DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021 (in thousands):

		Asset Derivatives
		Fair value as of:
Derivatives designated as	Balance Sheet	March 31,		December 31,
hedging instruments	Location	2022		2021
Foreign currency contracts	Prepaid expenses and other assets	$	22	$	39
Interest rate products	Other long-term assets		3,643		340
		$	3,665	$	379
		Liability Derivatives
		Fair value as of:
Derivatives designated as	Balance Sheet	March 31,		December 31,
hedging instruments	Location	2022		2021
Interest rate products	Accrued liabilities	$	—	$	120
		$	—	$	120

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 months ended March 31, 2022 and 2021 (in thousands):

	Amount of pre-tax gain recognized
	in OCI on derivatives
Derivatives in cash flow hedging relationships	Three months ended March 31,
	2022		2021
Interest rate products	$	3,237	$	704

	Amount of pre-tax loss reclassified
	from accumulated OCI into income
Location of (loss) gain reclassified	Three months ended March 31,
from accumulated OCI into income	2022		2021
Interest expense	$	(186)	$	(225)

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 line items that reflect the effect of the Company’s derivative financial instruments on the condensed consolidated statements of income and comprehensive income for the three months ended March 31, 2022 and 2021 (in thousands):

		Total amounts of income and expense
		line items presented that reflect the
		effects of cash flow hedges recorded
		Three months ended March 31,
Derivatives designated as hedging instruments	Income Statement Location	2022		2021
Interest rate products	Interest Expense	$	1,038	$	861

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

Derivative assets:

Net amounts

Gross amounts

of assets

Gross amounts not offset in the consolidated

As of

Gross amounts

offset in the

presented in the

balance sheets

March 31,

of recognized

consolidated

consolidated

Financial

Cash collateral

2022

assets

balance sheets

balance sheets

instruments

received

Net amount

Derivatives

$

3,678

$

(13)

$

3,665

$

—

$

—

$

3,665

Net amounts

Gross amounts

of assets

Gross amounts not offset in the consolidated

As of

Gross amounts

offset in the

presented in the

balance sheets

December 31,

of recognized

consolidated

consolidated

Financial

Cash collateral

2021

assets

balance sheets

balance sheets

instruments

received

Net amount

Derivatives

$

387

$

(8)

$

379

$

—

$

—

$

379

Derivative liabilities:

Net amounts

Gross amounts

of liabilities

Gross amounts not offset in the consolidated

As of

Gross amounts

offset in the

presented in the

balance sheets

December 31,

of recognized

consolidated

consolidated

Financial

Cash collateral

2021

liabilities

balance sheets

balance sheets

instruments

received

Net amount

Derivatives

$

120

$

—

$

120

$

—

$

—

$

120