v3.25.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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
 June 30, 2025 December 31, 2024
 Balance Sheet LocationFair ValueFair Value
Derivatives Designated as Hedging Instruments:
Interest rate swap contractsOther assets$757 $1,556 
Derivatives Not Designated as Hedging Instruments:
Interest rate swap contractsOther assets$— $3,540 
Interest rate swap contractsOther liabilities$278 $— 
Make-whole provisionsOther liabilities$14,992 $15,574 
During the six months ended June 30, 2025, in connection with the payment in full of the October 2012 Term Loan, we terminated the related interest rate swap contracts that were not designated as hedging instruments and received $2,808 in proceeds upon settlement. We also added 2 embedded derivatives for make-whole provisions with an initial fair value totaling $3,387. See Note 8 for additional information about the financings.
The following table presents information about the effects of our derivative instruments on our condensed consolidated statements of income (loss) and condensed consolidated statements of comprehensive income (loss):
Amount of (Gain) Loss Recognized in Net Income (Loss)
Location of (Gain) Loss Recognized in Net Income (Loss)Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Derivatives Designated as Hedging Instruments:
Interest rate swap contractsOther expenses, net$(97)$(271)$(204)$(547)
Derivatives Not Designated as Hedging Instruments:
Interest rate swap contractsOther expenses, net$84 $(229)$1,011 $(1,331)
Make-whole provisionsOther expenses, net$(4,386)$(1,380)$(3,978)$(2,637)
The following table presents the changes in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, from our hedging instruments:
Six Months Ended June 30, 2025
Derivatives Designated as Hedging Instruments:
Accumulated gain in AOCI at the beginning of the period$1,140 
Unrealized loss recognized in AOCI(426)
Gain reclassified from AOCI to other expenses, net(204)
Loss on derivatives(630)
Accumulated gain in AOCI at the end of the period$510 
The following tables present all of our active derivative instruments as of June 30, 2025:
Active Interest Rate SwapsExpiration DateInitial Notional
Amount ($)		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
17.75-Year, 3.16% Fixed
December 2040$14,084 Designated
18-Year, 3.81% Fixed
July 2041$32,021 Not Designated
Other DerivativesClassificationEffective DateExpiration DateFair Value ($)
Make-whole provisionsLiabilityJune/August 2018December 2038$111 
Make-whole provisionsLiabilityAugust 2016April 2031$15 
Make-whole provisionsLiabilityApril 2017February 2034$8 
Make-whole provisionsLiabilityNovember 2020December 2027$5 
Make-whole provisionsLiabilityOctober 2011May 2028$— 
Make-whole provisionsLiabilityMay 2021April 2045$55 
Make-whole provisionsLiabilityMarch 2023December 2047$1,538 
Make-whole provisionsLiabilityJune 2022March 2042$681 
Make-whole provisionsLiabilityJuly 2021March 2046$1,848 
Make-whole provisionsLiabilityApril 2024June 2042$7,545 
Make-whole provisionsLiabilityApril 2024June 2042$787 
Make-whole provisionsLiabilityApril 2025September 2045$2,191 
Make-whole provisionsLiabilityMay 2025December 2037$208