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INTEREST RATE SWAPS

9 Months Ended

Sep. 30, 2023

INTEREST RATE SWAPS

INTEREST RATE SWAPS

NOTE 16. INTEREST RATE SWAPS

The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the three and nine months ended September 30, 2023 and 2022. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income. The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements as of September 30, 2023 is presented below (in thousands):


Hedged Item ⁽¹⁾		Effective Date		Maturity Date		Rate		Amount			Fair Value as of September 30, 2023
2026 Term Loan		3/10/2021		3/29/2024		0.12% + 0.10% + applicable spread		$	50,000		$	1,308
2026 Term Loan		3/29/2024		3/10/2026		1.44% + 0.10% + applicable spread		$	50,000		$	2,808
2026 Term Loan		8/31/2021		3/10/2026		0.70% + 0.10% + applicable spread		$	15,000		$	1,390
2026 Term Loan⁽²⁾		3/10/2026		3/10/2031		3.80% + 0.10% + applicable spread		$	40,000		$	193
2027 Term Loan		11/5/2021		3/29/2024		0.64% + 0.10% + applicable spread		$	100,000		$	2,360
2027 Term Loan		3/29/2024		1/31/2027		1.35% + 0.10% + applicable spread		$	100,000		$	7,714
2027 Term Loan⁽²⁾		1/31/2027		1/30/2032		3.75% + 0.10% + applicable spread		$	60,000		$	502
2028 Term Loan		9/30/2022		1/31/2028		3.78% + 0.10% + applicable spread		$	50,000		$	1,131
2028 Term Loan		9/30/2022		1/31/2028		3.78% + 0.10% + applicable spread		$	50,000		$	1,117
2028 Term Loan ⁽²⁾		1/31/2028		1/31/2033		3.81% + 0.10% + applicable spread		$	60,000		$	467
Credit Facility		1/31/2023		1/31/2030		3.27% + 0.10% + applicable spread		$	50,000		$	2,597
Credit Facility		1/31/2023		1/31/2030		3.26% + 0.10% + applicable spread		$	33,000		$	1,750
Credit Facility		1/31/2023		1/31/2030		3.36% + 0.10% + applicable spread		$	17,000		$	813

⁽¹⁾	On September 30, 2022, the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR.

⁽²⁾	During the three months ended September 30, 2023, the Company entered into forward swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans.