XML 47 R24.htm IDEA: XBRL DOCUMENT

Hedging Activities	6 Months Ended
Hedging Activities	Jun. 30, 2021
General Discussion Of Derivative Instruments And Hedging Activities [Abstract]
Derivative Instruments And Hedging Activities Disclosure [Text Block]	Note 18 – Hedging Activities In order to satisfy certain requirements of the Credit Facility as well as to manage the Company’s exposure to variable interest rate risk associated with the 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 balance sheet classification and fair values of the Company’s derivative instruments, which are Level 2 measurements, are as follows: Fair Value Condensed Consolidated June 30, December 31, Balance Sheet Location 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps Other non-current liabilities $ 3,356 $ 4,672 $ 3,356 $ 4,672 The following table presents the net unrealized loss deferred to AOCI: June 30, December 31, 2021 2020 Derivatives designated as cash flow hedges: Interest rate swaps AOCI $ 2,584 $ 3,598 $ 2,584 $ 3,598 The following table presents the net loss reclassified from AOCI to earnings: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Amount and location of expense reclassified from AOCI into expense (effective portion) Interest expense, net $ (659) $ (483) $ (1,302) $ (465) 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 within the Condensed Consolidated Balance Sheets.