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Derivative financial instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following table summarizes the notional values related to the Company’s derivative instruments outstanding at June 30, 2024 (in thousands):

	June 30, 2024
Interest rate swaps (1)	$	232,972

(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. Instead, they indicate the relative size of the derivative instruments and are used in the calculation of the amounts to be exchanged between counterparties upon settlements.

Schedule of fair value of the Company's derivative instruments designated as hedging instruments

The following table presents the fair value of each classification of the Company’s derivative instruments designated as hedging instruments as of June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 2024				December 31, 2023
Cash flow hedges
Current assets	$	3,070			$	2,653
Non-current assets		1,515				548
Current liabilities		—				(14	)
Non-current liabilities		—				(1,779	)
Net derivative assets	$	4,585			$	1,408

Schedule of gains and losses from the Company's derivative instruments designated in a cash flow hedging

The following tables present the gains and losses from the Company’s derivative instruments designated in a cash flow hedging relationship recognized in the consolidated statements of income and comprehensive income for the three and six months ended June 30, 2024 and 2023 (in thousands):

Derivatives Designated in				Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Cash Flow Hedging				For the three months ended June 30,								For the six months ended June 30,
Relationship				2024				2023				2024				2023
Interest rate swaps				$	1,102			$	4,194			$	5,253			$	4,583
Derivatives Designated in				Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Cash Flow Hedging		Location of Gain (Loss) Reclassified from		For the three months ended June 30,								For the six months ended June 30,
Relationship		Accumulated Other Comprehensive Income into Income		2024				2023				2024				2023
Interest rate swaps		Interest expense		$	927			$	678			$	2,090			$	1,175

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Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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