As of December 31, 2024 and December 31, 2023, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $46,288 and $0, respectively, and $30,373 and $0, respectively. These contracts were comprised of offsetting contracts with the same counterparty, each expires within one to two months. During the years ended December 31, 2024 and 2023, these contracts had, net of tax, an unrealized gain or loss of $0 and during the year ended December 31, 2022, these contracts had, net of tax, an unrealized loss of $1,140.

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, 2024 and 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 relating to these hedges. As of December 31, 2024 and December 31, 2023, the Company had no designated hedges and five non-designated hedges.