DERIVATIVES

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

DERIVATIVES:

The Company enters into interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deems appropriate. The interest rate swaps have been designated as cash flow hedges of future variable interest payments, which are considered probable of occurring.  Based on the Company's assessment, all of the critical terms of each of the hedges matched the underlying terms of the hedged debt and related forecasted interest payments, and as such, these hedges were considered highly effective. There is no ineffective portion or amount excluded from effectiveness testing.

The following table presents information related to interest rate contracts entered into by the Company and designated as cash flow hedges:

	June 30, 2019			December 31, 2018
Pay fixed swaps - notional amount	$	200,000		—
Net unrealized loss	$	(264	)	—
Weighted-average maturity period (years)	1.54			—
Weighted-average received rate	—			—
Weighted-average pay rate	—			—

The fair value of the interest rate swaps reflected an unrealized loss of $264 (net of $(84) tax) at June 30, 2019 and $0 at December 31, 2018. The unrealized loss is included on the Consolidated Statements of Stockholders' Equity as part of accumulated other comprehensive (loss) income as well as on the Consolidated Statements of Comprehensive Income as unrealized loss on cash flow hedges.

At June 30, 2019 and December 31, 2018, the interest rate swap contracts were reflected in the Consolidated Balance Sheets as follows:

	June 30, 2019		December 31, 2018
Current assets:
Other current assets	—		—
Long-term assets:
Other assets	—		—
Current liabilities:
Other current liabilities	$	170	—
Long-term liabilities:
Other liabilities	$	178	—
Total derivatives	$	348	$	—

No gains or losses were recognized in interest expense in the Consolidated Statements of Income, as no interest rate swaps have reached their effective date. During 2020, notional amounts of $100,000 will become effective. In the next 12 months, the Company expects a loss of approximately $(46) to be reclassified into earnings.