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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, All Other Investments [Abstract] |
Summary of Investments | The following table summarizes our bond activity for the years ended December 31, 2023 and 2022 (in thousands):
| 2023 |  | 2022
Fair value at January 1 | $ | 43,485 |  |  | $ | 38,670 |
Purchases | 14,122 |  |  | 19,771 |
Redemptions | (3,310) |  |  | (5,630) |
Maturities | (15,155) |  |  | (6,770) |
Change in bond premium | (1,099) |  |  | (645) |
Fair market value adjustment | 1,416 |  |  | (1,911) |
Fair value at December 31 | $ | 39,459 |  |  | $ | 43,485 |
Summary of Outstanding Interest Rate Swaps | The following table summarizes our outstanding interest rate swaps and their classification in the accompanying Consolidated Balance Sheets at December 31, 2023 and 2022 (in thousands). Refer to Note 7, Fair Value Measurements, to the accompanying consolidated financial statements for additional disclosures regarding fair value measurements.
| December 31, 2023
| Notional Amount |  | Fixed Rate |  | Expiration |  | Fair Value |  | Balance Sheet Location
Interest rate swap | $ | 50,000 |  |  | 0.834 | % |  | 4/14/2025 |  | $ | 2,282 |  |  | Other non-current asset
Interest rate swap | $ | 30,000 |  |  | 1.186 | % |  | 12/14/2026 |  | $ | 2,125 |  |  | Other non-current asset
Interest rate swap | $ | 20,000 |  |  | 2.450 | % |  | 8/14/2027 |  | $ | 784 |  |  | Other non-current asset
Interest rate swap (1) | $ | 25,000 |  |  | 3.669 | % |  | 4/14/2028 |  | $ | (129) |  |  | Other non-current liability
Interest rate swap (2) | $ | 25,000 |  |  | 4.488 | % |  | 10/14/2028 |  | $ | (1,063) |  |  | Other non-current liability
(1) Entered into during the first quarter of 2023. (2) Entered into during the fourth quarter of 2023.
| December 31, 2022
| Notional Amount |  | Fixed Rate |  | Expiration |  | Fair Value |  | Balance Sheet Location
Interest rate swap (3) | $ | 15,000 |  |  | 2.571 | % |  | 6/1/2023 |  | $ | 133 |  |  | Other current asset
Interest rate swap | $ | 50,000 |  |  | 0.834 | % |  | 4/14/2025 |  | $ | 3,726 |  |  | Other non-current asset
Interest rate swap | $ | 30,000 |  |  | 1.186 | % |  | 12/14/2026 |  | $ | 2,871 |  |  | Other non-current asset
Interest rate swap | $ | 20,000 |  |  | 2.450 | % |  | 8/14/2027 |  | $ | 1,079 |  |  | Other non-current asset
(3) Expired during the second quarter of 2023.
Summary of Effects of Interest Rate Swap | The following table summarizes the effects of the interest rate swap on our accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2023 and 2022 (in thousands):
| Gain recognized in AOCI, net of tax |  | Gain reclassified from AOCI into expense |  |
| Twelve Months Ended December 31, |  | Twelve Months Ended December 31, |  | Location
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Interest rate swaps | $ | 393 |  |  | $ | 6,255 |  |  | $ | 4,285 |  |  | $ | 357 |  |  | Interest expense

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