In June 2015, we entered into interest rate swap contracts to fix the interest rate on $187.5 million of the Nordea Q5000 Loan (Note 8). These swap contracts expired in April 2020. Our interest rate swap contracts qualified for cash flow hedge accounting treatment.

In February 2013, we entered into foreign currency exchange contracts to hedge our foreign currency exposure associated with the Grand Canyon II and Grand Canyon III charter payments denominated in the Norwegian kroner through July 2019 and February 2020, respectively. A portion of our foreign currency exchange contracts qualified for hedge accounting treatment.

We had no derivative instruments that were designated as hedging instruments as of December 31, 2020. The following table presents the balance sheet location and fair value of our derivative instruments that were designated as hedging instruments as of December 31, 2019 (in thousands):


	December 31,
	2019
	Balance Sheet Location	Fair Value
Asset Derivative Instruments:
Interest rate swaps	Other current assets	$	44

		$	44

Liability Derivative Instruments:
Foreign exchange contracts	Accrued liabilities	$	401



		$	401

We had no derivative instruments that were not designated as hedging instruments as of December 31, 2020. The following table presents the balance sheet location and fair value of our derivative instruments that were not designated as hedging instruments as of December 31, 2019 (in thousands):


	December 31,
	2019
	Balance Sheet Location	Fair Value
Liability Derivative Instruments:
Foreign exchange contracts	Accrued liabilities	$	601

		$	601

The following tables present the impact that derivative instruments designated as hedging instruments had on our accumulated OCI (net of tax) and our consolidated statements of operations (in thousands):


	Unrealized Gain (Loss) Recognized in OCI
	Year Ended December 31,
	2020		2019		2018

Foreign exchange contracts	$	(54)	$	(315)	$	(1,453)
Interest rate swaps	(41)		(365)		606
	$	(95)	$	(680)	$	(847)


	Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings	Gain (Loss) Reclassified from Accumulated OCI into Earnings
		Year Ended December 31,
		2020		2019		2018

Foreign exchange contracts	Cost of sales	$	(455)	$	(6,125)	$	(7,709)
Interest rate swaps	Net interest expense	3		655		508
		$	(452)	$	(5,470)	$	(7,201)

The following table presents the impact that derivative instruments not designated as hedging instruments had on our consolidated statements of operations (in thousands):


	Location of Loss Recognized in Earnings	Loss Recognized in Earnings
		Year Ended December 31,
		2020		2019		2018

Foreign exchange contracts	Other income (expense), net	$	(81)	$	(378)	$	(901)
		$	(81)	$	(378)	$	(901)