Derivative Instruments and Hedging Activities (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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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 our derivative instruments:
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Derivatives as of December 31, |
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2022 |
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2021 |
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Balance Sheet Location |
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Fair Value |
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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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$ |
1,748 |
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$ |
— |
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| Interest rate swap contracts |
Other liabilities |
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$ |
9 |
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$ |
6,316 |
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| Derivatives Not Designated as Hedging Instruments |
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| Interest rate swap contracts |
Other assets |
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$ |
3,454 |
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$ |
919 |
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| Commodity swap contracts |
Other liabilities |
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$ |
— |
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$ |
1,962 |
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| Make-whole provisions |
Other liabilities |
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$ |
5,348 |
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$ |
4,800 |
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| Schedule of Derivative Effect on Consolidated Statement of Income (Loss) |
The following tables present information about the effects of our derivative instruments on the consolidated statements of income and 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 for the Year Ended December 31, |
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2022 |
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2021 |
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2020 |
| Derivatives Designated as Hedging Instruments |
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| Interest rate swap contracts |
Other expenses, net |
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$ |
1,037 |
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$ |
2,086 |
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$ |
1,455 |
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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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$ |
(2,738) |
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$ |
(996) |
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$ |
51 |
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| Commodity swap contracts |
Other expenses, net |
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$ |
2,338 |
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$ |
2,325 |
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$ |
(165) |
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| Make-whole provisions |
Other expenses, net |
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$ |
(506) |
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$ |
(1,089) |
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$ |
(591) |
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| Schedule of Derivative Instruments Effect on Comprehensive Income (Loss) |
The following table presents the changes in AOCI, net of taxes, from our hedging instruments:
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Year Ended December 31, 2022 |
| Derivatives Designated as Hedging Instruments: |
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| Accumulated loss in AOCI at the beginning of the year |
$ |
(4,733) |
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| Unrealized gain recognized in AOCI |
4,980 |
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| Loss reclassified from AOCI to other expenses, net |
1,037 |
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| Net gain on derivatives |
6,017 |
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| AOCI at the end of the year |
$ |
1,284 |
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| Schedule of Derivative Instruments |
The following tables present all of our active derivative instruments as of December 31, 2022:
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| Active Interest Rate Swaps |
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Effective Date |
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Expiration Date |
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Initial Notional Amount ($) |
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Status |
11-Year, 5.77% Fixed |
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October 2018 |
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October 2029 |
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$ |
9,200 |
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Designated |
15-Year, 5.24% Fixed |
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June 2018 |
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June 2033 |
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$ |
10,000 |
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Designated |
10-Year, 4.74% Fixed |
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June 2017 |
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December 2027 |
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$ |
14,100 |
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Designated |
15-Year, 3.26% Fixed |
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February 2023 |
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December 2038 |
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$ |
14,084 |
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Designated |
7-Year, 2.19% Fixed |
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February 2016 |
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February 2023 |
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$ |
20,746 |
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Designated |
8-Year, 3.70% Fixed |
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March 2020 |
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June 2028 |
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$ |
14,643 |
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Designated |
8-Year, 3.70% Fixed |
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March 2020 |
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June 2028 |
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$ |
10,734 |
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Designated |
13-Year, 0.93% Fixed |
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May 2020 |
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March 2033 |
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$ |
9,505 |
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Not Designated |
13-Year, 0.93% Fixed |
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May 2020 |
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March 2033 |
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$ |
6,968 |
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Not Designated |
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15.5-Year, 5.40% Fixed |
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September 2008 |
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March 2024 |
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$ |
13,081 |
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Designated |
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| Other Derivatives |
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Classification |
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Effective Date |
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Expiration Date |
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Fair Value ($) |
| Make-whole provisions |
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Liability |
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June/August 2018 |
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December 2038 |
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$ |
697 |
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| Make-whole provisions |
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Liability |
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August 2016 |
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April 2031 |
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$ |
55 |
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| Make-whole provisions |
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Liability |
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April 2017 |
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February 2034 |
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$ |
46 |
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| Make-whole provisions |
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Liability |
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November 2020 |
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December 2027 |
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$ |
48 |
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| Make-whole provisions |
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Liability |
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October 2011 |
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May 2028 |
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$ |
14 |
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| Make-whole provisions |
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Liability |
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May 2021 |
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April 2045 |
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$ |
129 |
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| Make-whole provisions |
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Liability |
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July 2021 |
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March 2046 |
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$ |
3,204 |
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| Make-whole provisions |
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Liability |
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June 2022 |
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March 2042 |
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$ |
1,155 |
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