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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments The Company's derivative financial instruments primarily consist of LIBOR-based interest rate swap contracts, which were entered into with the objective of managing exposure to variability in interest rates on the Company's debt. All interest rate swaps are reported in the Condensed Consolidated Balance Sheets at fair value. For the interest rate swaps that are not designated as hedges, the change in fair value is recognized in interest expense, net in the Condensed Consolidated Statements of Operations. For the interest rate swaps that are designated as cash flow hedges, the change in fair value is recognized as a component of accumulated other comprehensive loss (“AOCI”) in the Condensed Consolidated Statements of Comprehensive Loss and is reclassified into interest expense, net in the same period in which the related interest on debt affects earnings. During the six months ended June 30, 2019, the Company entered into LIBOR-based interest rate swap contracts with an aggregate notional amount of $725 million. Below is a summary of the Company’s derivative financial instruments as of June 30, 2019 (in thousands):
Execution |  | Maturity |  | Designation |  | Notional Amount
April 2017 |  | April 2020 |  | Not designated |  | $ | 1,000,000 |
June 2018 |  | April 2022 |  | Cash flow hedge |  | 1,500,000 |
August 2018 |  | April 2022 |  | Cash flow hedge |  | 1,000,000 |
January 2019 |  | April 2022 |  | Cash flow hedge |  | 425,000 |
February 2019 |  | April 2022 |  | Cash flow hedge |  | 300,000 |
Total notional amount |  |  |  |  |  | $ | 4,225,000 |
All interest rate swaps designated as cash flow hedges were highly effective as of June 30, 2019. The fair value of the Company’s interest rate swaps and related presentation in the Condensed Consolidated Balance Sheets for the periods presented was as follows:
(in thousands) | June 30, 2019 |  | December 31, 2018
Assets |  |  |
Prepaid expenses and other current assets | $ | — |  |  | $ | 6,525 |
Other assets | — |  |  | 1,236 |
Liabilities |  |  |
Accrued expenses and other current liabilities | 21,117 |  |  | 1,989 |
Other liabilities | 73,823 |  |  | 26,040 |
Fair value of interest rate swaps | $ | 94,940 |  |  | $ | 20,268 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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