On July 29, 2021, we completed an $860,000,000 refinancing of 1301 Avenue of the Americas. In connection with the refinancing, we entered into interest rate swap agreements on the loan with an aggregate notional amount of $500,000,000 to fix LIBOR at 0.46% through August 2024. We also entered into interest rate cap agreements with an aggregate notional amount of $360,000,000 to cap LIBOR at 2.00% through August 2023. These interest rate swaps and interest rate caps are designated as cash flow hedges and therefore changes in their fair values are recognized in other comprehensive income or loss (outside of earnings). We recognized other comprehensive income of $6,857,000 for the year ended December 31, 2021, from the changes in fair value of these derivative financial instruments. See Note 10, Accumulated Other Comprehensive Income (Loss). During the next twelve months, we estimate that $3,000 of the amounts to be recognized in accumulated other comprehensive income or loss will be reclassified as a decrease to interest expense.

The table below provide additional details on our interest rate swaps that are designated as cash flow hedges.

Notional

Strike

Fair Value as of

Property

Amount

Effective Date

Maturity Date

Rate

December 31, 2021

(Amounts in thousands)

1301 Avenue of the Americas

500,000

Jul-2021

Aug-2024

0.46

6,691

Total interest rate swap assets designated as cash flow hedges (included in "other assets")

6,691

We have agreements with various derivative counterparties that contain provisions wherein a default on our indebtedness could be deemed a default on our derivative obligations, which would require us to settle our derivative obligations for cash. As of December 31, 2021, we did not have any obligations relating to our interest rate swaps or interest rate caps that contained such provisions.