Annual report pursuant to Section 13 and 15(d)

Derivative Financial Instruments (Tables)

v3.24.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets as of December 31, 2023 and 2022 (notional amounts and fair values in thousands):
Fair Value
Effective Date Maturity Date Notional Amount Bank Pay Rate Company Average Fixed Pay Rate 2023 2022
Assets (Liabilities) (1):
Current Derivatives
July 1, 2019 February 1, 2024 $ 25,000 
Daily SOFR
 1.7  % $ 88  $ 853 
January 1, 2021 February 1, 2024 150,000  Daily SOFR 0.5  % 692  6,966 
January 1, 2021 February 1, 2024 100,000  Daily SOFR 0.2  % 497  5,043 
March 1, 2021 February 1, 2024 25,000  Daily SOFR 0.2  % 124  1,256 
Total
 $ 300,000  $ 1,401  $ 14,118 
Forward Starting Derivatives
February 1, 2024 (2)
February 1, 2026 $ 75,000  Daily SOFR 3.5  % $ 670  $ — 
February 1, 2024 (2)
August 1, 2026 75,000  Daily SOFR 3.7  % 54 
February 1, 2024 (2)
January 1, 2027 175,000  Daily SOFR 4.2  % (2,435) — 
Total $ 325,000  $ (1,711) $ — 
(1)Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets.
(2)During 2023, we entered into $325.0 million of forward-starting interest rate swap agreements at an average fixed pay rate of 3.9% with an effective date of February 1, 2024 and maturity dates ranging from February 1, 2026 to January 1, 2027.

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, with various counterparties. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements for the years ended December 31, 2023, 2022 and 2021, respectively (in thousands):
2023 2022 2021
Interest Rate Swaps (Effective Portion):
Amount of gain (loss) recognized in other comprehensive income (loss) $ (14,534) $ 12,092  $ 5,383