Derivative Financial Instruments

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):

							Fair Value
Effective Date	Maturity Date	Notional Amount	Bank Pay Rate		Company Fixed Pay Rate		September 30, 2021		December 31, 2020
Assets (Liabilities)(1):
Interest rate swaps:
April 13, 2016	January 1, 2021	175,000	1	month LIBOR	1.03	%	$	—	$	(17)
March 1, 2018	January 31, 2021	40,000	1	month LIBOR	2.47	%	—		(75)
August 14, 2018	January 1, 2021	150,000	1	month LIBOR	2.20	%	—		(34)
July 1, 2019	February 1, 2024	25,000	1	month LIBOR	1.75	%	(785)		(1,192)
January 1, 2021	February 1, 2024	150,000	1	month LIBOR	0.60	%	(718)		(1,901)
January 1, 2021	February 1, 2024	100,000	1	month LIBOR	0.22	%	396		(139)
March 1, 2021	February 1, 2024	25,000	1	month LIBOR	0.24	%	92		—
Total							$	(1,015)	$	(3,358)

(1)Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets. 

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, each with a separate counterparty. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges.

Changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Interest Rate Swaps:
Amount of gain (loss) recognized in other comprehensive income (loss)	$	108	$	1,463	$	2,343	$	(4,711)