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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022 (notional amounts and fair values in thousands):
Fair Value
Effective DateMaturity DateNotional AmountBank Pay RateCompany Average Fixed Pay Rate20232022
Assets (Liabilities) (1):
Current Derivatives
July 1, 2019 February 1, 2024$25,000 
Daily SOFR
1.7 %$88 $853 
January 1, 2021February 1, 2024150,000 Daily SOFR0.5 %692 6,966 
January 1, 2021February 1, 2024100,000 Daily SOFR0.2 %497 5,043 
March 1, 2021February 1, 202425,000 Daily SOFR0.2 %124 1,256 
Total
$300,000 $1,401 $14,118 
Forward Starting Derivatives
February 1, 2024 (2)
February 1, 2026$75,000 Daily SOFR3.5 %$670 $— 
February 1, 2024 (2)
August 1, 202675,000 Daily SOFR3.7 %54 
February 1, 2024 (2)
January 1, 2027175,000 Daily SOFR4.2 %(2,435)— 
Total$325,000 $(1,711)$— 
(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.
(2)During 2023, we entered into $325.0 million of forward-starting interest rate swap agreements at an average fixed pay rate of 3.9% with an effective date of February 1, 2024 and maturity dates ranging from February 1, 2026 to January 1, 2027.

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, with various counterparties. 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, 2023, 2022 and 2021, respectively (in thousands):
202320222021
Interest Rate Swaps (Effective Portion):
Amount of gain (loss) recognized in other comprehensive income (loss)$(14,534)$12,092 $5,383