DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2020

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of fair value of the Company's derivative financial instruments as well as classification on the condensed consolidated balance sheets

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 (in thousands):

		Asset Derivatives					Liability Derivatives
		Fair value as of:					Fair value as of:
Derivatives designated as	Balance Sheet	June 30,		December 31,		Balance Sheet	June 30,		December 31,
hedging instruments	Location	2020		2019		Location	2020		2019
Interest rate products	Other long-term assets	$	—	$	—	Other long-term liabilities	$	2,228	$	363

Schedule of effect of cash flow hedge accounting on other comprehensive income (loss) (OCI)

The tables below present the effect of cash flow hedge accounting on other comprehensive income (loss) (“OCI”) for the three and six months ended June 30, 2020 and 2019 (in thousands):

	Amount of gain (loss) recognized in OCI				Amount of gain (loss) recognized in OCI
	on derivatives				on derivative
Derivatives in cash flow hedging relationships	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Interest rate products	$	(448)	$	(387)	$	(1,560)	$	(597)

	Amount of gain (loss) reclassified from				Amount of gain (loss) reclassified from
	accumulated OCI into income				accumulated OCI into income
Location of (gain) loss reclassified	Three months ended June 30,				Six months ended June 30,
from accumulated OCI into income	2020		2019		2020		2019
Interest income (expense)	$	(155)	$	49	$	(186)	$	101

Schedule of effect of the Company's derivative financial instruments on the condensed consolidated statements of income and comprehensive income

The table below presents the effect of the Company’s derivative financial instruments on the condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2020 and 2019 (in thousands):

		Total amounts of income and expense				Total amounts of income and expense
		line items presented that reflect the				line items presented that reflect the
		effects of cash flow hedges recorded				effects of cash flow hedges recorded
		Three months ended June 30,				Six months ended June 30,
Derivatives designated as hedging instruments	Income Statement Location	2020		2019		2020		2019
Interest rate products	Interest Expense	$	901	$	1,435	$	1,955	$	2,615

Schedule of fair value provides the location that derivative assets and liabilities

The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented in the condensed consolidated balance sheets (in thousands).

Gross amounts

Net amounts of liabilities

Gross amounts not offset in the condensed consolidated

As of

Gross amounts

offset in the

presented in the

balance sheets

June 30,

of recognized

condensed consolidated

condensed consolidated

Financial

Cash collateral

2020

liabilities

balance sheets

balance sheets

instruments

received

Net amount

Derivatives

$

2,228

$

—

$

2,228

$

—

$

—

$

2,228

Gross amounts

Net amounts of liabilities

Gross amounts not offset in the condensed consolidated

As of

Gross amounts

offset in the

presented in the

balance sheets

December 31,

of recognized

condensed consolidated

condensed consolidated

Financial

Cash collateral

2019

liabilities

balance sheets

balance sheets

instruments

received

Net amount

Derivatives

$

363

$

—

$

363

$

—

$

—

$

363