Derivative Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

The Company's Senior Credit Agreement requires the Company to maintain derivative instruments for protection from fluctuating interest rates, for at least twenty-five percent of the outstanding balance of the term loan issued in November 2018. Accordingly, the Company entered into additional interest rate swaps in December 2018 and January 2019 having initial values of $150.0 million and $150.0 million, respectively, and forward start dates of December 31, 2018 and June 28, 2019. The table below provides information about the Company’s interest rate swaps (in thousands):


			December 31, 2020		December 31, 2019
Expiration Date	Stated Interest Rate		Notional Amount	Market Value (Liability)	Notional Amount	Market Value (Liability)
May 5, 2021	1.090	%	13,125	(41)	20,625	111
May 30, 2021	1.703	%	13,125	(80)	20,625	(25)
December 31, 2021	2.706	%	138,750	(3,551)	146,250	(3,242)
March 31, 2022	1.900	%	50,000	(1,116)	50,000	(408)
March 31, 2022	1.950	%	75,000	(1,722)	75,000	(696)
March 31, 2023	2.425	%	140,625	(6,904)	148,125	(3,866)

The outstanding interest rate swaps are not designated as hedges for accounting purposes. The effects of future fluctuations in LIBOR interest rates on derivatives held by the Company will result in the recording of unrealized gains and losses into the statement of operations. The Company recorded a net loss on derivatives of $5.3 million,$10.0 million and $8.0 thousand for the years ending December 31, 2020, 2019 and 2018, respectively. The liability for outstanding derivatives is recorded in other liabilities and in accrued expenses.

The Company recorded a net loss before the effects of income taxes of $0.1 million during the year ended December 31, 2018 for the revaluation of the convertible note hedges and the note conversion obligations to fair value before these instruments were reclassified to paid-in-capital.