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Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2021
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, 2021 and December 31, 2020:

 

 

As of June 30, 2021

 

 

As of December 31, 2020

 

 

 

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

 

 

$

—

 

 

 

9,624

 

 

$

150,000

 

 

$

—

 

 

$

694

 

Interest rate collars

 

 

250,000

 

 

 

—

 

 

 

9,762

 

 

 

250,000

 

 

 

—

 

 

 

13,331

 

Forward interest rate swaps

 

 

—

 

 

 

853

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15,817

 

Total

 

$

400,000

 

 

$

853

 

 

 

19,386

 

 

$

400,000

 

 

$

—

 

 

$

29,842

 

 

Effective interest rate swaps and caps are reported in accumulated other comprehensive income, and the fair value of these hedge agreements is recorded as derivative assets or liabilities on the face of our consolidated balance sheet.

For our interest rate swap and collars that are considered highly effective hedges, we reclassified realized losses of $1,555 and $3,013 to earnings within interest expense for the three and six months ended June 30, 2021, respectively, and we expect $8,824 to be reclassified out of accumulated other comprehensive income to earnings over the next 12 months.