Derivative Instruments and Hedging Activities (Tables)
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9 Months Ended |
Sep. 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 September 30, 2020 and December 31, 2019:
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Derivatives as of |
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September 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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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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$ |
15 |
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| Interest rate swap contracts |
Other liabilities |
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$ |
10,816 |
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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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$ |
312 |
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$ |
26 |
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| Commodity swap contracts |
Other assets |
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$ |
— |
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$ |
198 |
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| Commodity swap contracts |
Other liabilities |
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$ |
44 |
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$ |
— |
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| Make-whole provisions |
Other liabilities |
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$ |
1,352 |
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$ |
918 |
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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 ($) |
| Make-whole provisions |
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Liability |
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June/August 2018 |
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December 2038 |
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$ |
534 |
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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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432 |
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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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386 |
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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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Amount of (Gain) Loss Recognized in Net Income |
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Location of (Gain) Loss Recognized in Net Income |
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Three Months Ended September 30, |
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Nine Months Ended September 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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$ |
503 |
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$ |
44 |
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$ |
908 |
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$ |
(6) |
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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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$ |
287 |
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$ |
(3) |
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$ |
287 |
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$ |
66 |
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| Commodity swap contracts |
Other expenses, net |
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194 |
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(31) |
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241 |
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(203) |
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| Make-whole provisions |
Other expenses, net |
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(27) |
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(150) |
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443 |
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(935) |
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| Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
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Nine Months Ended September 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 |
(4,623) |
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| Loss reclassified from AOCI to other expenses, net |
1,211 |
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| Net loss on derivatives |
(3,412) |
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| Accumulated loss in AOCI at the end of the period |
$ |
(8,154) |
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| Schedule of Active Derivative Instruments |
The following tables present a listing of the Company’s active derivative instruments as of September 30, 2020:
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| Active Interest Rate Swap |
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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 |
3-Year, 2.46% Fixed |
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March 2018 |
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December 2020 |
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17,100 |
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Not 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 |
15-Year, 5.30% Fixed |
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February 2006 |
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February 2021 |
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3,256 |
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Designated |
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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| Active Commodity Swap |
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Effective Date |
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Expiration Date |
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Initial Notional Amount (Volume) |
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Commodity Measurement |
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Status |
1-Year, $2.70 MMBtu Fixed |
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May 2020 |
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April 2021 |
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435,810 |
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MMBtus |
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Not Designated |
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