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Derivatives and Hedging | 6 Months Ended
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Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging The Company's interest rate swaps are pay-fixed (1.16%), receive-variable (one month LIBOR) that hedged approximately 44.4% of outstanding debt with outstanding notional amounts totaling $317.6 million and $339.8 million, as of June 30, 2020 and December 31, 2019, respectively. The fair value of these instruments was estimated using an income approach and observable market inputs. The hedge was determined to be highly effective and therefore all of the change in its fair value was recognized through Other comprehensive income. During the three months ended June 30, 2020, the change in fair market value was immaterial. During the six months ended June 30, 2020 the fair market value decreased $8.1 million due to a decline in the one month LIBOR. They were presented as follows:
(in thousands) |  | June 30, 2020 |  | December 31, 2019
Balance sheet location of derivative financial instruments: |  |  |  |
Prepaid expenses and other |  | $ | — |  |  | $ | 1,382 |
Deferred charges and other assets, net |  | — |  |  | 1,252 |
Accrued liabilities and other |  | 2,894 |  |  | — |
Other liabilities |  | 2,527 |  |  | — |
Total derivatives designated as hedging instruments |  | $ | 5,421 |  |  | $ | 2,634 |
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, 2019 | $ | 2,634 |  |  | $ | (2,326 | ) |  | $ | 308 |
Net change in unrealized gain (loss) | (8,183 | ) |  | 2,040 |  |  | (6,143 | )
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | 128 |  |  | (32 | ) |  | 96 |
Net current period other comprehensive income (loss) | (8,055 | ) |  | 2,008 |  |  | (6,047 | )
Balance as of June 30, 2020 | $ | (5,421 | ) |  | $ | (318 | ) |  | $ | (5,739 | )

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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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