Derivative Instruments and Hedging Activities (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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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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2023 |
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2022 |
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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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$ |
1,023 |
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$ |
1,748 |
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| Interest rate swap contracts |
Other liabilities |
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$ |
— |
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$ |
9 |
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| Derivatives Not Designated as Hedging Instruments |
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| Interest rate swap contracts |
Other assets |
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$ |
2,947 |
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$ |
3,454 |
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| Interest rate swap contracts |
Other liabilities |
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$ |
629 |
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$ |
— |
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| Make-whole provisions |
Other liabilities |
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$ |
6,012 |
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$ |
5,348 |
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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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2023 |
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2022 |
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2021 |
| Derivatives Designated as Hedging Instruments |
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| Interest rate swap contracts |
Other expenses, net |
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$ |
(770) |
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$ |
1,037 |
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$ |
2,086 |
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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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$ |
1,354 |
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$ |
(2,738) |
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$ |
(996) |
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| Commodity swap contracts |
Other expenses, net |
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$ |
— |
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$ |
2,338 |
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$ |
2,325 |
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| Make-whole provisions |
Other expenses, net |
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$ |
(2,462) |
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$ |
(506) |
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$ |
(1,089) |
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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, 2023 |
| Derivatives Designated as Hedging Instruments: |
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| Accumulated gain in AOCI at the beginning of the year |
$ |
1,284 |
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| Unrealized gain recognized in AOCI |
232 |
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| Gain reclassified from AOCI to other expenses, net |
(770) |
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| AOCI at the end of the year |
$ |
746 |
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| Schedule of Derivative Instruments |
The following tables present all of our active derivative instruments as of December 31, 2023:
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| Active Interest Rate Swaps |
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Expiration Date |
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Initial Notional Amount ($) |
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Status |
11-Year, 5.77% Fixed |
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October 2029 |
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$ |
9,200 |
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Designated |
15-Year, 5.24% Fixed |
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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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December 2027 |
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$ |
14,100 |
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Designated |
8-Year, 3.49% Fixed |
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June 2028 |
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$ |
14,643 |
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Designated |
8-Year, 3.49% Fixed |
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June 2028 |
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$ |
10,734 |
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Designated |
13-Year, 0.72% Fixed |
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March 2033 |
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$ |
9,505 |
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Not Designated |
13-Year, 0.72% Fixed |
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March 2033 |
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$ |
6,968 |
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Not Designated |
17.75-Year, 3.16% Fixed |
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December 2040 |
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$ |
14,084 |
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Designated |
18-Year, 3.81% Fixed |
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July 2041 |
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$ |
32,021 |
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Not 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 ($) |
| Make-whole provisions |
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Liability |
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June/August 2018 |
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December 2038 |
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$ |
223 |
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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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$ |
49 |
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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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$ |
35 |
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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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$ |
33 |
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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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$ |
6 |
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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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$ |
37 |
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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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$ |
2,334 |
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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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$ |
997 |
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| Make-whole provisions |
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Liability |
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March 2023 |
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December 2047 |
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$ |
2,298 |
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