Quarterly report [Sections 13 or 15(d)]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.25.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Derivative Instruments
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 
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 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)
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:
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 
Summary of Active Derivative Instruments
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