Derivative Financial Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets as of December 31, 2022 and 2021 (notional amounts and fair values in thousands):


							Fair Value
Effective Date	Maturity Date	Notional Amount		Bank Pay Rate	Company Average Fixed Pay Rate		2022		2021
Assets (Liabilities) (1):
July 1, 2019	February 1, 2024	25,000		Daily Adjusted SOFR	1.68	%	$	853	$	(459)
January 1, 2021	February 1, 2024	150,000		Daily Adjusted SOFR	0.53	%	6,966		828
January 1, 2021	February 1, 2024	100,000		Daily Adjusted SOFR	0.15	%	5,043		1,331
March 1, 2021	February 1, 2024	25,000		Daily Adjusted SOFR	0.18	%	1,256		326
Total		$	300,000				$	14,118	$	2,026

(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 is 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 for the years ended December 31, 2022, 2021 and 2020, respectively (in thousands):




	2022		2021		2020
Interest Rate Swaps (Effective Portion):
Amount of gain (loss) recognized in other comprehensive income (loss)	$	12,092	$	5,383	$	(2,934)