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Derivatives | 3 Months Ended
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Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | 18. Derivatives We are exposed to market risks associated with changes in the variable interest rate of the Credit Facility. We use derivative instruments to manage our exposure to fluctuations in this variable interest rate and thereby minimize the risks and costs associated with financial activities. We do not use derivative instruments for trading or other speculative purposes. The following interest rate swaps, entered into to offset changes in expected cash flows due to fluctuations in the associated variable interest rates, were outstanding at March 31, 2020 (in millions):
​ | ​ | ​ | ​
Expiration Date |  | Notional Value
May 2020 | ​ | $ | 100
March 2022 | ​ |  | 300
​ | ​ | $ | 400
​ The counterparties to our derivative agreements are major financial institutions. We monitor the credit quality of these financial institutions and do not expect nonperformance by any counterparty, although such nonperformance could have a material adverse effect on us. We have no collateral posted for the derivative instruments. We have designated these interest rate swaps as cash flow hedging instruments. Changes in the fair value of the interest rate swaps are recognized as a component of other comprehensive income (loss) until the hedged transaction affects earnings. At that time, amounts are reclassified into earnings to interest expense, the same statement of operations line item to which the earnings effect of the hedged item is recorded. Cash flows from derivatives designated as hedges are classified in our condensed consolidated statements of cash flows under the same category as the cash flows from the underlying assets, liabilities or anticipated transactions unless the derivative contract contains a significant financing element; in this case, the cash settlements for these derivatives are classified as cash flows from financing activities. We expect the hedging relationship to be highly effective as the interest rate swap terms substantially coincide with the hedged item and are expected to offset changes in expected cash flows due to fluctuations in the variable rate. We perform quarterly qualitative prospective and retrospective hedge effectiveness assessments unless facts and circumstances related to the hedging relationships change such that we can no longer assert qualitatively that the cash flow hedge relationships were and continue to be highly effective. We estimate that $4.3 million of the deferred pre-tax loss attributable to interest rate swaps included in accumulated other comprehensive loss at March 31, 2020 will be reclassified into earnings as interest expense at then-current values during the next 12 months as the underlying hedged transactions occur. As of March 31, 2020, the weighted average effective fixed interest rate on our interest rate swaps was 1.8%. The following table presents the effect of our derivative instruments designated as cash flow hedging instruments on our condensed consolidated balance sheets (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2020 |  | December 31, 2019
Other current assets | ​ | $ | — | ​ | $ | 12
Total derivative assets | ​ | $ | — | ​ | $ | 12
​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued liabilities | ​ | $ | (4,317) | ​ | $ | (593)
Other liabilities | ​ |  | (4,764) | ​ |  | (1,175)
Total derivative liabilities | ​ | $ | (9,081) | ​ | $ | (1,768)
​ The following tables present the effect of our derivative instruments designated as cash flow hedging instruments on our condensed consolidated statements of operations (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31,
​ |  | 2020 |  | 2019
Pre-tax loss recognized in other comprehensive loss | ​ | $ | (7,573) | ​ | $ | (2,299)
Pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense | ​ |  | (248) | ​ |  | 926
Total amount of interest expense in which the effects of cash flow hedges are recorded | ​ | ​ | 29,665 | ​ | ​ | 23,617
​ See Note 11 (“Accumulated Other Comprehensive Income (Loss)”) and Note 19 (“Fair Value Measurements”) for further details on our derivative instruments.

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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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