Derivative Instruments and Hedging Activities (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Fair Value of Derivative Instruments |
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Active Hybrid Instrument |
Effective Date |
Expiration Date |
Fair Value ($) |
Interest make-whole provisions |
June/August 2018 |
December 2038 |
$ |
1,488 |
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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:
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Derivatives as of |
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September 30, 2018 |
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December 31, 2017 |
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Balance Sheet Location |
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Fair Value |
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Balance Sheet Location |
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Fair Value |
Derivatives Designated as Hedging Instruments: |
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Interest rate swap contracts |
Other assets |
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$ |
1,428 |
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Other assets |
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$ |
233 |
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Interest rate swap contracts |
Other liabilities |
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$ |
1,548 |
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Other liabilities |
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$ |
3,529 |
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Derivatives Not Designated as Hedging Instruments: |
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Interest rate swap contracts |
Other assets |
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$ |
66 |
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Other assets |
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$ |
— |
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Interest rate swap contracts |
Other liabilities |
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$ |
— |
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Other liabilities |
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$ |
— |
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Commodity swap contracts |
Other assets |
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$ |
34 |
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Other assets |
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$ |
— |
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Commodity swap contracts |
Other liabilities |
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$ |
46 |
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Other liabilities |
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$ |
— |
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Interest make-whole provisions |
Other liabilities |
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$ |
1,488 |
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Other liabilities |
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$ |
— |
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| Schedule of Derivative Effect on Consolidated Statement of Income (Loss) |
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):
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Location of (Gain) Loss Recognized in Net Income (Loss) |
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Amount of (Gain) Loss Recognized in Net Income (Loss) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2018 |
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2017 |
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2018 |
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2017 |
Derivatives Designated as Hedging Instruments: |
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Interest rate swap contracts |
Other expenses, net |
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$ |
(41 |
) |
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$ |
(28 |
) |
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$ |
(166 |
) |
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$ |
(206 |
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Derivatives not Designated as Hedging Instruments: |
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Interest rate swap contracts |
Other expenses, net |
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$ |
(271 |
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$ |
— |
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$ |
(344 |
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$ |
— |
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Commodity swap contracts |
Other expenses, net |
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$ |
(33 |
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$ |
— |
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$ |
12 |
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$ |
— |
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Interest make-whole provision |
Other expenses, net |
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$ |
16 |
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$ |
— |
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$ |
16 |
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$ |
— |
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| Schedule of Derivative Instruments Effect on Comprehensive Income (Loss) |
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Nine Months Ended |
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September 30, 2018 |
Derivatives Designated as Hedging Instruments: |
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Accumulated loss in AOCI at the beginning of the period |
$ |
(2,197 |
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Unrealized gain recognized in AOCI |
2,300 |
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Gain reclassified from AOCI to other expenses, net |
(166 |
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Accumulated loss in AOCI at the end of the period |
$ |
(63 |
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| Schedule of Active Derivative Instruments |
The followings tables present a listing of all the Company’s active derivative instruments as of September 30, 2018:
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Active Interest Rate Swap |
Effective Date |
Expiration Date |
Initial Notional Amount ($) |
Status |
15-Year, 3.19% Fixed |
June 2018 |
June 2033 |
$ |
10,000 |
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Designated |
3-Year, 2.46% Fixed |
March 2018 |
December 2020 |
17,100 |
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Not Designated |
10-Year, 4.74% Fixed |
June 2017 |
December 2027 |
14,100 |
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Designated |
15-Year, 3.26% Fixed |
February 2023 |
December 2038 |
14,084 |
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Designated |
7-Year, 2.19% Fixed |
February 2016 |
February 2023 |
20,746 |
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Designated |
8-Year, 3.70% Fixed |
March 2020 |
June 2028 |
14,643 |
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Designated |
8-Year, 3.70% Fixed |
March 2020 |
June 2028 |
10,734 |
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Designated |
8-Year, 1.71% Fixed |
October 2012 |
March 2020 |
9,665 |
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Designated |
8-Year, 1.71% Fixed |
October 2012 |
March 2020 |
7,085 |
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Designated |
15-Year, 5.30% Fixed |
February 2006 |
February 2021 |
3,256 |
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Designated |
15.5-Year, 5.40% Fixed |
September 2008 |
March 2024 |
13,081 |
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Designated |
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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 |
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MMBtus |
Not Designated |
1-Year, $2.68 MMBtu Fixed |
May 2019 |
April 2020 |
437,004 |
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MMBtus |
Not Designated |
1-Year, $2.70 MMBtu Fixed |
May 2020 |
April 2021 |
435,810 |
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MMBtus |
Not Designated |
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Active Hybrid Instrument |
Effective Date |
Expiration Date |
Fair Value ($) |
Interest make-whole provisions |
June/August 2018 |
December 2038 |
$ |
1,488 |
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