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Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

13. Derivative Instruments and Hedging Activities

Interest Rate Risk Management

Concurrent with the Company’s July 13, 2017 borrowings under its credit facility, the Company entered into a 44–month interest-rate swap to convert the debt’s variable interest rate to a fixed rate of interest. The swap contracts, which matured on April 1, 2021, were designated as cash flow hedging instruments and qualified as effective hedges at inception under ASC Topic 815, “Derivatives and Hedging”. These contracts were recognized on the balance sheet at fair value. The effective portion of the changes in fair value on these instruments was recorded in other comprehensive income (loss) and was reclassified into the Consolidated Statements of Operations as interest expense in the same period in which the underlying hedge transaction affected earnings. Because the interest-rate swap contracts matured, they had no value as of December 31, 2022 and December 31, 2021, therefore there is no balance reflected in the Consolidated Balance Sheets for these periods.

The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (“OCI”) for the year ended December 31, 2022 (in thousands):

Derivatives in ASC Topic 815 Cash Flow Hedging Relationships		Amount of Gain / (Loss) recognized in OCI on Derivatives		Location of Gain / (Loss) reclassified from Accumulated OCI to Income		Amount of Gain / (Loss) reclassified from Accumulated OCI to Income		Location of Gain / (Loss) reclassified in Income on Derivatives		Amount of Gain /(Loss) recognized in Income on Derivatives
		(Effective Portion)		(Effective Portion)		(Effective Portion)		(Ineffective Portion/Amounts excluded from effectiveness testing)
Interest-Rate Swap Contracts		$0		Interest Expense		$0		Interest Expense		$—

The effect of derivative instruments on the Consolidated Statements of Operations and Comprehensive Income (“OCI”) for the year ended December 31, 2021 (in thousands):

Derivatives in ASC Topic 815 Cash Flow Hedging Relationships		Amount of Gain / (Loss) recognized in OCI on Derivatives		Location of Gain / (Loss) reclassified from Accumulated OCI to Income		Amount of Gain / (Loss) reclassified from Accumulated OCI to Income		Location of Gain / (Loss) reclassified in Income on Derivatives		Amount of Gain /(Loss) recognized in Income on Derivatives
		(Effective Portion)		(Effective Portion)		(Effective Portion)		(Ineffective Portion/ Amounts excluded from effectiveness testing)
Interest-Rate Swap Contracts		$35		Interest Expense		$34		Interest Expense		$—

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- References

No definition available.

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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

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