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Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2021
Investments, All Other Investments [Abstract]  
Summary of Bond Activity
The following table summarizes our bond activity for the years ended December 31, 2021 and 2020 (in thousands):
20212020
Fair value at January 1$25,708 $60,659 
Purchases26,980 3,447 
Redemptions(6,530)(22,078)
Maturities (8,347)(15,409)
Change in bond premium1,517 (857)
Fair market value adjustment(658)(54)
Fair value at December 31$38,670 $25,708 
Summary of Outstanding Interest Rate Swaps
The following table summarizes our outstanding interest rate swaps and their classification in the accompanying Consolidated Balance Sheets at December 31, 2021 and 2020 (in thousands). Refer to Note 7, Fair Value Measurements, to the accompanying consolidated financial statements for additional disclosures regarding fair value measurements.
December 31, 2021
Notional
Amount
Fair
Value
Balance Sheet Location
Interest rate swap$20,000 $(120)Other current liability
Interest rate swaps$45,000 $(496)Other non-current liabilities
Interest rate swap$50,000 $405 Other non-current asset
December 31, 2020
Notional
Amount
Fair
Value
Balance Sheet Location
Interest rate swap$10,000 $(13)Other current liability
Interest rate swaps$85,000 $(2,552)Other non-current liabilities
Summary of Effects of Interest Rate Swap The following table summarizes the effects of the interest rate swap on our accompanying Consolidated Statements of Comprehensive Income for the years ended December 31, 2021 and 2020 (in thousands):
Gain (loss) recognized in
AOCL, net of tax
Loss reclassified from
AOCL into expense
Twelve Months Ended December 31,Twelve Months Ended December 31,Location
2021202020212020
Interest rate swaps$929 $(1,525)$(1,152)$(974)Interest expense