Hedge Accounting

3 Months Ended

Mar. 31, 2025

Note 19 – Hedge Accounting

As of March 31, 2025, our Company held derivative instruments to the notional value of $31.2 million (AU$50.0 million). As of December 31, 2024, our Company held derivatives in the total notional amount of $33.0 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,
	2025			2024
(Dollars in thousands)	Balance sheet location	Fair value		Balance sheet location	Fair value
Interest rate contracts	Derivative financial instruments - current portion	$	—	Derivative financial instruments - current portion	$	—
	Derivative financial instruments - non-current portion		148	Derivative financial instruments - non-current portion		137
Total derivatives designated as hedging instruments		$	148		$	137
Total derivatives		$	148		$	137

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, 2025 and March 31, 2024, 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
			2025		2024
Interest rate contracts	Interest expense	$	—	$	—
Total		$	—	$	—



(Dollars in thousands)	Amount
	Three Months Ended March 31
		2025		2024
Interest rate contracts	$	148	$	—
Total	$	148	$	—


Line Item	Amount
	Three Months Ended March 31
		2025		2024
Interest expense	$	—	$	—
Total	$	—	$	—

As of March 31, 2025, we expect to release $229,000 to earnings.