Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments and Hedging Activities (Tables)

v3.22.1
Derivative Instruments and Hedging Activities (Tables)
3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments The following table presents information about the fair value amounts of our cash flow derivative instruments:  
  Derivatives as of
  March 31, 2022   December 31, 2021
  Balance Sheet Location Fair Value Fair Value
Derivatives Designated as Hedging Instruments:
Interest rate swap contracts Other assets $ 39  $ — 
Interest rate swap contracts Other liabilities $ 2,726  $ 6,316 
Derivatives Not Designated as Hedging Instruments:
Interest rate swap contracts Other assets $ 2,181  $ 919 
Commodity swap contracts Other liabilities $ 4,568  $ 1,962 
Make-whole provisions Other liabilities $ 5,085  $ 4,800 
Schedule of Derivative Effect on Consolidated Statement of Income (Loss) The following table presents information about the effects of our derivative instruments on our condensed consolidated statements of income and condensed consolidated statements of comprehensive income:
Amount of Loss (Gain) Recognized in Net Income
Location of Loss (Gain) Recognized in Net Income Three Months Ended March 31,
2022 2021
Derivatives Designated as Hedging Instruments:
Interest rate swap contracts Other expenses, net $ 481  $ 523 
Derivatives Not Designated as Hedging Instruments:
Interest rate swap contracts Other expenses, net $ (1,262) $ (1,323)
Commodity swap contracts Other expenses, net $ 2,606  $ 248 
Make-whole provisions Other expenses, net $ 278  $ 697 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) The following table presents the changes in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, from our hedging instruments:
Three Months Ended March 31, 2022
Derivatives Designated as Hedging Instruments:
Accumulated loss in AOCI at the beginning of the period $ (4,733)
Unrealized gain recognized in AOCI 2,230 
Loss reclassified from AOCI to other expenses, net 481 
Net gain on derivatives 2,711 
Accumulated loss in AOCI at the end of the period $ (2,022)
Schedule of Active Derivative Instruments
The following tables present all of our active derivative instruments as of March 31, 2022:
Active Interest Rate Swaps Effective Date Expiration Date Initial Notional
Amount ($)
Status
11-Year, 5.77% Fixed
October 2018 October 2029 $ 9,200  Designated
15-Year, 5.24% Fixed
June 2018 June 2033 $ 10,000  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
13-Year, 0.93% Fixed
May 2020 March 2033 $ 9,505  Not Designated
13-Year, 0.93% Fixed
May 2020 March 2033 $ 6,968  Not Designated
15.5-Year, 5.40% Fixed
September 2008 March 2024 $ 13,081  Designated
2.75-Year, 0.41% Fixed
December 2020 September 2023 $ 26,250  Not Designated
Active Commodity Swaps Effective Date Expiration Date Initial Notional Amount (Volume) Commodity Measurement Status
3.5-Year, $2.65 MMBtu Fixed
December 2020 June 2024 3,296,160  MMBtus Not Designated
Other Derivatives Classification Effective Date Expiration Date Fair Value ($)
Make-whole provisions Liability June/August 2018 December 2038 $ 583 
Make-whole provisions Liability August 2016 April 2031 $ 77 
Make-whole provisions Liability April 2017 February 2034 $ 72 
Make-whole provisions Liability November 2020 December 2027 $ 56 
Make-whole provisions Liability October 2011 May 2028 $ 12 
Make-whole provisions Liability May 2021 April 2045 $ 319 
Make-whole provisions Liability July 2021 March 2046 $ 3,966