In February 2020, the Company entered into an interest rate collar agreement with a counterparty bank in order 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 June 30, 2022		As of December 31, 2021
Interest rate swaps	Prepaid expenses and other current assets	$	8,036	$	197

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 June 30,					Six Months Ended June 30,
Derivatives not designated as hedging instruments	Income Statement Location	2022		2021			2022		2021
Interest rate swaps	Interest expense, net	$	2,119	$	(79	)	$	7,378	$	953