Interest Rate Swap

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Swap

Interest Rate Swap

To manage interest rate risk in a cost-efficient manner, the Company entered into an interest rate swap in December 2017 whereby the Company agreed to exchange with the counterparty, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to a notional amount. The interest rate swap is not designated for hedge accounting. The change in fair value of the interest rate swap is immediately recognized in earnings, within interest expense, net.

     As of both June 30, 2020 and December 31, 2019, the notional amount of the interest rate swap was $150,000. A fair value liability of $1,086 and $1,116 was recorded within other current liabilities in the unaudited condensed consolidated balance sheet as of June 30, 2020 and December 31, 2019, respectively. The total amount of gain (loss) included in interest expense, net in the unaudited condensed consolidated statements of operations was $94 and $(434) for the three months ended June 30, 2020 and 2019, respectively, and $30 and $(1,796) for the six months ended June 30, 2020 and 2019, respectively.