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Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2023
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, 2023 and December 31, 2022:
As of September 30, 2023As of December 31, 2022
Notional Fair Value of
Assets 		Fair Value of
Liabilities 		Notional Fair Value of
Assets 		Fair Value of
Liabilities
Cash flow hedges:
Interest rate swaps$500,000 $36,985 $— $300,000 $26,099 $— 
Interest rate collars250,000 5,069 — 250,000 8,317 — 
Forward interest rate collars200,000 11,204 — 200,000 6,693 — 
Total$950,000 $53,258 — $750,000 $41,109 $— 
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 condensed consolidated balance sheets.
For our interest rate swaps and collars that are considered highly effective hedges, we reclassified realized gains of $5,433 and $13,559 to earnings within interest expense for the three and nine months ended September 30, 2023, and we expect gains of $20,461 to be reclassified out of accumulated other comprehensive income to earnings over the next 12 months. For the three and nine months ended September 30, 2022, we reclassified realized gains of $214 and realized losses of $3,408 to earnings within interest expense.
On March 16, 2023, we entered into an interest rate swap contract with a notional value of $200,000, a strike rate of 3.39% and a maturity date of March 17, 2030. We designated this 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.