Derivative Instruments and Hedging Activities (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Fair Value of Derivative Instruments |
|
|
|
|
|
|
|
|
Other Derivatives |
Classification |
Effective Date |
Expiration Date |
Fair Value ($) |
Interest make-whole provisions |
Liability |
June/August 2018 |
December 2038 |
$ |
873 |
|
At September 30, 2019 and December 31, 2018, the following table presents information about the fair value amounts of the Company’s derivative instruments are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives as of |
|
September 30, 2019 |
|
December 31, 2018 |
|
Balance Sheet Location |
|
Fair Value |
|
Balance Sheet Location |
|
Fair Value |
Derivatives Designated as Hedging Instruments: |
|
|
|
|
|
|
|
Interest rate swap contracts |
Other assets |
|
$ |
41 |
|
|
Other assets |
|
$ |
703 |
|
Interest rate swap contracts |
Other liabilities |
|
7,565 |
|
|
Other liabilities |
|
3,187 |
|
Derivatives Not Designated as Hedging Instruments: |
|
|
|
|
|
|
|
Interest rate swap contracts |
Other assets |
|
$ |
— |
|
|
Other assets |
|
$ |
30 |
|
Interest rate swap contracts |
Other liabilities |
|
35 |
|
|
Other liabilities |
|
— |
|
Commodity swap contracts |
Other assets |
|
167 |
|
|
Other assets |
|
33 |
|
Commodity swap contracts |
Other liabilities |
|
— |
|
|
Other liabilities |
|
70 |
|
Interest make-whole provisions |
Other liabilities |
|
873 |
|
|
Other liabilities |
|
1,808 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location of (Gain) Loss Recognized in Net Income |
|
Amount of (Gain) Loss Recognized in Net Income |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Derivatives Designated as Hedging Instruments: |
|
|
|
|
|
|
|
|
|
Interest rate swap contracts |
Other expenses, net |
|
$ |
44 |
|
|
$ |
(41 |
) |
|
$ |
(6 |
) |
|
$ |
(166 |
) |
Derivatives not Designated as Hedging Instruments: |
|
|
|
|
|
|
|
|
|
Interest rate swap contracts |
Other expenses, net |
|
$ |
(3 |
) |
|
$ |
(271 |
) |
|
$ |
66 |
|
|
$ |
(344 |
) |
Commodity swap contracts |
Other expenses, net |
|
$ |
(31 |
) |
|
$ |
(33 |
) |
|
$ |
(203 |
) |
|
$ |
12 |
|
Interest make-whole provision |
Other expenses, net |
|
$ |
(150 |
) |
|
$ |
16 |
|
|
$ |
(935 |
) |
|
$ |
16 |
|
|
| Schedule of Derivative Instruments Effect on Comprehensive Income (Loss) |
|
|
|
|
|
|
Nine Months Ended |
|
September 30, 2019 |
Derivatives Designated as Hedging Instruments: |
|
Accumulated loss in AOCI at the beginning of the period |
$ |
(1,824 |
) |
Cumulative impact from the adoption of ASU No. 2018-02
|
(217 |
) |
Unrealized loss recognized in AOCI |
(3,714 |
) |
Gain reclassified from AOCI to other expenses, net |
7 |
|
Accumulated loss in AOCI at the end of the period |
$ |
(5,748 |
) |
|
| Schedule of Active Derivative Instruments |
The following tables present a listing of all the Company’s active derivative instruments as of September 30, 2019:
|
|
|
|
|
|
|
|
Active Interest Rate Swap |
Effective Date |
Expiration Date |
Initial Notional Amount ($) |
Status |
11-Year, 5.77% Fixed
|
October 2018 |
October 2029 |
$ |
9,200 |
|
Designated |
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, $2.68 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 |
|