Our cash flow hedges consists of forward interest rate swaps to manage our exposure to interest rate movements on a portion of our debt through January 1, 2031. Our forward interest rate swaps hedge forecasted transactions from January 1, 2024 through January 1, 2031.

The notional amounts of derivative instruments are as follows:


	(Dollars in thousands)
	December 31, 2024		December 31, 2023
Derivative instruments designated as hedging instruments:
Interest rate contracts	$	150,000	$	150,000

The following table summarizes the fair value and presentation on the consolidated balance sheets for derivative instruments:


		(Dollars in thousands)
	Balance Sheet Location	December 31, 2024		December 31, 2023
Derivative instruments designated as hedging instruments:
Interest rate contracts	Other assets, current	$	3,576	$	4,046
	Other assets	$	14,606	$	11,595

Accumulated other comprehensive income activities during 2024 were as follows (in thousands):


	December 31, 2023		2024				December 31, 2024
	Balance		Changes in Fair Value Recognized		Reclassifications to Income Statement		Balance
Cash flow hedges, before tax totals	$	15,641	$	7,397	$	(5,207)	$	17,831

Unrealized gains associated with our hedging transactions recognized in other comprehensive income are presented in the following table:


	(Dollars in thousands)
		December 31, 2024		December 31, 2023
Recognized in other comprehensive income, net of tax:
Interest rate contracts		$	1,683	$	1,127

We reclassified gains associated with our cash flow hedges from accumulated other comprehensive income to the income statements when the Forward Interest Rate Swaps became effective as of January 1, 2024 and are presented in the following table:


	(Dollars in thousands)
		December 31, 2024		December 31, 2023
Interest rate contracts:
Interest expense		$	5,207	$	—

The pre-tax deferred gains recorded in other comprehensive income that will mature in the next 12 months total $3.5 million.