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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | NOTE 5: Derivative Financial Instruments The following table summarizes the aggregate notional amounts and estimated net fair values of our derivative instruments as of June 30, 2020 and December 31, 2019:
|  | As of June 30, 2020 |  |  | As of December 31, 2019 |
|  | Notional |  |  | Fair Value of Assets |  |  | Fair Value of Liabilities |  |  | Notional |  |  | Fair Value of Assets |  |  | Fair Value of Liabilities |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | 150,000 |  |  | $ | — |  |  | $ | 1,421 |  |  | $ | 150,000 |  |  | $ | 953 |  |  | $ | — |
Interest rate collars |  |  | 250,000 |  |  |  | — |  |  |  | 15,776 |  |  |  | 250,000 |  |  |  | — |  |  |  | 4,330 |
Forward interest rate swaps |  |  | — |  |  |  | — |  |  |  | 17,417 |  |  |  | — |  |  |  | — |  |  |  | 3,439 |
Total |  | $ | 400,000 |  |  | $ | — |  |  | $ | 34,614 |  |  | $ | 400,000 |  |  | $ | 953 |  |  | $ | 7,769 |
On March 2, 2020 we entered into a forward-starting interest rate swap with a notional value of $150,000 and a strike rate of 0.985%. This forward interest rate swap has an effective date of May 17, 2022 and a maturity date of May 17, 2027. We designated this forward interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. Effective interest rate swaps and caps are reported in accumulated other comprehensive income, and the fair value of these hedge agreements is included in other assets or other liabilities. For our interest rate swap and collars that are considered highly effective hedges, we reclassified realized losses of $1,107 and $1,244 to earnings within interest expense for the three and six months ended June 30, 2020, respectively, and we expect $7,046 to be reclassified out of accumulated other comprehensive income to earnings over the next 12 months.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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