As of September 30, 2019, the Company had 3.0 million mmBTUs (millions of British Thermal Units) in aggregate notional amount outstanding natural gas swap contracts to manage commodity price exposures. All of these contracts mature by September 30, 2020. The Company elected to designate these derivative instruments as cash flow hedges in accordance with ASC 815-20, "Derivatives – Hedging". No ineffectiveness was recorded on these contracts during the three and nine months ended September 30, 2019 and 2018.

In September 2016, the Company entered into interest rate swap agreements for a combined notional amount of $100.0 million with a term of four years, which hedged the floating LIBOR on a portion of the term loan under the Amended and Restated Credit Agreement to an average fixed rate of 1.323% and LIBOR floor of 0.75%. The Company elected to designate these interest rate swaps as cash flow hedges for accounting purposes.

On March 29, 2018, the Company terminated its interest rate swap agreements that were previously designated as a cash flow hedge and received $3.2 million in cash, the fair value of the swap on the termination date. The unrealized gain at termination remains in accumulated other comprehensive income and will be amortized into interest expense over the life of the original hedged instrument. During the three and nine months ended September 30, 2019, $0.2 million and $0.7 million of the unrealized gain, net of tax related to the terminated swaps was amortized into interest expense, compared to $0.2 million and $0.5 million for the same periods of 2018. Also on March 29, 2018, the Company entered into new interest rate swap agreements for a combined notional amount of $100.0 million, which expire on September 30, 2020 and hedge the floating LIBOR on a portion of the Term Loan to an average fixed rate of 2.46% and LIBOR floor of 0.75%. The Company elected to designate these interest rate swaps as cash flow hedges for accounting purposes. No ineffectiveness was recorded on these contracts during the three and nine months ended September 30, 2019 and 2018.


Table 10.1: Details of Derivatives Fair Value
	September 30, 2019		December 31, 2018
	(in thousands)
Assets
Interest rate swap	$	—	$	86
Commodity hedges	1		61
Total assets	$	1	$	147
Liabilities
Interest rate swap	$	777	$	—
Commodity hedges	934		105
Total liabilities	$	1,711	$	105


Table 10.2: Gains/(losses) on Derivatives
	For the Three Months Ended September 30,														For the Nine Months Ended September 30,
	2019		2018		2019		2018		2019		2018		2019		2018
	Gain/(loss) recognized in AOCI on derivatives (effective portion), net of tax						Gain/(loss) reclassified from AOCI into income (effective portion), net of tax						Gain/(loss) recognized in AOCI on derivatives (effective portion), net of tax				Gain/(loss) reclassified from AOCI into income (effective portion), net of tax
	(in thousands)
Interest rate swap	$	(32)	$	145	$	190	$	169	$	(693)	$	1,413	$	657	$	379
Commodity hedges	(212)		7		(427)		(9)		(1,190)		251		(493)		(204)
Total	$	(244)	$	152	$	(237)	$	160	$	(1,883)	$	1,664	$	164	$	175

The Company is exposed to credit losses in the event of nonperformance by the counterparties to the Company's derivative instruments. As of September 30, 2019, the Company's derivatives were in a $1.7 million net liability position and recorded in other current liabilities. All of the Company's counterparties have investment grade credit ratings; accordingly, the Company anticipates that the counterparties will be able to fully satisfy their obligations under the contracts. The Company's agreements outline the conditions upon which it or the counterparties are required to post collateral. As of September 30, 2019, the Company had no collateral posted with its counterparties related to the derivatives.