Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Company's Outstanding Derivatives

As of March 31, 2024, the Company had the following outstanding interest rate swap derivatives that were used to hedge its interest rate risks:

Product	Number of Instruments	Effective Date	Maturity Date	Current Notional(1)
Interest Rate Swap	4	February 28, 2023	November 29, 2027	$300.0 million USD

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(1)The notional value steps down from $300.0 million to $150.0 million on February 27, 2026.

Schedule of Fair Value of Derivative Financial Instruments

All financial derivative instruments are carried at their fair value on the balance sheet. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheets as of the dates presented:

	Asset Derivatives
	March 31, 2024			December 31, 2023
(in thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps	Other current assets	$	1,952	Other current assets	$	1,187

	Liability Derivatives
	March 31, 2024			December 31, 2023
(in thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps	Other liabilities	$	2,061	Other liabilities	$	5,357

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The tables below present the effect of cash flow hedge accounting on accumulated OCI for the periods presented:

	Three Months Ended March 31,					Three Months Ended March 31,
(in thousands)	2024		2023			2024		2023
Derivatives designated as hedging instruments:	Amount of Gain or (Loss) Recognized in OCI on Derivative				Location of Gain or (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
Interest rate swaps	$	4,879	$	(6,877)	Interest expense	$	818	$	97

Schedule of Consolidated Statements of Operations and Comprehensive (Loss) Income

The table below presents the effect of the Company’s cash flow hedge accounting on the unaudited condensed consolidated statements of operations and comprehensive loss for the periods presented:

	Three Months Ended March 31,
	2024		2023
(in thousands)	Interest Expense
Total amounts of income and expense line items in which the effects of cash flow hedges are recorded	$	10,312	$	8,608
Gain or (loss) on cash flow hedging relationships
Interest rate swaps:
Amount of gain or (loss) reclassified from accumulated OCI into income	$	818	$	97