DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021 (in thousands):

		Asset Derivatives
		Fair value as of:
Derivatives designated as	Balance Sheet	September 30,		December 31,
hedging instruments	Location	2022		2021
Foreign currency contracts	Prepaid expenses and other assets	$	33	$	39
Interest rate products	Other long-term assets		7,614		340
		$	7,647	$	379
		Liability Derivatives
		Fair value as of:
Derivatives designated as	Balance Sheet	September 30,		December 31,
hedging instruments	Location	2022		2021
Foreign currency contracts	Accrued liabilities	$	141	$	—
Interest rate products	Accrued liabilities		—		120
		$	141	$	120

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

		Asset Derivatives
		Fair value as of:
Derivatives designated as	Balance Sheet	September 30,		December 31,
hedging instruments	Location	2022		2021
Foreign currency contracts	Prepaid expenses and other assets	$	33	$	39
Interest rate products	Other long-term assets		7,614		340
		$	7,647	$	379
		Liability Derivatives
		Fair value as of:
Derivatives designated as	Balance Sheet	September 30,		December 31,
hedging instruments	Location	2022		2021
Foreign currency contracts	Accrued liabilities	$	141	$	—
Interest rate products	Accrued liabilities		—		120
		$	141	$	120

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

	Amount of pre-tax gain (loss) reclassified				Amount of pre-tax loss reclassified
	from accumulated OCI into income				from accumulated OCI into income
Location of gain (loss) reclassified	Three months ended September 30,				Nine months ended September 30,
from accumulated OCI into income	2022		2021		2022		2021
Interest expense	$	229	$	(237)	$	(59)	$	(693)

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 (loss) income for the three and nine months ended September 30, 2022 and 2021 (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 September 30,				Nine months ended September 30,
Derivatives designated as hedging instruments	Income Statement Location	2022		2021		2022		2021
Interest rate products	Interest Expense	$	2,337	$	777	$	4,900	$	2,445

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2022 and December 31, 2021. 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):

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

September 30,

of recognized

consolidated

consolidated

Financial

Cash collateral

2022

assets

balance sheets

balance sheets

instruments

received

Net amount

Derivatives

$

7,647

$

—

$

7,647

$

—

$

—

$

7,647

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

September 30,

of recognized

consolidated

consolidated

Financial

Cash collateral

2022

liabilities

balance sheets

balance sheets

instruments

received

Net amount

Derivatives

$

141

$

—

$

141

$

—

$

—

$

141

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

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

		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 September 30,				Nine months ended September 30,
Derivatives designated as hedging instruments	Income Statement Location	2022		2021		2022		2021
Interest rate products	Interest Expense	$	2,337	$	777	$	4,900	$	2,445