v3.25.2
Subsequent Event
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Event Subsequent Events
In July 2025, two variable-for-fixed interest rate swap agreements with an aggregate notional amount of $40.0 million matured and we entered into two variable-for-fixed interest rate swap agreements with an aggregate notional amount of $60.0 million, maturing in July 2028. Under the terms of the new interest rate swap agreements, we will receive monthly variable-rate interest payments based on one-month Term SOFR, and make monthly fixed-rate interest payments as specified in the interest rate
swap agreements. For additional information regarding our interest rate swaps, see Note 5 – Fair Value and Note 7 - Debt and Credit Facilities.
On July 4, 2025, the United States enacted a budget reconciliation package known as the One Big Beautiful Bill Act (“OBBBA”), which includes significant provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017 and the restoration of favorable tax treatments for certain business provisions. ASC 740, Income Taxes, requires entities to recognize the effects of new income tax legislation on deferred tax balances in the reporting period in which the legislation is enacted. We will record the effects of the OBBBA on deferred tax balances during the third quarter ending September 30, 2025. We are evaluating the impact of this new legislation, and we do not expect it to have a material impact on our results of operations and financial condition but expect a favorable impact on our cash flows resulting from the reinstatement of 100% bonus depreciation for qualified property.