Annual report pursuant to Section 13 and 15(d)

Derivative Financial Instruments and Hedging Activities (Tables)

v3.24.1.u1
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below presents the location and gross fair value amounts of the Company's derivative financial instruments and the associated notional amounts designated as cash flow hedges (in thousands):
 
December 31, 2023
  Balance Sheet Location Notional Fair Value Derivative Assets
Derivatives designated as hedges:
Cash flow hedges
Interest rate swaps Derivative financial instruments $ 20,000 $ 1,442

 
December 31, 2022
  Balance Sheet Location Notional Fair Value Derivative Assets
Derivatives designated as hedges:
Cash flow hedges
Interest rate swaps Derivative financial instruments $ 20,000 $ 1,965

Schedule of Designated as Hedging Instruments in AOCI
The table below presents the effect of our derivative financial instruments designated as hedging instruments in AOCI (in thousands):
Years Ended
 
December 31, 2023
December 31, 2022
Gain on cash flow hedges - interest rate swaps  
Beginning balance $ 1,489 $ 268
Unrealized gain recognized in AOCI 214 1,807
Amounts reclassified to interest expense (a)(b) (737) (198)
Tax benefit (provision) 122 (388)
Ending balance $ 1,088 $ 1,489
(a) Negative amounts represent interest income and positive amounts represent interest expense. Interest expense as presented in the consolidated statement of operations for the years ended December 31, 2023, 2022 and 2021 was $2.2 million, $1.4 million and $1.4 million, respectively.
(b) As of December 31, 2023, $0.6 million of income is expected to be reclassified into earnings within the next 12 months.