DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2020

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of outstanding interest rate swaps

The following interest rate swaps were outstanding as of June 30, 2020:

	Notional
(In thousands)	Amount		2020 Balance Sheet Location	Fair Value
Cash Flow Hedges:
Fixed to 1-month floating LIBOR (with floor)	$	705,000	Accrued expense	$	(780)
Fixed to 1-month floating LIBOR (with floor)	$	500,000	Other long-term liabilities		(26,574)
Forward starting fixed to 1-month floating LIBOR (with floor)	$	705,000	Other long-term liabilities		(10,788)
Total Fair Values				$	(38,142)

Our interest rate swap agreements mature on various dates between July 2020 and July 2023.  The forward-starting interest rate swap agreement has a term of one year and became effective in July 2020.

The following interest rate swaps were outstanding as of December 31, 2019:

	Notional
(In thousands)	Amount		2019 Balance Sheet Location	Fair Value
Cash Flow Hedges:
Fixed to 1-month floating LIBOR (with floor)	$	705,000	Accrued expense	$	(2,565)
Fixed to 1-month floating LIBOR (with floor)	$	500,000	Other long-term liabilities		(18,303)
Forward starting fixed to 1-month floating LIBOR (with floor)	$	705,000	Other long-term liabilities		(6,657)
Total Fair Values				$	(27,525)

Schedule of gains and losses on cash flow hedge transactions

	Quarter Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2020		2019		2020		2019
Unrealized loss recognized in AOCI, pretax	$	(1,381)	$	(16,440)	$	(17,533)	$	(25,493)
Deferred (loss) gain reclassified from AOCI to interest expense	$	(4,240)	$	596	$	(6,415)	$	876