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Derivatives

12 Months Ended

Dec. 31, 2022

Interest Rate Derivatives [Abstract]

Derivatives

Note 7. Derivatives

In February 2020, the Company entered into an interest rate collar agreement with a counterparty bank to reduce its exposure to interest rate volatility. In this agreement, the Company and the counterparty bank agreed to a one-month USD 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 was $405.0 million through February 2022 at which time the notional amount was reduced 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, 2022 (Successor)				As of  December 31, 2021 (Successor)
Interest rate swaps		Prepaid expenses and other current assets		$	11,570			$	197

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, 2022 (Successor)				Year Ended December 31, 2021 (Successor)				Period from February 1, 2020 through December 31, 2020 (Successor)
Interest rate swaps		Interest expense, net		$	12,429			$	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 https://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 https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008

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- References

No definition available.

+ Details

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