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Derivative financial instruments | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative financial instruments | As part of our interest rate risk management strategy, we entered into interest rate swaps, which we designated as cash flow hedges, to mitigate variability in interest payments on a portion of our variable-rate debt (Note 12). Information regarding our cash flow hedges was as follows:
|  |  |  |  |  |  |  |  |  | September 30, 2022 |  | December 31, 2021
(in thousands) | Notional amount |  | Interest Rate |  | Maturity |  | Balance Sheet Location |  | Fair Value Asset / (Liability) |  | Fair Value Asset / (Liability)
July 2019 interest rate swap: |  |  |  |  |  |  |  |  |  |  |
|  | $ | 200,000 |  |  | 1.798 | % |  | March 2023 |  | Other current assets |  | $ | 2,071 |  |  | $ | — |
|  |  |  |  |  |  |  | Other non-current liabilities |  | — |  |  | (3,028) |
September 2022 interest rate swap: |  |  |  |  |  |  |  |  |  |  |
|  | 300,000 |  |  | 3.895 | % |  | September 2025 |  | Other non-current assets |  | 1,726 |  |  | — |
Changes in the fair values of the interest rate swaps are recorded in accumulated other comprehensive loss on the consolidated balance sheets and are subsequently reclassified to interest expense as interest payments are made on the variable-rate debt. The fair values of the derivatives are calculated based on the prevailing LIBOR rate curve on the date of measurement. The cash flow hedges were fully effective as of September 30, 2022 and December 31, 2021, and their impact on consolidated net income and our consolidated statements of cash flows was not significant. We also expect that the amount that will be reclassified to interest expense during the next 12 months will not be significant.

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- 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 https://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 https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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