| Derivative Instruments and Hedging Activities |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
At September 30, 2018 and December 31, 2017, the following table presents information about the fair value amounts of the Company’s derivative instruments is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives as of |
|
September 30, 2018 |
|
December 31, 2017 |
|
Balance Sheet Location |
|
Fair Value |
|
Balance Sheet Location |
|
Fair Value |
Derivatives Designated as Hedging Instruments: |
|
|
|
|
|
|
|
Interest rate swap contracts |
Other assets |
|
$ |
1,428 |
|
|
Other assets |
|
$ |
233 |
|
Interest rate swap contracts |
Other liabilities |
|
$ |
1,548 |
|
|
Other liabilities |
|
$ |
3,529 |
|
Derivatives Not Designated as Hedging Instruments: |
|
|
|
|
|
|
|
Interest rate swap contracts |
Other assets |
|
$ |
66 |
|
|
Other assets |
|
$ |
— |
|
Interest rate swap contracts |
Other liabilities |
|
$ |
— |
|
|
Other liabilities |
|
$ |
— |
|
Commodity swap contracts |
Other assets |
|
$ |
34 |
|
|
Other assets |
|
$ |
— |
|
Commodity swap contracts |
Other liabilities |
|
$ |
46 |
|
|
Other liabilities |
|
$ |
— |
|
Interest make-whole provisions |
Other liabilities |
|
$ |
1,488 |
|
|
Other liabilities |
|
$ |
— |
|
All but four of the Company’s freestanding derivatives were designated as hedging instruments as of September 30, 2018 and all but one of the Company’s derivatives were designated as hedging instruments as of December 31, 2017.
The following tables present information about the effects of the Company’s derivative instruments on the consolidated statements of income (loss) and consolidated statements of comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location of (Gain) Loss Recognized in Net Income (Loss) |
|
Amount of (Gain) Loss Recognized in Net Income (Loss) |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Derivatives Designated as Hedging Instruments: |
|
|
|
|
|
|
|
|
|
Interest rate swap contracts |
Other expenses, net |
|
$ |
(41 |
) |
|
$ |
(28 |
) |
|
$ |
(166 |
) |
|
$ |
(206 |
) |
Derivatives not Designated as Hedging Instruments: |
|
|
|
|
|
|
|
|
|
Interest rate swap contracts |
Other expenses, net |
|
$ |
(271 |
) |
|
$ |
— |
|
|
$ |
(344 |
) |
|
$ |
— |
|
Commodity swap contracts |
Other expenses, net |
|
$ |
(33 |
) |
|
$ |
— |
|
|
$ |
12 |
|
|
$ |
— |
|
Interest make-whole provision |
Other expenses, net |
|
$ |
16 |
|
|
$ |
— |
|
|
$ |
16 |
|
|
$ |
— |
|
|
|
|
|
|
|
Nine Months Ended |
|
September 30, 2018 |
Derivatives Designated as Hedging Instruments: |
|
Accumulated loss in AOCI at the beginning of the period |
$ |
(2,197 |
) |
Unrealized gain recognized in AOCI |
2,300 |
|
Gain reclassified from AOCI to other expenses, net |
(166 |
) |
Accumulated loss in AOCI at the end of the period |
$ |
(63 |
) |
The followings tables present a listing of all the Company’s active derivative instruments as of September 30, 2018:
|
|
|
|
|
|
|
|
Active Interest Rate Swap |
Effective Date |
Expiration Date |
Initial Notional Amount ($) |
Status |
15-Year, 3.19% Fixed |
June 2018 |
June 2033 |
$ |
10,000 |
|
Designated |
3-Year, 2.46% Fixed |
March 2018 |
December 2020 |
17,100 |
|
Not Designated |
10-Year, 4.74% Fixed |
June 2017 |
December 2027 |
14,100 |
|
Designated |
15-Year, 3.26% Fixed |
February 2023 |
December 2038 |
14,084 |
|
Designated |
7-Year, 2.19% Fixed |
February 2016 |
February 2023 |
20,746 |
|
Designated |
8-Year, 3.70% Fixed |
March 2020 |
June 2028 |
14,643 |
|
Designated |
8-Year, 3.70% Fixed |
March 2020 |
June 2028 |
10,734 |
|
Designated |
8-Year, 1.71% Fixed |
October 2012 |
March 2020 |
9,665 |
|
Designated |
8-Year, 1.71% Fixed |
October 2012 |
March 2020 |
7,085 |
|
Designated |
15-Year, 5.30% Fixed |
February 2006 |
February 2021 |
3,256 |
|
Designated |
15.5-Year, 5.40% Fixed |
September 2008 |
March 2024 |
13,081 |
|
Designated |
|
|
|
|
|
|
|
|
Active Commodity Swap |
Effective Date |
Expiration Date |
Initial Notional Amount (Volume) |
Commodity Measurement |
Status |
1-Year, $2.84 MMBtu Fixed |
May 2018 |
April 2019 |
323,390 |
|
MMBtus |
Not Designated |
1-Year, $2.68 MMBtu Fixed |
May 2019 |
April 2020 |
437,004 |
|
MMBtus |
Not Designated |
1-Year, $2.70 MMBtu Fixed |
May 2020 |
April 2021 |
435,810 |
|
MMBtus |
Not Designated |
|
|
|
|
|
|
|
Active Hybrid Instrument |
Effective Date |
Expiration Date |
Fair Value ($) |
Interest make-whole provisions |
June/August 2018 |
December 2038 |
$ |
1,488 |
|
|