Derivative Instrument and Hedging Activity

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instrument and Hedging Activity

Note J - Derivative Instrument and Hedging Activity

The Firm maintained two swap instruments, Swap A and Swap B, which were designated as cash flow hedges and were used as interest rate risk management tools to mitigate the potential impact of rising interest rates on variable rate debt. The fixed interest rate for each Swap, plus the applicable interest margin under our Amended and Restated Credit Facility, was recorded in Other expense (income), net in the accompanying Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income. Swap A matured on April 29, 2022 and Swap B was terminated in May 2022. As of September 30, 2023 and 2022, the Firm did not have any outstanding derivative instruments.

The following table sets forth the activity in the accumulated derivative instrument activity (in thousands):

	Nine Months Ended September 30,
	2023		2022
Accumulated derivative instrument gain, beginning of period	$	—	$	823
Net change associated with current period hedging transactions	—		(823)
Accumulated derivative instrument gain, end of period	$	—	$	—