Hedging Activities

12 Months Ended

Dec. 31, 2019

General Discussion Of Derivative Instruments And Hedging Activities [Abstract]

Derivative Instruments And Hedging Activities Disclosure [Text Block]

Note 25 – Hedging Activities

The New Credit Facility required the Company to fix its variable interest rates on at least 20% of its total Term Loans. In order to satisfy this requirement as well as to manage the Company’s exposure to variable interest rate risk associated with the New Credit Facility, in November 2019, the Company entered into $170.0 million notional amounts of three-year interest rate swaps at a base rate of 1.64% plus an applicable margin as provided in the New Credit Facility, based on the Company’s consolidated net leverage ratio. At the time the Company entered into the swaps, this aggregate rate was 3.1%. See Note 20 of Notes to Consolidated Financial Statements. The Company has previously used derivative financial instruments primarily for the purposes of hedging exposures to fluctuations in interest rates. These interest rate swaps are designated as cash flow hedges and, as such, the contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in AOCI to the extent effective and reclassified to interest expense in the period during which the transaction effects earnings or it becomes probable that the forecasted transaction will not occur. The Company did not utilize derivatives designated as cash flow hedges during the years ended December 31, 2018 and 2017.

The balance sheet classification and fair values of the Company’s derivative instruments, which are Level 2 measurements, are as follows:

				Fair Value
			Consolidated Balance Sheet	December 31,
		Location		2019		2018
Derivatives designated as cash flow hedges:
	Interest rate swaps	Other non-current liabilities		$	415	$	—
				$	415	$	—

The following table presents the net unrealized loss deferred to AOCI:

		December 31,
		2019		2018
Derivatives designated as cash flow hedges:
	Interest rate swaps	$	320	$	—
		$	320	$	—

The following table presents the net gain reclassified from AOCI to earnings:

		For the Years Ended
		December 31,
		2019		2018		2017
Amount and location of income reclassified from
AOCI into Income (Effective Portion)	Interest expense, net	$	29	$	—	$	—

Interest rate swaps are entered into with a limited number of counterparties, each of which allows for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. As such, in accordance with the Company’s accounting policy, these derivative instruments are recorded on a net basis by counterparty within the Consolidated Balance Sheets.