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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value derivative instruments included in condensed consolidated balance sheets

The fair value of the Company’s derivative instrument was included in the condensed consolidated balance sheet as follows:

(in thousands)						Balance Sheet Classification						September 30, 2022						December 31, 2021
Derivative instrument designated as cash flow hedge:
Interest rate swap contract						Prepaid expenses and other current assets						$	1,030					$	—
						Other long-term assets						2,297						—
Total derivative instrument designated as cash flow hedge												$	3,327					$	—

Schedule of derivatives instruments effect on condensed consolidated statement of operations

The effect of its derivative instrument on the Company’s condensed consolidated statements of operations was as follows:

												Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)						Statement of Operations Classification						2022						2021						2022						2021
Derivative instrument designated as cash flow hedge:
Income recognized in other comprehensive income before reclassifications												$	2,651					$	—					$	2,935					$	—
Reclassification from accumulated other comprehensive income to earnings for the effective portion						Interest expense, net						77						—						409						—
Income tax expense						Income tax expense						(244)						—						(294)						—

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- References

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

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- Definition

Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

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