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Financial Instruments | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Financial Instruments | Note 15 – Financial Instruments The Company’s financial instruments include cash equivalents, accounts receivable, other receivables, accounts payable, accrued liabilities and long-term debt. The Company believes that the carrying values of these instruments approximate fair value because of their short-term nature. The Company uses derivative instruments to manage the variability of foreign currency obligations and interest rates. The Company does not enter into derivatives for speculative purposes. As of June 30, 2021 and 2020, all the Company’s derivative instruments were recorded at fair value using Level 3 inputs. The forward currency exchange contracts in place as of June 30, 2021 have not been designated as accounting hedges and, therefore, changes in fair value are recorded within the condensed consolidated statements of income (loss). The Company has an interest rate swap agreement, with a notional amount of $133.1 million and $136.9 million as of June 30, 2021 and December 31, 2020, 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 a portion 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 (loss) on the accompanying condensed consolidated balance sheets until earnings are affected by the variability of cash flows. The fair value of the interest rate swap was a $6.9 million liability as of June 30, 2021 and a $9.0 million liability as of December 31, 2020 recorded in other long-term liabilities. During the six months ended June 30, 2021, the Company recorded an unrealized gain of $2.1 million ($1.6 million net of tax) on the swap in other comprehensive income (loss). See Note 16. 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%, which was terminated in October 2018 for $3.5 million and the gain was amortized to offset interest expense over the remaining term of the interest rate swap agreement which ended November 2020.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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