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Derivatives and Hedging
 9 Months Ended
Sep. 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 43.0% of outstanding debt with outstanding notional amounts totaling $303.5 million and $339.8 million, as of September 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 September 30, 2020, the change in fair market value was immaterial. During the nine months ended September 30, 2020 the fair market value decreased $7.3 million due to a decline in the one month LIBOR. Derivative balances are presented as follows in our unaudited condensed consolidated statement of cash flows:
(in thousands)September 30,
2020		December 31,
2019
Balance sheet location of derivative financial instruments:
Prepaid expenses and other$— $1,382 
Deferred charges and other assets, net— 1,252 
Accrued liabilities and other4,710 — 
Total derivatives designated as hedging instruments$4,710 $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)$308 
Net change in unrealized (loss) gain(8,300)2,074 (6,226)
Amounts reclassified to interest expense956 (239)717 
Net current period other comprehensive (loss) income(7,344)1,835 (5,509)
Balance as of September 30, 2020$(4,710)$(491)$(5,201)