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Derivatives

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Note 6. Derivatives

To reduce exposure to variability in expected future cash outflows on variable rate debt attributable to the changes in one-month LIBOR, the Company has historically entered into interest rate derivative instruments to economically offset a portion of this risk and may do so in the future.

As of March 31, 2023, the Company had the following outstanding derivatives that were not designated as a hedge in qualifying hedging relationships:

Product		Effective Date		Maturity Date		Notional		Rate
Interest rate collars		February 29, 2020		February 29, 2024		$300.0 million		0.48% floor/1.50% cap
Interest rate swap		February 28, 2023		February 28, 2026		$100.0 million		4.36%

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements; however, the Company has not elected to apply hedge accounting for these instruments.

The following is a summary of location and fair value of the financial positions recorded related to the derivative instruments (in thousands):

				Fair Value
Derivatives not designated as hedging instruments		Balance Sheet Location		As of March 31, 2023				As of  December 31, 2022
Interest rate collars		Prepaid expenses and other current assets		$	9,007			$	11,570
Interest rate swap		Accrued liabilities		$	1,444			$	—

The following is a summary of location and amount of gains and (losses) recorded related to the derivative instruments (in thousands):

				Gain/(Loss)
				Three Months Ended March 31,
Derivatives not designated as hedging instruments		Income Statement Location		2023				2022
Interest rate collars		Interest expense, net		$	(435	)		$	5,260
Interest rate swap		Interest expense, net		$	(1,444	)		$	—

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- References

No definition available.

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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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