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Derivative financial instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table summarizes the notional values related to the Company’s derivative instruments outstanding at March 31, 2024 (in thousands):


	March 31, 2024
Interest rate swaps (1)	$	238,850

(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 March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023
Cash flow hedges
Current assets	$	3,194	$	2,653
Non-current assets		1,217		548
Current liabilities		—		(14	)
Non-current liabilities		—		(1,779	)
Net derivative assets	$	4,411	$	1,408

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 months ended March 31, 2024 and 2023 (in thousands):


Derivatives Designated in		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Cash Flow Hedging		For the three months ended March 31,
Relationship		2024		2023
Interest rate swaps		$	4,151	$	389

Derivatives Designated in		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Cash Flow Hedging	Location of Gain (Loss) Reclassified from	For the three months ended March 31,
Relationship	Accumulated Other Comprehensive Income into Income	2024		2023
Interest rate swaps	Interest expense	$	1,163	$	497

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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