Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets at Fair Value

As of June 30, 2023 and December 31, 2022, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):

	Non-Designated Hedges
	June 30, 2023		December 31, 2022
Derivative Assets
Foreign exchange contracts	$	2,355	$	1,599
Interest rate contracts	—		2
Included in other assets	$	2,355	$	1,601

Schedule of Derivative Liabilities at Fair Value

As of June 30, 2023 and December 31, 2022, fair value of derivative assets and derivative liabilities were as follows (dollars in thousands):

	Non-Designated Hedges
	June 30, 2023		December 31, 2022
Derivative Assets
Foreign exchange contracts	$	2,355	$	1,599
Interest rate contracts	—		2
Included in other assets	$	2,355	$	1,601

Schedule of Derivative Instruments

The following table summarizes the Company’s FX forwards and interest rate contracts as of June 30, 2023 and December 31, 2022:

Type of Derivatives	Notional Currency	Notional Amount (in thousands)		Range of Maturity Dates
		Non-Designated
June 30, 2023
FX Forward	NOK	91,603		August 2023 - May 2024
Interest Rate Swap	USD	$	41	July 2023
December 31, 2022
FX Forward	NOK	99,733		February 2023 - May 2024
Interest Rate Swap	USD	$	285	July 2023

The table below represents the effect of the derivative financial instruments on the consolidated statements of operations for three and six months ended June 30, 2023 and 2022 (dollars in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Other gain, net
Non-designated foreign exchange contracts	$	281	$	2,116	$	932	$	1,895
Non-designated interest rate contracts	(1)		4		(2)		12
	$	280	$	2,120	$	930	$	1,907

Offsetting Derivative Assets

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of June 30, 2023 and December 31, 2022 (dollars in thousands):

	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		Net Amounts of Assets (Liabilities)
June 30, 2023
Derivative Assets
Foreign exchange contracts	$	2,355	$	2,355
	$	2,355	$	2,355
December 31, 2022
Derivative Assets
Foreign exchange contracts	$	1,599	$	1,599
Interest rate contracts	2		2
	$	1,601	$	1,601

Offsetting Derivative Liabilities

The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty as of June 30, 2023 and December 31, 2022 (dollars in thousands):

	Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		Net Amounts of Assets (Liabilities)
June 30, 2023
Derivative Assets
Foreign exchange contracts	$	2,355	$	2,355
	$	2,355	$	2,355
December 31, 2022
Derivative Assets
Foreign exchange contracts	$	1,599	$	1,599
Interest rate contracts	2		2
	$	1,601	$	1,601