Interest Rate Swap

The Company’s long-term debt bears a floating rate of interest and the Company has historically used interest rate derivatives, typically swaps with cancellation options, to reduce exposure to the effects of interest rate fluctuations. All outstanding interest rate swaps were settled during 2020 and the Company has no interest rate swaps outstanding as of December 31, 2021.

Redeemable Preferred Units Embedded Derivatives

As a part of the Redeemable Preferred Units issued and sold on June 1, 2018 and September 1, 2020 as discussed in Note 13, Redeemable Preferred Units, there were various realization events that required a Mandatory Redemption. If a Mandatory Redemption was required prior to the five year anniversary of the issuance date, the redemption price was subject to a make-whole provision as set forth in the terms of the agreement. The preferred yield make-whole provisions represented embedded derivatives that were accounted for on a combined basis separately from the Redeemable Preferred Units and reported at fair value. As the Company's IPO in July 2021 was a Realization Event that triggered the payment of the make-whole provision to Onex, the embedded derivatives related to the make-whole provision were no longer outstanding as of December 31, 2021.

For the years ended December 31, 2021, 2020 and 2019, the Company recognized an increase in cash flows from derivatives of $36.9 million, $31.9 million and $5.2 million, respectively, from changes in Other current and non-current assets and accrued liabilities within the operating section of the Consolidated Statements of Cash Flows.