In February 2020, the Company entered into an interest rate collar agreement with a counterparty bank in order to reduce its exposure to interest rate volatility. In this agreement, the Company and the counterparty bank agreed to a one-month LIBOR floor of 0.48% and a cap of 1.50% on a portion of the Company’s Successor First Lien Credit Facility. The notional amount of this agreement is $405.0 million through February 2022 at which time the notional amount reduces to $300.0 million through February 2024.

The following is a summary of location and fair value of the financial position and location and amount of gains and losses recorded related to the derivative agreement (in thousands):


		Fair Value					Gain/(Loss)
Derivatives not designated as hedging instruments	Balance Sheet Location	As of June 30, 2021 (Successor)		As of December 31, 2020 (Successor)		Income Statement Location	Three Months Ended June 30, 2021 (Successor)			Three Months Ended June 30, 2020 (Successor)			Six Months Ended June 30, 2021 (Successor)		Period from February 1, 2020 through June 30, 2020 (Successor)
Interest rate swaps	Other liabilities	$	1,948	$	3,615	Interest expense	$	(79	)	$	(1,179	)	$	953	$	(5,156	)