v3.26.1
Hedge Accounting
 3 Months Ended
Mar. 31, 2026
Hedge Accounting [Abstract]  
Hedge Accounting Note 19 – Hedge Accounting

As of March 31, 2026, our Company held derivative instruments to the notional value of $34.3 million (AU$50.0 million). As of December 31, 2025, our Company held derivatives in the total notional amount of $32.2 million (AU$50.0 million).

The derivatives are recorded on the balance sheet at fair value and are included in the following line items:

Liability Derivatives

March 31,

December 31,

2026

2025

(Dollars in thousands)

Balance sheet location

Fair value

Balance sheet location

Fair value

Interest rate contracts

Derivative financial instruments - current portion

$

16 

Derivative financial instruments - current portion

$

56 

Derivative financial instruments - non-current portion

—

Derivative financial instruments - non-current portion

—

Total derivatives designated as hedging instruments

$

16 

$

56 

Total derivatives

$

16 

$

56 

The changes in fair value of that instrument were recorded in Other Comprehensive Income and released into interest expense in the same period(s) in which the hedged transactions affect earnings. In the quarter ended March 31, 2026 and March 31, 2025, respectively, the derivative instruments affected Comprehensive Income as follows:

(Dollars in thousands)

Location of Loss Recognized in Income on Derivatives

Three Months Ended March 31

2026

2025

Interest rate contracts

Interest expense

$

(1)

$

—

Total

$

(1)

$

—

(Dollars in thousands)

Amount

Three Months Ended March 31

2026

2025

Interest rate contracts

$

(41)

$

148 

Total

$

(41)

$

148 

Line Item

Amount

Three Months Ended March 31

2026

2025

Interest expense

$

(1)

$

—

Total

$

(1)

$

—

As of March 31, 2026, we expect to release $4,000 to earnings over the remaining life of the derivative.