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Financial Instruments and Concentration of Credit Risk | 12 Months Ended
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Dec. 31, 2020
Financial Instruments And Concentration Of Credit Risk [Abstract] |
Financial Instruments and Concentration of Credit Risk | Note 11—Financial Instruments and Concentration of Credit Risk The Company’s financial instruments include cash equivalents, accounts and other receivables, accounts payable, accrued liabilities and long-term debt and finance lease obligations. The Company believes that the carrying values of these instruments approximate fair value. As of December 31, 2020, the Company’s derivative instruments were recorded at fair value using Level 3 inputs. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates. The Company does not enter into derivative arrangements for speculative purposes. The forward currency exchange contract in place as of December 31, 2020 has not been designated as accounting hedge and, therefore, changes in fair value are recorded within the consolidated statements of income. The Company has an interest rate swap agreement with a notional amount of $136.9 million and $144.4 million as of December 31, 2020 and 2019, respectively, to hedge a portion of its interest rate exposure on outstanding borrowings under the Credit Agreement. Under this interest rate swap agreement, the Company receives variable rate interest payments based on the one-month LIBOR rate and pays fixed rate interest payments. The fixed interest rate for the contract is 2.928%. The effect of this swap is to convert all of the floating rate interest expense to fixed interest rate expense. Based on the terms of the interest rate swap contract and the underlying borrowings outstanding under the Credit Agreement, the interest rate contract was determined to be highly effective, and thus qualifies and has been designated as a cash flow hedge. As such, changes in the fair value of the interest rate swap are recorded in other comprehensive income on the accompanying consolidated balance sheets until earnings are affected by the variability of cash flows. As of December 31, 2017, the Company had an interest rate swap agreement with a notional amount of $155.3 million with a fixed interest rate of 1.4935%. During 2018, the Company terminated this agreement for $3.5 million and the gain was amortized to offset interest expense over the remaining term of the swap agreement which ended November 2020. The fair value of the interest rate swap agreements was a $9.0 million liability as of December 31, 2020 and a $6.3 million liability as of December 31, 2019 recorded in accrued liabilities in the consolidated balance sheets. During the year ended December 31, 2020, the Company recorded unrealized losses of $2.7 million ($2.0 million net of tax) on the swaps in other comprehensive loss and transferred unrealized gains of $1.5 million ($1.1 million net of tax) on the swaps to interest expense. During the year ended December 31, 2019, the Company recorded unrealized gains of $3.3 million ($2.5 million net of tax) on the swap in other comprehensive loss and transferred unrealized gains of $1.7 million ($1.2 million net of tax) on the swaps to interest expense. During the year ended December 31, 2018, the Company recorded unrealized gains of $1.5 million ($1.1 million net of tax) on the swap in other comprehensive loss and transferred unrealized gains of $0.3 million ($0.2 million net of tax) on the swap in other comprehensive loss. See Note 21. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and restricted cash and trade accounts receivable. The Company maintains cash and cash equivalents with recognized financial institutions. One of the most significant credit risks is the ultimate realization of accounts receivable. This risk is mitigated by (i) sales to well established companies, (ii) ongoing credit evaluation of customers, and (iii) frequent contact with customers, thus enabling management to monitor current changes in business operations and to respond accordingly. Management considers these concentrations of credit risks in establishing our allowance for doubtful accounts and believes these allowances are adequate. The Company had one customer whose gross accounts receivable exceeded 10% of total gross accounts receivable as of December 31, 2020. That customer represented 11.8% of our total gross accounts receivable.

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