INTEREST RATE SWAPS

3 Months Ended

Mar. 31, 2022

NOTE 17. INTEREST RATE SWAPS

The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the three months ended March 31, 2022. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income (loss). The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements are noted below (in thousands):


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of March 31, 2022
2026 Term Loan⁽¹⁾	3/10/2021	3/29/2024	0.22% + applicable spread	$	50,000	$	2,116
2026 Term Loan ⁽²⁾	3/29/2024	3/10/2026	1.51% + applicable spread	$	50,000	$	868
2026 Term Loan	8/31/2021	3/10/2026	0.77% + applicable spread	$	15,000	$	929
2027 Term Loan ⁽³⁾	11/5/2021	3/29/2024	0.73% + applicable spread	$	100,000	$	3,219
2027 Term Loan ⁽⁴⁾	3/29/2024	1/31/2027	1.42% + applicable spread	$	100,000	$	2,397

⁽¹⁾	Effective March 10, 2021, the Company redesignated the interest rate swap, entered into as of August 31, 2020, that previously hedged $50.0 million of the outstanding principal balance on the Credit Facility.

⁽²⁾	The interest rate swap agreement hedges the identical $50.0 million portion of the 2026 Term Loan borrowing under different terms and commences concurrent to the interest rate agreement maturing on March 29, 2024.

⁽³⁾	Effective November 5, 2021, the Company redesignated the interest rate swap, entered into as of March 31, 2020, that previously hedged $100.0 million of the outstanding principal balance on the Credit Facility.

⁽⁴⁾	The interest rate swap agreement hedges the identical $100.0 million portion of the 2027 Term Loan borrowing under different terms and commences concurrent to the interest rate agreement maturing on March 29, 2024.