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Derivative Instruments
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments DERIVATIVE INSTRUMENTS
The Company's Senior Credit Agreement requires the Company to maintain derivative instruments for protection from fluctuating interest rates, for at least twenty-five percent of the outstanding balance of the term loan issued in November 2018. Accordingly, the Company entered into additional interest rate swaps in December 2018 and January 2019 having initial values of $150.0 million and $150.0 million, respectively, and forward start dates of December 31, 2018 and June 28, 2019. The table below provides information about the Company’s interest rate swaps (in thousands):
 
 
 
December 31, 2019
 
December 31, 2018
Expiration Date
Stated
Interest
Rate
 
Notional
Amount
 
Market
Value
(Liability)
 
Notional
Amount
 
Market
Value
(Liability)
May 5, 2021
1.090
%
 
20,625

 
111

 
28,125

 
650

May 30, 2021
1.703
%
 
20,625

 
(25
)
 
28,125

 
366

December 31, 2021
2.706
%
 
146,250

 
(3,242
)
 
150,000

 
(1,138
)
March 31, 2022
1.900
%
 
50,000

 
(408
)
 
50,000

 
829

March 31, 2022
1.950
%
 
75,000

 
(696
)
 
75,000

 
1,126

March 31, 2023
2.425
%
 
148,125

 
(3,866
)
 
—

 
—


The outstanding interest rate swaps are not designated as hedges for accounting purposes. The effects of future fluctuations in LIBOR interest rates on derivatives held by the Company will result in the recording of unrealized gains and losses into the statement of operations. The Company recorded a net loss on derivatives of $10.0 million and $8.0 thousand and net gains of $1.4 million for the years ending December 31, 2019, 2018 and 2017, respectively. The liability for outstanding derivatives is recorded in other liabilities and in accrued expenses.
The Company recorded a net loss before the effects of income taxes of $0.1 million and a net gain before the effects of income taxes of $0.6 million during the years ended December 31, 2018 and 2017, respectively, for the revaluation of the convertible note hedges and the note conversion obligations to fair value before these instruments were reclassified to paid-in-capital.