Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments and Hedging Activities

v3.23.1
Derivative Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
Our derivative instruments designated as cash flow hedges as of March 31, 2023 were (in thousands):

Notional Amount Paid Fixed Rate Receive Variable Rate Settlement and Termination
Interest rate swaps $150,000 2.8% 1-month term SOFR Monthly through October 31, 2027
We are party to fixed interest rate swap instruments that are designated and accounted for as cash flow hedges to manage risks associated with interest rate fluctuations on a portion of our floating rate debt. For the three months ended March 31, 2023, we reclassified $0.6 million from accumulated other comprehensive income to interest expense, net. We estimate that we will reclassify $2.6 million of unrealized gains from accumulated other comprehensive income into earnings in the twelve months following March 31, 2023.