Derivative Financial Instruments

12 Months Ended

Dec. 31, 2019

Note O — Derivative Financial Instruments

Cash Flow Hedges of Interest Rate Risk

As of December 31, 2019, our swaps had a notional value outstanding of $312.5 million. As of December 31, 2018, our swaps had a notional value outstanding of $325.0 million.

Changes in Net Gain or 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, 2019 and 2018:


(in thousands)	Cash Flow Hedges
Balance as of January 1, 2018	$	—
Unrealized loss recognized in other comprehensive loss, net of tax		(4,838)
Reclassification to interest expense, net of tax		1,902
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)

The following table presents the fair value of derivative liabilities within the consolidated balance sheets as of December 31, 2019 and December 31, 2018:


	As of December 31, 2019		As of December 31, 2018
(in thousands)	Assets	Liabilities	Assets	Liabilities
Derivatives designated as cash flow hedging instruments:
Accrued expenses and other current liabilities	—	3,516	—	724
Other liabilities	—	9,821	—	3,134