As of December 31, 2023 and December 31, 2022, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $30,373 and $0, respectively, and $37,314 and $0, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one month. During the years ended December 31, 2023, 2022, and 2021, these contracts had, net of tax, an unrealized gain or loss of $0, an unrealized loss of $1,140 and an unrealized gain of $1,793, respectively.

The nonperformance risk of the Company and the counterparty did not have a material impact on the fair value of the derivatives. During the year ended December 31, 2023, there were no ineffective portions relating to these hedges and the hedges remained effective through their respective settlement dates. During the year ended December 31, 2022, there were three ineffective portions related to these hedges. During the year ended December 31, 2021, there were no ineffective portions relating to these hedges and the hedges remained effective through their respective settlement dates. As of December 31, 2023, the Company had no designated hedges and five non-designated hedges. As of December 31, 2022, the Company had no designated hedges and three non-designated hedges.