Hedging Activities

3 Months Ended

Mar. 31, 2020

General Discussion Of Derivative Instruments And Hedging Activities [Abstract]

Derivative Instruments And Hedging Activities Disclosure [Text Block]

Note 18 – Hedging Activities

As previously disclosed in its 2019 Form 10-K, in order to satisfy certain requirements of the New Credit Facility 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. See Note 15 of Notes to Condensed Consolidated Financial Statements. 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 affects earnings or it becomes probable that the forecasted transaction will not occur. The Company has previously used derivative financial instruments primarily for the purposes of hedging exposures to fluctuations in interest rates. The Company did not utilize derivatives designated as cash flow hedges during the three months ended March 31, 2019.

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

			Fair Value
		Condensed Consolidated	March 31,		December 31,
		Balance Sheet Location	2020		2019
Derivatives designated as cash flow hedges:
	Interest rate swaps	Other non-current liabilities	$	5,586	$	415
			$	5,586	$	415

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

			March 31,		December 31,
			2020		2019
Derivatives designated as cash flow hedges:
	Interest rate swaps	AOCI	$	4,301	$	320
			$	4,301	$	320

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

		Three Months Ended
		March 31,
		2020		2019
Amount and location of income reclassified from
AOCI into Income (Effective Portion)	Interest expense, net	$	19	$	—

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 Condensed Consolidated Balance Sheets.