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Derivatives and Hedging | 3 Months Ended
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Mar. 31, 2021
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 40% of outstanding debt with outstanding notional amounts totaling $275.3 million and $328.7 million as of March 31, 2021 and 2020, 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. 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, 2020 | $ | (4,048) |  |  | $ | (658) |  |  | $ | (4,706) |
Net change in unrealized (loss) gain | (731) |  |  | (257) |  |  | (988) |
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | 1,761 |  |  | — |  |  | 1,761 |
Net current period other comprehensive (loss) income | 1,030 |  |  | (257) |  |  | 773 |
Balance as of March 31, 2021 | $ | (3,018) |  |  | $ | (915) |  |  | $ | (3,933) |

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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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