v3.22.2
DERIVATIVE FINANCIAL INSTRUMENTS
6 Months Ended
Jun. 26, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS
10. DERIVATIVE FINANCIAL INSTRUMENTS
The Company's credit facility exposes the Company to risks associated with the variability in interest expense associated with fluctuations in LIBOR. To partially mitigate this risk, the Company previously entered into interest rate swaps, which matured in March 2022, and therefore have no further associated liability as of June 26, 2022.
The following table summarizes the fair value of derivative contracts included in the condensed consolidated balance sheets (in thousands):
Fair value of derivative instruments
Derivatives accounted for as cash flow hedges Balance sheet location June 26, 2022 December 31, 2021
Interest rate swaps Accrued liabilities $   $ 1,017 
The interest rate swaps were comprised of over-the-counter derivatives, which are valued using models that primarily rely on observable inputs such as yield curves and are classified as Level 2 in the fair value hierarchy.