Derivative Instruments and Hedging Activities (Tables)
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6 Months Ended |
Jun. 30, 2020 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Fair Value of Derivative Instruments |
The following table presents information about the fair value amounts of the Company’s derivative instruments as follows at June 30, 2020 and December 31, 2019:
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Derivatives as of |
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June 30, 2020 |
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December 31, 2019 |
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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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$ |
— |
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Other assets |
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$ |
15 |
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| Interest rate swap contracts |
Other liabilities |
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11,653 |
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Other liabilities |
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6,210 |
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| Derivatives Not Designated as Hedging Instruments: |
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| Interest rate swap contracts |
Other liabilities |
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$ |
26 |
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Other liabilities |
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$ |
26 |
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| Commodity swap contracts |
Other assets |
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151 |
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Other assets |
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198 |
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| Interest make-whole provisions |
Other liabilities |
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1,388 |
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Other liabilities |
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918 |
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| Other Derivatives |
Classification |
Effective Date |
Expiration Date |
Fair Value ($) |
| Interest make-whole provisions |
Liability |
June/August 2018 |
December 2038 |
$ |
1,388 |
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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 condensed consolidated statements of income and condensed consolidated statements of comprehensive income:
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Location of (Gain) Loss Recognized in Net Income |
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Amount of (Gain) Loss Recognized in Net Income |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2020 |
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2019 |
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2020 |
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2019 |
| Derivatives Designated as Hedging Instruments: |
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| Interest rate swap contracts |
Other expenses, net |
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$ |
306 |
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$ |
(1) |
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$ |
405 |
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$ |
(50) |
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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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$ |
(11) |
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$ |
69 |
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$ |
(1) |
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$ |
69 |
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| Commodity swap contracts |
Other expenses, net |
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95 |
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(172) |
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47 |
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(172) |
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| Interest make-whole provision |
Other expenses, net |
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655 |
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(62) |
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470 |
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(785) |
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| Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
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Six Months Ended |
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June 30, 2020 |
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| Derivatives Designated as Hedging Instruments: |
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| Accumulated loss in AOCI at the beginning of the period |
$ |
(4,742) |
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| Unrealized loss recognized in AOCI |
(4,455) |
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| Loss reclassified from AOCI to other expenses, net |
405 |
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| Accumulated loss in AOCI at the end of the period |
$ |
(8,792) |
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| Schedule of Active Derivative Instruments |
The following tables present a listing of all the Company’s active derivative instruments as of June 30, 2020:
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| Active Interest Rate Swap |
Effective Date |
Expiration Date |
Initial Notional Amount ($) |
Status |
11-Year, 5.77% Fixed |
October 2018 |
October 2029 |
$ |
9,200 |
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Designated |
15-Year, 5.24% 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 |
13-Year, 0.93% Fixed |
May 2020 |
March 2033 |
9,505 |
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Designated |
13-Year, 0.93% Fixed |
May 2020 |
March 2033 |
6,968 |
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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 |
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1-Year, $2.70 MMBtu Fixed |
May 2020 |
April 2021 |
435,810 |
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MMBtus |
Not Designated |
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