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Derivatives and Hedging
6 Months Ended
Jun. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging

Note 11: Derivatives and Hedging

The Company invoices certain customers in foreign currencies. In order to mitigate the risks associated with fluctuations in exchange rates with the U.S. Dollar, the Company entered into foreign exchange forward contracts to mitigate the foreign currency risk related to a portion of these sales, and has designated these contracts as cash flow hedges. The notional value of contracts was $0.8 million at September 30, 2021 and $1.2 million at December 31, 2020. A related unrealized gain at September 30, 2021 and loss at December 31, 2020, both of less than $0.1 million, were recorded in accumulated other comprehensive gain (loss) at each date, respectively.  

Additionally, the Company entered into a forward interest rate swap contract during 2020 to fix the interest rate on a portion of its variable-rate debt from January 1, 2021 to June 30, 2023. The forward interest rate swap was designated as a cash flow hedge. The notional amount of the contract at its inception and at September 30, 2021 was $16 million, and the notional amount will step down throughout the term. The contract had a related unrealized loss recorded in accumulated other comprehensive gain (loss) of less than $0.1 million at September 30, 2021 and December 31, 2020.