Interest Rate Swap
|3 Months Ended|
Mar. 31, 2022
|Interest Rate Cash Flow Hedges [Abstract]|
|Interest Rate Swap||
10. Interest Rate Swap
In May 2020, the Company entered into a pay-fixed, receive-floating interest rate swap (the “Swap”) to mitigate variability in forecasted interest payments on an amortizing notional of $550,000 of the Company’s variable-rate First Lien Term Loan. The Company designated the Swap as a cash flow hedge.
As of March 31, 2022, information pertaining to the Swap was as follows:
As of March 31, 2022 and December 31, 2021, the current portion of the fair value of the Swap was $2,818 and $268, respectively, and is reported as a debit balance as a result of floating interest rates above fixed interest rates, and is included in prepaid expenses and other current assets in the accompanying unaudited condensed consolidated balance sheets.
As of March 31, 2022 and December 31, 2021, there were no amounts of the fair value of the Swap classified as long-term in the accompanying unaudited condensed consolidated balance sheets.
For the three months ended March 31, 2022 and 2021, amounts reported in other comprehensive income in the accompanying unaudited condensed consolidated statements of operations and comprehensive income are net of tax of $625 and $106, respectively.