Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments and Hedging Activities (Tables)

v3.21.2
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2021
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 our derivative financial instruments and the associated notional amounts designated as cash flow hedges (in thousands):
 
September 30, 2021 (a)
  Balance Sheet Location Notional Fair Value Derivative Assets
Derivatives designated as hedges:
Cash flow hedges
Interest rate swaps Other assets $ 20,000 $ 93
(a) No derivative instruments existed at December 31, 2020.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The table below presents the effect of our derivative financial instruments designated as hedging instruments in AOCI (in thousands):
 
Three Months Ended
September 30, 2021 (a)
Nine Months Ended
September 30, 2021 (a)
Gain on cash flow hedges - interest rate swaps    
Beginning balance $ 39 $ —
Unrealized gain recognized in AOCI 9 20
Amounts reclassified to interest expense (b)(c) 32 73
Tax provision (10) (23)
Ending balance $ 70 $ 70
(a) No derivative instruments existed for the three and nine months ended September 30, 2020.
(b) Positive amounts represented interest expense. Total interest expense as presented in the consolidated statement of operations for the three and nine months ended September 30, 2021 were $0.3 million and $0.9 million, respectively.
(c) $0.1 million of expense is expected to be reclassified into earnings within the next 12 months.