During the normal course of operations, we are exposed to market risks including interest rates, foreign currency exchange rates and commodity prices. From time to time, and consistent with our risk management policies, we use derivative instruments to balance the cost and risk of such expenses. We do not use derivative instruments for trading or other speculative purposes.

In 2007 and 2018, we entered into interest rate locks of future debt issuances to hedge the risk of higher interest rates. These interest rate locks were designated as cash flow hedges. The gain/loss upon settlement of these interest rate hedges is deferred (recorded in AOCI) and amortized to interest expense over the term of the related debt.

This amortization was reflected in the accompanying Consolidated Statements of Comprehensive Income for the years ended December 31 as follows:



in thousands	Location on Statement	2019	2018	2017
Interest Rate Hedges
Loss reclassified from AOCI
(effective portion)	Interest expense	$ (307)	$ (306)	$ (3,070)

The 2017 loss reclassified from AOCI includes the acceleration of deferred losses in the amount of $1,405,000 referable to the debt retirement as described in Note 6.

For the 12-month period ending December 31, 2020, we estimate that $332,000 of the $10,953,000 net of tax loss in AOCI will be reclassified to interest expense.