Derivative Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments

Derivative Instruments

13. Derivative Instruments

As of March 31, 2021, there was no impact from netting arrangements as the Company did not have any derivatives in asset positions. There have been no significant changes to our policy or strategy from what was disclosed in our 2020 Form 10-K. A summary of our outstanding interest rate derivative instruments is shown in the subsequent table (in thousands).

Summary of Outstanding Interest Rate Derivatives

								Fair Value at Significant Other
Notional Amount								Observable Inputs (Level 2)
As of		As of						As of		As of
March 31,		December 31,		Type of	Strike	Effective	Expiration	March 31,		December 31,
2021		2020		Derivative	Rate	Date	Date	2021		2020
Currently-paying contracts
	104,000		104,000	Swap	1.435	Jan 15, 2016	Jan 15, 2023		(2,349)		(2,773)
	—		77,352	Swap	0.779	Jan 15, 2016	Jan 15, 2021		—		(9)
$	104,000	$	181,352					$	(2,349)	$	(2,782)

As of March 31, 2021, we estimate that an additional $1.4 million will be reclassified as an increase to interest expense during the twelve months ended March 31, 2022, when the hedged forecasted transactions impact earnings.