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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | NOTE 6: Derivative Financial Instruments The following table summarizes the aggregate notional amounts and estimated net fair values of our derivative instruments as of September 30, 2022 and December 31, 2021:
|  | As of September 30, 2022 |  | As of December 31, 2021
|  | Notional |  | Fair Value of Assets |  | Fair Value of Liabilities |  | Notional |  | Fair Value of Assets |  | Fair Value of Liabilities
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | 300,000 |  |  | $ | 27,907 |  |  | — |  |  | $ | 150,000 |  |  | $ | 2,488 |  |  | $ | 6,463 |
Interest rate collars |  | 250,000 |  |  | 8,253 |  |  | — |  |  | 250,000 |  |  | — |  |  | 5,433 |
Forward interest rate collars |  | 200,000 |  |  | 7,807 |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 750,000 |  |  | $ | 43,967 |  |  | — |  |  | $ | 400,000 |  |  | $ | 2,488 |  |  | $ | 11,896 |
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 (gains) losses of $(537) and $2,452 to earnings within interest expense for the three and nine months ended September 30, 2022, and we expect $11,896 to be reclassified out of accumulated other comprehensive income to earnings over the next 12 months. On July 12, 2022, we entered into forward starting interest rate collars with a total notional value of $200,000, a cap rate of 2.50%, a floor rate of 1.50% and a maturity date of January 17, 2028. The effective date for $100,000 of the forward interest rate collars is January 17, 2024 and November 17, 2024, respectively. We designated these forward interest rate collars as cash flow hedges at inception and determined that the hedges are highly effective in offsetting interest rate fluctuations associated with the identified indebtedness.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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