XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Derivative Financial Instruments | 6 Months Ended
--- | ---
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative financial instruments | 5. Derivative financial instruments The following table summarizes the notional values related to the Company’s derivative instruments outstanding at June 30, 2022 (in thousands):
| June 30, 2022 |
Interest rate swap(1) | $ | 67,231 |
(1) Number of open positions and gross notional values do not measure the Company’s risk of loss, quantify risk or represent assets or liabilities of the Company, but rather indicate the relative size of the derivative instruments and are used in the calculation of the amounts to be exchanged between counterparties upon settlements. The following table presents the fair value of each classification of the Company’s derivative instruments designated as hedging instruments as of June 30, 2022 and December 31, 2021 (in thousands):
| June 30, 2022 |  |  | December 31, 2021 |
Non-current assets |  |  |  |  |
Interest rate swaps – cash flow hedges | $ | 246 |  |  | $ | — |
Current liabilities |  |  |  |  |
Interest rate swaps – cash flow hedges |  | (46 | ) |  |  | (1,401 | )
Non-current liabilities |  |  |  |  |
Interest rate swaps – cash flow hedges |  | — |  |  |  | (2,999 | )
Net derivative assets (liabilities) | $ | 200 |  |  | $ | (4,400 | )
The long-term derivative asset is reported within other assets on the balance sheet and the current portion of derivative liability is included in the accrued liabilities and other liabilities financial statement line item. Derivatives Accounted for as Cash Flow Hedges The Company’s cash flow hedges for 2022 and 2021, include interest rate swaps that are hedges of variability in forecasted interest payments due to changes in the interest rate on LIBOR-based borrowings, a summary which includes the following designations: • In 2018, the Company entered into two long-term interest rate swap agreements with a major financial institution. The swaps, which became effective in October 2018 and expire in April 2030, are used to hedge approximately 70% of the variability in interest payments/interest risk on the 2017 Bank Loans (as defined herein). The following table presents the gains and losses from the Company’s derivative instruments designated in a cash flow hedging relationship recognized in the consolidated statements of comprehensive income for the three and six months ended in June 30, 2022 (in thousands):
Derivatives Designated in Cash Flow Hedging Relationship |  |  |  | Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) |
|  |  |  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Interest rate swaps |  |  |  | $ | 806 |  |  | $ | (3,800 | ) |  | $ | 3,764 |  |  | $ | (1,935 | )
Derivatives Designated in Cash Flow Hedging Relationship |  | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) |  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income |
|  |  |  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Interest rate swaps |  | Interest expense |  | $ | (444 | ) |  | $ | (3,279 | ) |  | $ | (530 | ) |  | $ | (3,453 | )
The amount of gain (loss) recognized in other comprehensive income as of June 30, 2022 and expected to be reclassified within the next 12 months is less than $(0.1) million.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration