Derivative Instruments	6 Months Ended
Jun. 30, 2022
Derivative Instruments
Derivative Instruments	Note 9. Derivative Instruments We use derivative financial instruments in the management of our interest rate exposure. Our strategy is to eliminate the cash flow risk on a portion of the variable rate debt caused by changes in the designated benchmark interest rate, LIBOR. The Company does not enter into or hold derivative financial instruments for speculative trading purposes. On May 4, 2017, we entered into two identical pay-fixed, receive-variable, interest rate swaps with two different counterparties, to hedge the variability in the LIBOR interest payments on an aggregate notional value of $100.0 million of our Senior Notes, through the expiration of the swaps on March 31, 2022. At inception, these interest rate swaps were designated as cash flow hedges of interest rate risk, and as such, the unrealized changes in fair value are recorded in accumulated other comprehensive income (“AOCI”). The change in the fair value of the interest rate swap agreements for the six months ended June 30, 2022, resulted in an unrealized gain of $0.4 million, and was included in OCI net of taxes. The change in the fair value of the interest rate swap agreements for the three and six months ended June 30, 2021, resulted in an unrealized gain of $0.4 million and an unrealized gain of $0.9 million, respectively, which were included in AOCI net of taxes. The Company paid $0.4 million of net interest on the settlement of the interest rate swap agreements for the six months ended June 30, 2022. The Company paid $0.5 million and $0.9 million of net interest on the settlement of the interest rate swap agreements for each of the three and six months ended June 30, 2021, respectively. As a result of the expiration of the interest rate swaps on March 31, 2022, no gain or loss was recorded in operations for the three and six months ended June 30, 2022. No gain or loss was recorded in operations for the three and six months ended June 30, 2021. The aggregate fair value of the interest rate swaps was $0.4 million as of December 31, 2021 and was recorded in other long-term liabilities on the accompanying Condensed Consolidated Balance Sheets.

Derivative Instruments

6 Months Ended

Jun. 30, 2022

Note 9. Derivative Instruments

We use derivative financial instruments in the management of our interest rate exposure. Our strategy is to eliminate the cash flow risk on a portion of the variable rate debt caused by changes in the designated benchmark interest rate, LIBOR. The Company does not enter into or hold derivative financial instruments for speculative trading purposes.

On May 4, 2017, we entered into two identical pay-fixed, receive-variable, interest rate swaps with two different counterparties, to hedge the variability in the LIBOR interest payments on an aggregate notional value of $100.0 million of our Senior Notes, through the expiration of the swaps on March 31, 2022. At inception, these interest rate swaps were designated as cash flow hedges of interest rate risk, and as such, the unrealized changes in fair value are recorded in accumulated other comprehensive income (“AOCI”).

The change in the fair value of the interest rate swap agreements for the six months ended June 30, 2022, resulted in an unrealized gain of $0.4 million, and was included in OCI net of taxes. The change in the fair value of the interest rate swap agreements for the three and six months ended June 30, 2021, resulted in an unrealized gain of $0.4 million and an unrealized gain of $0.9 million, respectively, which were included in AOCI net of taxes. The Company paid $0.4 million of net interest on the settlement of the interest rate swap agreements for the six months ended June 30, 2022. The Company paid $0.5 million and $0.9 million of net interest on the settlement of the interest rate swap agreements for each of the three and six months ended June 30, 2021, respectively. As a result of the expiration of the interest rate swaps on March 31, 2022, no gain or loss was recorded in operations for the three and six months ended June 30, 2022. No gain or loss was recorded in operations for the three and six months ended June 30, 2021. The aggregate fair value of the interest rate swaps was $0.4 million as of December 31, 2021 and was recorded in other long-term liabilities on the accompanying Condensed Consolidated Balance Sheets.