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Hedging Activities
3 Months Ended
Mar. 31, 2022
Hedging Activities [Abstract]  
Hedging Activities [Text Block]
Note 17 – 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 14 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
effects 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
Consolidated
March 31,
 
December 31,
Balance Sheet Location
2022
2021
Derivatives designated as cash flow hedges:
Interest rate swaps
Other accrued liabilities
$
353
$
1,782
$
353
$
1,782
The following table presents the net unrealized loss deferred to AOCI:
March 31,
 
December 31,
2022
2021
Derivatives designated as cash flow hedges:
Interest rate swaps
AOCI
$
272
$
1,372
$
272
$
1,372
The following table presents the net gain reclassified from AOCI to earnings:
Three Months Ended
March 31,
 
2022
2021
Amount and location of expense reclassified
 
 
from AOCI into expense (Effective Portion)
Interest expense, net
$
(637)
$
(643)
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.