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Derivative Instruments and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 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 at

 

 

 

 

 

December 31,

 

 

 

 

 

2022

 

 

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 was as follows (in thousands):

 

 

For the years ended December 31,

 

 

 

 

 

2022

 

 

2021

 

 

2020

 

 

Income Statement Classification

Derivatives designated as hedges:

 

 

 

 

 

 

 

 

 

 

 

5 year interest rate swap

 

$

343

 

 

$

(740

)

 

$

191

 

 

Increase (decrease) to interest expense

10 year interest rate swap

 

 

655

 

 

 

658

 

 

 

478

 

 

Increase (decrease) to interest expense

 

 

$

998

 

 

$

(82

)

 

$

669