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DERIVATIVE AND HEDGING ACTIVITIES
 6 Months Ended
Jun. 30, 2021
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
As of June 30, 2021, 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		CollarFixed
LIBOR
Rate		Expiration
Date		Notional
Amount
Decreases		Amount
After
Decrease
(amounts
 in millions)		(amounts
in millions)
Cap2.75%Jun. 28, 2022$220.0 
Collar$340.0 Jun. 25, 2019Floor0.402%Jun. 28, 2024Jun. 28, 2023$90.0 
Total$340.0 
For the six months ended June 30, 2021, the Company recorded the net change in the fair value of this derivative as a gain of $1.0 million (net of taxes benefit of $0.3 million as of June 30, 2021) 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, 2021, the fair value of these derivatives was a liability of $1.4 million, and is recorded as other long-term liabilities on the condensed consolidated balance sheet. The Company expects to reclassify approximately $0.9 million of this amount to the condensed consolidated statement of operations over the next twelve months.
The following table presents the accumulated derivative gain (loss) recorded in other comprehensive income (loss) as of June 30, 2021 and December 31, 2020:
Accumulated Derivative Gain (Loss)
DescriptionJune 30,
2021		December 31,
2020
(amounts in thousands)
Accumulated derivative unrealized gain (loss)$(1,030)$(1,789)
The following tables presents the accumulated net derivative gain (loss) recorded in other comprehensive income (loss) for the six three months ended June 30, 2021 and June 30, 2020:
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,
2021202020212020
(amounts in thousands)
$759 $(2,614)$648 $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,
2021202020212020
(amounts in thousands)
$206 $(260)$341 $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, 2021, the notional investments underlying the TRS amounted to $26.5 million. The contract term of the TRS is through March 2022 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 months ended June 30, 2021, 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 $2.8 million benefit. Of this amount, a $0.9 million benefit was recorded in corporate, general and administrative expenses and a $1.9 million benefit was recorded in station operating expenses.