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DERIVATIVE AND HEDGING ACTIVITIES | 6 Months Ended
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Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE AND HEDGING ACTIVITIES | DERIVATIVE AND HEDGING ACTIVITIES The Company from time to time enters into derivative financial instruments, such as interest rate collar agreements (“Collars”), to manage its exposure to fluctuations in interest rates under the Company’s variable rate debt. Hedge Accounting Treatment During the quarter ended June 30, 2019, the Company entered into a derivative rate hedging transaction in the aggregate notional amount of $560.0 million to manage interest rate risk on the Company’s variable rate debt. During the period of the hedging relationship, the beginning and ending balance of the Company’s variable rate debt was greater than the notional amount of the derivative rate hedging transaction. This transaction is tied to the one-month LIBOR interest rate. Under the Collar transaction, two separate agreements are established with an upper limit, or cap, and a lower limit, or floor, for the Company’s LIBOR borrowing rate. As of June 30, 2020, the Company had the following derivative outstanding, which was designated as a cash flow hedge that qualified for hedge accounting treatment:
Type Of Hedge |  | Notional Amount |  | Effective Date |  | Collar |  | Fixed LIBOR Rate |  | Expiration Date |  | Notional Amount Decreases |  | Amount After Decrease
|  | (amounts in millions) |  |  |  |  |  |  |  |  |  |  |  | (amounts in millions)
|  |  |  |  |  | Cap |  | 2.75% |  |  |  | Jun. 28, 2021 |  | $ | 340.0 |
Collar |  | $ | 460.0 |  |  | Jun. 25, 2019 |  | Floor |  | 0.402% |  | Jun. 28, 2024 |  | Jun. 28, 2022 |  | $ | 220.0 |
|  |  |  |  |  |  |  |  |  |  |  | Jun. 28, 2023 |  | $ | 90.0 |
Total |  | $ | 460.0 |  |  |  |  |  |  |  |  |  |  |  |  |
For the six months ended June 30, 2020, the Company recorded the net change in the fair value of this derivative as a loss of $3.6 million (net of a tax benefit of $1.0 million as of June 30, 2020) to the condensed consolidated statement of comprehensive income (loss). The fair value of this derivative was determined using observable market-based inputs (a Level 2 measurement) and the impact of credit risk on a derivative’s fair value (the creditworthiness of the Company for liabilities). As of June 30, 2020, the fair value of these derivatives was a liability of $3.8 million, and is recorded as other long-term liabilities on the condensed consolidated balance sheet. The Company expects to reclassify approximately $1.1 million of this amount to the condensed consolidated statement of operations over the next twelve months. The following table presents the accumulated derivative gain (loss) recorded in other comprehensive income (loss) as of June 30, 2020 and December 31, 2019:
|  | Accumulated Derivative Gain (Loss) |  |
Description |  | June 30, 2020 |  | December 31, 2019
|  | (amounts in thousands) |  |
Accumulated derivative unrealized gain (loss) |  | $ | (2,753) |  |  | $ | (139) |
When the relationship between the hedged item and hedging instrument is highly effective at achieving offsetting changes in cash flows attributable to the hedged risk, changes in the fair value of these cash flows are recorded in accumulated other comprehensive income (loss) and are subsequently reclassified to interest expense as interest payments are made on such variable rate deposits. Amounts reported in accumulated other comprehensive income (loss) related to the interest rate collar will be reclassified to interest income or interest expense as interest payments are received or made. The following tables presents the accumulated net derivative gain (loss) recorded in other comprehensive income (loss) for the six and three months ended June 30, 2020 and June 30, 2019.
Other Comprehensive Income (Loss) |  |  |  |  |  |
Net Change in Accumulated Derivative Unrealized Gain (Loss) |  |  |  | Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Consolidated Statement of Operations |  |
Six Months Ended June 30, |  |  |  |  |  |
2020 |  | 2019 |  | 2020 |  | 2019
(amounts in thousands) |  |  |  |  |  |
$ | (2,614) |  |  | $ | (224) |  |  | $ | 116 |  |  | $ | — |
Other Comprehensive Income (Loss) |  |  |  |  |  |
Net Change in Accumulated Derivative Unrealized Gain (Loss) |  |  |  | Net Amount of Accumulated Derivative Gain (Loss) Reclassified to the Condensed Consolidated Statement of Operations |  |
Three Months Ended June 30, |  |  |  |  |  |
2020 |  | 2019 |  | 2020 |  | 2019
(amounts in thousands) |  |  |  |  |  |
$ | (260) |  |  | $ | (224) |  |  | $ | 116 |  |  | $ | — |
Undesignated Derivatives The Company is subject to equity market risks due to changes in the fair value of the notional investments selected by its employees as part of its non-qualified deferred compensation plans. During the quarter ended June 30, 2020, the Company entered into a Total Return Swap ("TRS") in order to manage the equity market risks associated with its non-qualified deferred compensation plan liabilities. The Company pays a floating rate, based on LIBOR, on the notional amount of the TRS. The TRS is designed to substantially offset changes in its non-qualified deferred compensation plan's liabilities due to changes in the value of the investment options made by employees. As of June 30, 2020, the notional investments underlying the TRS amounted to $24 million. The contract term of the TRS is through April 2021 and is settled on a monthly basis, therefore limiting counterparty performance risk. The Company did not designate the TRS as an accounting hedge. Rather, the Company records all changes in the fair value of the TRS to earnings to offset the market value changes of its non-qualified deferred compensation plan liabilities. For the six and three months ended June 30, 2020, the Company recorded the net change in the fair value of the TRS in station operating expenses and corporate, general and administrative expenses in the amount of a $2.0 million benefit. Of this amount, a $1.1 million benefit was recorded in corporate, general and administrative expenses and a $0.9 million benefit was recorded in station operating expenses.

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- References No definition available. + Details
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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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