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Derivative Instruments | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives Instruments |
8. Derivative Instruments
Cash flow hedges We generally use derivative instruments to manage our variable interest rate risk. We have entered into interest rate swap agreements, which effectively convert portions of our variable rate debt under the 2020 Credit Facility to a fixed rate for the term of the swap agreements. We designated each of the interest rate swap agreements as a cash flow hedge at the inception of the contracts. The terms and notional values of our derivative instruments were as follows as of June 30, 2021:
(dollars in thousands) | Term of derivative instrument | Notional value
Derivative instruments designated as hedging instruments: |  |
Interest rate swap | July 2017 - July 2021 | $ | 150,000 |
Interest rate swap | November 2020 - October 2024 | 60,000 |
Interest rate swap | November 2020 - October 2024 | 60,000 |
Interest rate swap | June 2021 - October 2024 | 120,000 |
|  | $ | 390,000 |
Forward-starting interest rate swap | July 2021 - October 2024 | 120,000 |
|  | $ | 120,000 |
In July 2021, we entered into a new interest rate swap agreement. See additional details at Note 14. The fair values of our derivative instruments were as follows as of:
|  | Asset derivatives |  |  | Liability derivatives
(dollars in thousands) | Balance sheet location | June 30, 2021 | December 31, 2020 |  | Balance sheet location | June 30, 2021 | December 31, 2020
Derivative instruments designated as hedging instruments: |  |  |  |  |  |  |
Interest rate swaps, current portion | Prepaid expenses and other current assets | $ | — |  | $ | — |  |  | Accrued expenses and other current liabilities | $ | 138 |  | $ | 2,698 |
Interest rate swaps, long-term portion | Other assets | 2,061 |  | — |  |  | Other liabilities | — |  | 1,461 |
Total derivative instruments designated as hedging instruments |  | $ | 2,061 |  | $ | — |  |  |  | $ | 138 |  | $ | 4,159 |
The effects of derivative instruments in cash flow hedging relationships were as follows:
| Gain (loss) recognized in accumulated other comprehensive loss as of | Location of gain (loss) reclassified from accumulated other comprehensive loss into income | Gain (loss) reclassified from accumulated other comprehensive loss into income
(dollars in thousands) | June 30, 2021 | Three months ended June 30, 2021 |  | Six months ended June 30, 2021
Interest rate swaps | $ | 1,923 |  | Interest expense | $ | (1,408) |  |  | $ | (2,784) |
| June 30, 2020 |  | Three months ended June 30, 2020 |  | Six months ended June 30, 2020
Interest rate swaps | $ | (5,233) |  | Interest expense | $ | (1,018) |  |  | $ | (1,223) |
Our policy requires that derivatives used for hedging purposes be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Accumulated other comprehensive income (loss) includes unrealized gains or losses from the change in fair value measurement of our derivative instruments each reporting period and the related income tax expense or benefit. Changes in the fair value measurements of the derivative instruments and the related income tax expense or benefit are reflected as adjustments to accumulated other comprehensive income (loss) until the actual hedged expense is incurred or until the hedge is terminated at which point the unrealized gain (loss) is reclassified from accumulated other comprehensive income (loss) to current earnings. The estimated accumulated other comprehensive loss as of June 30, 2021 that is expected to be reclassified into earnings within the next twelve months is $1.2 million. There were no ineffective portions of our interest rate swap derivatives during the six months ended June 30, 2021 and 2020. See Note 12 for a summary of the changes in accumulated other comprehensive income (loss) by component.

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