Derivative Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Financial Instruments

Derivative Financial Instruments

Note O — Derivative Financial Instruments

Cash Flow Hedges of Interest Rate Risk

In March 2018, we entered into interest rate swap agreements with notional values of $325.0 million, at inception, which reduces $12.5 million annually until the swaps mature on March 6, 2024. As of December 31, 2020 and December 31, 2019, our swaps, had a notional value outstanding of $300.0 million and $312.5 million, respectively.

Changes in Net Loss on Cash Flow Hedges Included in Accumulated Other Comprehensive Loss

The following table presents the activity of cash flow hedges included in accumulated other comprehensive loss for the years ended December 31, 2020 and 2019:

(in thousands)	Cash Flow Hedges
Balance as of December 31, 2018	$	(2,936)
Unrealized loss recognized in other comprehensive loss, net of tax		(8,806)
Reclassification to interest expense, net of tax		1,605
Balance as of December 31, 2019	$	(10,137)
Unrealized loss recognized in other comprehensive loss, net of tax		(13,230)
Reclassification to interest expense, net of tax		6,596
Balance as of December 31, 2020	$	(16,771)

The following table presents the fair value of derivative liabilities within the consolidated balance sheets as of December 31, 2020 and December 31, 2019:

	As of December 31, 2020				As of December 31, 2019
(in thousands)	Assets		Liabilities		Assets		Liabilities
Derivatives designated as cash flow hedging instruments:
Accrued expenses and other current liabilities	$	—	$	7,686	$	—	$	3,516
Other liabilities		—		14,388		—		9,821