|
$ |
1,556 |
|
|
|
|
|
|
|
| Derivatives Not Designated as Hedging Instruments: |
|
|
|
|
|
| Interest rate swap contracts |
Other assets |
|
$ |
2,712 |
|
|
$ |
3,540 |
|
| Interest rate swap contracts |
Other liabilities |
|
$ |
99 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Make-whole provisions |
Other liabilities |
|
$ |
15,983 |
|
|
$ |
15,574 |
|
The following table presents information about the effects of our derivative instruments on our condensed consolidated statements of loss and condensed consolidated statements of comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of (Gain) Loss Recognized in Net Loss |
|
Location of (Gain) Loss Recognized in Net Loss |
|
Three Months Ended March 31, |
|
|
|
|
2025 |
|
2024 |
|
|
|
|
| Derivatives Designated as Hedging Instruments: |
|
|
|
|
|
|
|
|
| Interest rate swap contracts |
Other expenses, net |
|
$ |
(107) |
|
|
$ |
(276) |
|
|
|
|
|
| Derivatives Not Designated as Hedging Instruments: |
|
|
|
|
|
|
|
|
| Interest rate swap contracts |
Other expenses, net |
|
$ |
927 |
|
|
$ |
(1,102) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Make-whole provisions |
Other expenses, net |
|
$ |
408 |
|
|
$ |
(1,257) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the changes in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, from our hedging instruments:
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2025 |
|
|
| Derivatives Designated as Hedging Instruments: |
|
|
|
| Accumulated gain in AOCI at the beginning of the period |
$ |
1,140 |
|
|
|
|
|
|
|
| Unrealized loss recognized in AOCI |
(395) |
|
|
|
| Gain reclassified from AOCI to other expenses, net |
(107) |
|
|
|
| Loss on derivatives |
(502) |
|
|
|
| Accumulated gain in AOCI at the end of the period |
$ |
638 |
|
|
|
The following tables present all of our active derivative instruments as of March 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
Not Designated |
8-Year, 3.49% Fixed |
|
|
|
June 2028 |
|
$ |
10,734 |
|
|
Not 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 |
|
$ |
492 |
|
| Make-whole provisions |
|
Liability |
|
August 2016 |
|
April 2031 |
|
$ |
35 |
|
| Make-whole provisions |
|
Liability |
|
April 2017 |
|
February 2034 |
|
$ |
27 |
|
| Make-whole provisions |
|
Liability |
|
November 2020 |
|
December 2027 |
|
$ |
14 |
|
| Make-whole provisions |
|
Liability |
|
October 2011 |
|
May 2028 |
|
$ |
3 |
|
| Make-whole provisions |
|
Liability |
|
May 2021 |
|
April 2045 |
|
$ |
77 |
|
| Make-whole provisions |
|
Liability |
|
July 2021 |
|
March 2046 |
|
$ |
2,218 |
|
| Make-whole provisions |
|
Liability |
|
June 2022 |
|
March 2042 |
|
$ |
852 |
|
| Make-whole provisions |
|
Liability |
|
March 2023 |
|
December 2047 |
|
$ |
2,045 |
|
| Make-whole provisions |
|
Liability |
|
April 2024 |
|
June 2042 |
|
$ |
9,578 |
|
| Make-whole provisions |
|
Liability |
|
April 2024 |
|
June 2042 |
|
$ |
641 |
|
|