Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments

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Derivative Instruments
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The Company entered into interest rate swap agreements with a total notional amount of $700 million, an effective date of December 31, 2018 (“Interest Rate Swap Agreements”), and a scheduled expiration date of December 31, 2023.
Prior to termination discussed herein, the Interest Rate Swap Agreements were determined to be effective hedging agreements. Effective February 18, 2022, the Company terminated the Interest Rate Swap Agreements.
Following these terminations, $21.5 million of unrealized gains related to the terminated Interest Rate Swap Agreements included in accumulated other comprehensive income (loss) was reclassified to earnings as reductions to interest expense through December 31, 2023.
The Company reclassified interest expense related to hedges of these transactions into earnings as follows:

Three Months Ended March 31, 2023
(in thousands)
Reclassification of unrealized gains related to terminated Interest Rate Swap Agreements into interest expense (1) $ (2,527)
Total reclassification adjustments included in earnings $ (2,527)
(1) Includes reclassification to earnings as a reduction to interest expense of unrealized gains included in accumulated other comprehensive loss on the consolidated balance sheet related to the terminated Interest Rate Swap Agreements. The unrealized gains were fully reclassified to earnings as of December 31, 2023.
The results of derivative activities during the year ended December 31, 2023 are recorded in cash flows from operating activities on the condensed consolidated statements of cash flows.