Interest Rate Swap

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Swap

Interest Rate Swap

In June 2022, Global Wells terminated its ten-year floating-to-fixed interest rate swap, and recognized cash proceeds of $825,000 as gain on the settlement, which was included in interest income in the accompanying condensed consolidated statements of income. This interest rate swap had a notional value of $21,580,000 as of the effective date of June 13, 2019 based on the prime rate versus a 5.0% fixed rate.

For the nine months ended September 30, 2022, Global Wells recognized $2,159,000 (including the gain on settlement) as interest income related to the interest rate swap.