Derivative Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets as of December 31, 2020 and 2019 (notional amounts and fair values in thousands):

								Fair Value
Effective Date	Maturity Date	Notional Amount		Bank Pay Rate		Company Average Fixed Pay Rate		2020		2019
Assets (Liabilities)(1):
April 13, 2016	January 1, 2021	$	175,000	1	month LIBOR	1.03	%	$	(17)	$	1,018
March 1, 2018	January 31, 2021	40,000		1	month LIBOR	2.47	%	(75)		(376)
August 14, 2018	January 1, 2021	150,000		1	month LIBOR	2.20	%	(34)		(896)
July 1, 2019	February 1, 2024	25,000		1	month LIBOR	1.75	%	(1,192)		(170)
January 1, 2021	February 1, 2024	150,000		1	month LIBOR	0.60	%	(1,901)		—
January 1, 2021	February 1, 2024	100,000		1	month LIBOR	0.22	%	$	(139)	—
Total		$	640,000					$	(3,358)	$	(424)

(1)Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets.

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, each with a separate counterparty. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges.

Changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements for the years ended December 31, 2020, 2019 and 2018, respectively (in thousands):

	2020		2019		2018
Interest Rate Swaps (Effective Portion):
Amount of gain (loss) recognized in OCI	$	(2,934)	$	(6,174)	$	405