Derivative Instruments and Hedging Activities (Tables)
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9 Months Ended |
Sep. 30, 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 cash flow derivative instruments:
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Derivatives as of |
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September 30, 2022 |
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December 31, 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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$ |
1,794 |
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$ |
— |
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| Interest rate swap contracts |
Other liabilities |
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$ |
27 |
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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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$ |
3,784 |
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$ |
919 |
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| Commodity swap contracts |
Other liabilities |
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$ |
4,990 |
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$ |
1,962 |
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| Make-whole provisions |
Other liabilities |
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$ |
5,459 |
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$ |
4,800 |
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| Schedule of Derivative Effect on Consolidated Statements 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:
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Amount of Loss (Gain) Recognized in Net Income |
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Location of Loss (Gain) 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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2022 |
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2021 |
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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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$ |
185 |
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$ |
528 |
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$ |
1,026 |
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$ |
1,573 |
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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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$ |
(844) |
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$ |
(63) |
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$ |
(2,865) |
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$ |
(842) |
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| Commodity swap contracts |
Other expenses, net |
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$ |
514 |
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$ |
2,409 |
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3,028 |
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3,907 |
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| Make-whole provisions |
Other expenses, net |
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$ |
(450) |
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$ |
(1,679) |
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(388) |
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(1,173) |
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| 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:
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Nine Months Ended September 30, 2022 |
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| Derivatives Designated as Hedging Instruments: |
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| Accumulated loss in AOCI at the beginning of the period |
$ |
(4,733) |
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| Unrealized gain recognized in AOCI |
5,007 |
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| Loss reclassified from AOCI to other expenses, net |
1,026 |
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| Gain on derivatives |
6,033 |
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| Accumulated loss in AOCI at the end of the period |
$ |
1,300 |
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| Schedule of Active Derivative Instruments |
The following tables present all of our active derivative instruments as of September 30, 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 |
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 |
2.75-Year, 0.41% Fixed |
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December 2020 |
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September 2023 |
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$ |
26,250 |
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Not Designated |
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| Active Commodity Swaps |
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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 |
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3.5-Year, $2.65 MMBtu Fixed |
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December 2020 |
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June 2024 |
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3,296,160 |
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MMBtus |
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Not Designated |
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| Other Derivatives |
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Classification |
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Effective Date |
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Expiration Date |
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Fair Value ($) |
| 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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$ |
744 |
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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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$ |
77 |
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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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$ |
57 |
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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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$ |
63 |
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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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$ |
20 |
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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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$ |
196 |
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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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$ |
3,304 |
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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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$ |
998 |
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