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Derivatives and Hedging | 6 Months Ended
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Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging The Company uses derivative financial instruments to manage its exposure to interest rate risk for its long-term variable-rate debt through interest rate swaps. The Company's interest rate swaps are all designated as cash flow hedges, and involve the receipt of variable-rate amounts from counterparties in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The outstanding notional amounts of the cash flow hedge which is composed of interest rate swap contracts were $361.9 million and $384.0 million as of June 30, 2019 and December 31, 2018, respectively. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the condensed consolidated balance sheets. The fair value of these instruments was estimated using an income approach and observable market inputs (Level II):
(in thousands) |  | June 30, 2019 |  | December 31, 2018
Balance sheet location of derivative financial instruments: |  |  |  |
Prepaid expenses and other |  | $ | 2,275 |  |  | $ | 4,930 |
Deferred charges and other assets, net |  | 1,733 |  |  | 8,323 |
Total derivatives designated as hedging instruments |  | $ | 4,008 |  |  | $ | 13,253 |
The table below summarizes changes in accumulated other comprehensive income (loss) by component:
| Six Months Ended June 30, 2019
(in thousands) | Gains (Losses) on Cash Flow Hedges |  | Income Tax (Expense) Benefit |  | Accumulated Other Comprehensive Income (Loss), net of taxes
Balance as of December 31, 2018 | $ | 13,253 |  |  | $ | (4,973 | ) |  | $ | 8,280 |
Net change in unrealized gain (loss) | (6,771 | ) |  | 1,688 |  |  | (5,083 | )
Amounts reclassified from accumulated other comprehensive income to interest expense | (2,474 | ) |  | 617 |  |  | (1,857 | )
Net current period other comprehensive income (loss) | (9,245 | ) |  | 2,305 |  |  | (6,940 | )
Balance as of June 30, 2019 | $ | 4,008 |  |  | $ | (2,668 | ) |  | $ | 1,340 |

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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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