Derivative financial instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following table summarizes the notional values related to the Company’s derivative instruments outstanding at March 31, 2022 (in thousands):

	March 31, 2022
Interest rate swap(1)	$	69,188

(1)Number of open positions and gross notional values do not measure the Company’s risk of loss, quantify risk or represent assets or liabilities of the Company, but rather indicate the relative size of the derivative instruments and are used in the calculation of the amounts to be exchanged between counterparties upon settlements.

Schedule of fair value of the Company's derivative instruments designated as hedging instruments

The following table presents the fair value of each classification of the Company’s derivative instruments designated as hedging instruments as of March 31, 2022 and December 31, 2021 (in thousands):

	March 31, 2022		December 31, 2021
Current liabilities
Interest rate swaps – cash flow hedges	$	708	$	1,401
Non-current liabilities
Interest rate swaps – cash flow hedges		509		2,999
Derivative liabilities	$	1,217	$	4,400

Schedule of gains and losses from the Company's derivative instruments designated in a cash flow hedging

The following table presents the gains and losses from the Company’s derivative instruments designated in a cash flow hedging relationship recognized in the consolidated statements of comprehensive income for the three months ended in March 31, 2022 (in thousands):

Derivatives Designated in Cash Flow Hedging Relationship	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion)				Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
	For the three months ended March 31,					For the three months ended March 31,
	2022		2021			2022			2021
Interest rate swaps	$	2,958	$	1,865	Interest expense	$	(86	)	$	(174	)