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Derivative and Hedging | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative and Hedging | Derivatives and Hedging In May 2016, the Company entered into certain pay-fixed (1.16%), receive-variable (one month LIBOR) interest rate swaps that were designated as a cash flow hedge. The Company is hedging approximately 46% of its outstanding debt through these instruments with outstanding notional amounts totaling $339.8 and $384.0 million December 31, 2019 and 2018, respectively. The hedge was determined to be highly effective and therefore all of the change in its fair value is recognized through Other comprehensive income. The fair value of these instruments was estimated using an income approach and observable market inputs. They were presented as follows:
(in thousands) |  | December 31, 2019 |  | December 31, 2018
Balance sheet location of derivative financial instruments: |  |  |  |
Prepaid expenses and other |  | $ | 1,382 |  |  | $ | 4,930 |
Deferred charges and other assets, net |  | 1,252 |  |  | 8,323 |
Total derivatives designated as hedging instruments |  | $ | 2,634 |  |  | $ | 13,253 |
The table below summarizes changes in accumulated other comprehensive income (loss) by component:
(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) | (6,540 | ) |  | 1,630 |  |  | (4,910 | )
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | (4,079 | ) |  | 1,017 |  |  | (3,062 | )
Net current period other comprehensive income (loss) | (10,619 | ) |  | 2,647 |  |  | (7,972 | )
Balance as of December 31, 2019 | $ | 2,634 |  |  | $ | (2,326 | ) |  | $ | 308 |
As of December 31, 2019, the Company estimates that $1.4 million will be reclassified as a reduction of interest expense during the next twelve months.

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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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