DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of fair value of the Company's derivative financial instruments as well as classification on the condensed consolidated balance sheets

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020 (in thousands):

		Liability Derivatives
		Fair value as of:
Derivatives designated as	Balance Sheet	September 30,		December 31,
hedging instruments	Location	2021		2020
Interest rate products	Accrued liabilities	$	313	$	—
Interest rate products	Other long-term liabilities		370		1,889
Foreign currency contracts	Accrued liabilities		38		—
		$	721	$	1,889

Schedule of effect of cash flow hedge accounting on other comprehensive income (loss) (OCI)

The tables below present the effect of cash flow hedge accounting on other comprehensive income (loss) (“OCI”) for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Amount of pre-tax (loss) gain recognized				Amount of pre-tax gain (loss) recognized
	in OCI on derivatives				in OCI on derivatives
Derivatives in cash flow hedging relationships	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Interest rate products	$	(34)	$	(133)	$	513	$	(2,184)

	Amount of pre-tax loss reclassified				Amount of pre-tax loss reclassified
	from accumulated OCI into income				from accumulated OCI into income
Location of (loss) gain reclassified	Three months ended September 30,				Nine months ended September 30,
from accumulated OCI into income	2021		2020		2021		2020
Interest expense	$	(237)	$	(224)	$	(693)	$	(410)

Schedule of effect of the Company's derivative financial instruments on the condensed consolidated statements of income and comprehensive income

The table below presents the line items that reflect the effect of the Company’s derivative financial instruments on the condensed consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2021 and 2020 (in thousands):

		Total amounts of income and expense				Total amounts of income and expense
		line items presented that reflect the				line items presented that reflect the
		effects of cash flow hedges recorded				effects of cash flow hedges recorded
		Three months ended September 30,				Nine months ended September 30,
Derivatives designated as hedging instruments	Income Statement Location	2021		2020		2021		2020
Interest rate products	Interest Expense	$	777	$	844	$	2,445	$	2,799

Schedule of fair value provides the location that derivative assets and liabilities

The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented in the condensed consolidated balance sheets (in thousands):

Gross amounts

Net amounts of liabilities

Gross amounts not offset in the consolidated

As of

Gross amounts

offset in the

presented in the

balance sheets

September 30,

of recognized

consolidated

consolidated

Financial

Cash collateral

2021

liabilities

balance sheets

balance sheets

instruments

received

Net amount

Derivatives

$

738

$

17

$

721

$

—

$

—

$

721

Gross amounts

Net amounts of liabilities

Gross amounts not offset in the consolidated

As of

Gross amounts

offset in the

presented in the

balance sheets

December 31,

of recognized

consolidated

consolidated

Financial

Cash collateral

2020

liabilities

balance sheets

balance sheets

instruments

received

Net amount

Derivatives

$

1,889

$

—

$

1,889

$

—

$

—

$

1,889