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Derivatives and Hedging
3 Months Ended
Mar. 31, 2022
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 $2.2 million and $2.5 million at March 31, 2022 and December 31, 2021, respectively, and a related unrealized gain of less than $0.1 million was recorded in accumulated other comprehensive income at each date.  

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 December 31, 2021 was $16 million, and the notional amount will step down throughout the term.  The notional amount of the contract at March 31, 2022 was $10 million.   The contract had a related unrealized gain recorded in accumulated other comprehensive income of $0.1 and less than $0.1 million at March 31, 2022 and December 31, 2021, respectively.