XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.21.1

Financial Instruments | 3 Months Ended
--- | ---
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial Instruments |
9. | FINANCIAL INSTRUMENTS
Interest Rate Derivative—We continue to utilize a swap arrangement to hedge against interest rate variability associated with $275,000 of the $324,500 outstanding under the Term Loan Facility. The Company has designated its interest rate swap agreement as a cash flow hedging derivative. To the extent the derivative instrument is effective and the documentation requirements have been met, changes in fair value are recognized in other comprehensive income (loss) (“OCI”) until the underlying hedged item is recognized in earnings. At March 31, 2021 the fair value of the swap recorded in accumulated other comprehensive income (loss) (“AOCI”) was a net loss of $5,662. Derivatives Disclosures Fair Value—Financial instruments are required to be categorized within a valuation hierarchy based upon the lowest level of input that is significant to the fair value measurement. The three levels of the valuation hierarchy are as follows: •Level 1—Fair value is based on quoted prices in active markets. •Level 2—Fair value is based on internally developed models that use, as their basis, readily observable market parameters. Our derivative positions are classified within level 2 of the valuation hierarchy as they are valued using quoted market prices for similar assets and liabilities in active markets. These level 2 derivatives are valued utilizing an income approach, which discounts future cash flow based on current market expectations and adjusts for credit risk. •Level 3—Fair value is based on internally developed models that use, as their basis, significant unobservable market parameters. The Company did not have any level 3 classifications at March 31, 2021 or December 31, 2020. The following table presents the fair value of the interest rate derivative by valuation hierarchy and balance sheet classification:
|  | March 31, 2021 |  | December 31, 2020
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | — |  |  | $ | (4,076) |  |  | $ | — |  |  | $ | (4,076) |  |  | $ | — |  |  | $ | (4,427) |  |  | $ | — |  |  | $ | (4,427) |
Other non-current liabilities |  | — |  |  | (1,799) |  |  | — |  |  | (1,799) |  |  | — |  |  | (2,629) |  |  | — |  |  | (2629) |
Total liabilities at fair value |  | $ | — |  |  | $ | (5,875) |  |  | $ | — |  |  | $ | (5,875) |  |  | $ | — |  |  | $ | (7,056) |  |  | $ | — |  |  | $ | (7,056) |
OCI—The following table presents the total value recognized in OCI and reclassified from AOCI into earnings during the three months ended March 31, 2021 and 2020 for derivatives designated as cash flow hedges:
|  | Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2020 |  |
|  | Before Tax Amount |  | Tax Amount |  | Net of Tax Amount |  | Before Tax Amount |  | Tax Amount |  | Net of Tax Amount |  |  |  |  |  |
Net gain (loss) recognized in OCI |  | $ | 126 |  |  | $ | (29) |  |  | $ | 97 |  |  | $ | (9,174) |  |  | $ | 2,064 |  |  | $ | (7,110) |  |  |  |  |  |  |
Net amount reclassified from AOCI into earnings(1) |  | 1,034 |  |  | (236) |  |  | 798 |  |  | 63 |  |  | (14) |  |  | 49 |  |  |  |  |  |  |
Change in other comprehensive income |  | $ | 1,160 |  |  | $ | (265) |  |  | $ | 895 |  |  | $ | (9,111) |  |  | $ | 2,050 |  |  | $ | (7,061) |  |  |  |  |  |  |
(1) Net unrealized losses totaling $3,863 are anticipated to be reclassified from AOCI into earnings during the next 12 months due to settlement of the associated underlying obligations.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativesAndFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration