Derivative financial instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022 (in thousands):

	September 30, 2022
Interest rate swap(1)	$	66,061

(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. Instead, they 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 September 30, 2022 and December 31, 2021 (in thousands):

	September 30, 2022		December 31, 2021
Interest rate swaps – cash flow hedges
Current assets	$	406	$	—
Non-current assets		2,008		—
Current liabilities		—		(1,401	)
Non-current liabilities		—		(2,999	)
Net derivative assets (liabilities)	$	2,414	$	(4,400	)

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

The following tables present the gains and losses from the Company’s derivative instruments designated in a cash flow hedging relationship recognized in the consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2022 and 2021 (in thousands):

Derivatives Designated in Cash Flow Hedging Relationship		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion)
		For the three months ended September 30,					For the nine months ended September 30,
		2022			2021		2022			2021
Interest rate swaps		$	1,917		$	2,837	$	5,681		$	902
Derivatives Designated in Cash Flow Hedging Relationship	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 September 30,					For the nine months ended September 30,
		2022			2021		2022			2021
Interest rate swaps	Interest expense	$	(437	)	$	2,195	$	(967	)	$	(1,258	)