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Derivatives | 12 Months Ended
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Dec. 31, 2021
Interest Rate Derivatives [Abstract] |
Derivatives | Note 7. Derivatives 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 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 recorded related to the derivative instruments (in thousands):
|  |  |  | Fair Value |
Derivatives not designated as hedging instruments |  | Balance Sheet Location |  | As of December 31, 2021 (Successor) |  |  | As of December 31, 2020 (Successor) |
Interest rate swaps |  | Prepaid expenses and other current assets |  | $ | 197 |  |  | $ | — |
Interest rate swaps |  | Other liabilities |  | $ | — |  |  | $ | 3,615 |
The following is a summary of location and amount of gains and (losses) recorded related to the derivative instruments (in thousands):
|  |  |  | Gain/(Loss) |
Derivatives not designated as hedging instruments |  | Income Statement Location |  | Year Ended December 31, 2021 (Successor) |  |  | Period from February 1, 2020 through December 31, 2020 (Successor) |
Interest rate swaps |  | Interest expense |  | $ | 2,284 |  |  | $ | (4,383 | )

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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- References No definition available. + Details
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