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Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Liabilities at Fair Value

The fair values of outstanding derivative instruments are as follows (in thousands):

 

 

Fair Value of Derivatives

 

 

 

 

 

September 30,
2022

 

 

December 31,
2021

 

 

Balance Sheet
Classification

Derivatives designated as hedges:

 

 

 

 

 

 

 

 

10 year forward interest rate swap

 

$

 

 

$

(5,446

)

 

Other long-term (liabilities)

 

 

$

 

 

$

(5,446

)

 

 

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The effect of the interest rate swaps on the consolidated statements of operations is as follows (in thousands):

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

Income Statement
Classification

Derivatives designated as hedges:

 

 

 

 

 

 

 

 

 

 

 

 

5 year interest rate swap

 

$

84

 

 

$

 

 

$

264

 

 

$

(831

)

 

Increase (decrease) to interest expense

10 year interest rate swap

 

 

165

 

 

 

 

 

 

498

 

 

 

490

 

 

Increase (decrease) to interest expense

 

 

$

249

 

 

$

 

 

$

762

 

 

$

(341

)