Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments and Hedging Activities (Tables)

v3.23.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023   December 31, 2022
  Balance Sheet Location Fair Value Fair Value
Derivatives Designated as Hedging Instruments:
Interest rate swap contracts Other assets $ 630  $ 1,748 
Interest rate swap contracts Other liabilities $ 6  $ 9 
Derivatives Not Designated as Hedging Instruments:
Interest rate swap contracts Other assets $ 2,934  $ 3,454 
Make-whole provisions Other liabilities $ 8,175  $ 5,348 
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:
Amount of Loss (Gain) Recognized in Net Income
Location of Loss (Gain) Recognized in Net Income Three Months Ended March 31,
2023 2022
Derivatives Designated as Hedging Instruments:
Interest rate swap contracts Other expenses, net $ 11  $ 481 
Derivatives Not Designated as Hedging Instruments:
Interest rate swap contracts Other expenses, net $ 458  $ (1,262)
Commodity swap contracts Other expenses, net $ —  $ 2,606 
Make-whole provisions Other expenses, net $ (295) $ 278 
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, 2023
Derivatives Designated as Hedging Instruments:
Accumulated gain in AOCI at the beginning of the period $ 1,284 
Unrealized loss recognized in AOCI (879)
Loss reclassified from AOCI to other expenses, net 11 
Loss on derivatives (868)
Accumulated gain in AOCI at the end of the period $ 416 
Schedule of Active Derivative Instruments
The following tables present all of our active derivative instruments as of March 31, 2023:
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
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
7.75-Year, 3.16% Fixed
 March 2023 December 2040 $ 14,084  Designated
Other Derivatives Classification Effective Date Expiration Date Fair Value ($)
Make-whole provisions Liability June/August 2018 December 2038 $ 654 
Make-whole provisions Liability August 2016 April 2031 $ 50 
Make-whole provisions Liability April 2017 February 2034 $ 40 
Make-whole provisions Liability November 2020 December 2027 $ 40 
Make-whole provisions Liability October 2011 May 2028 $ 10 
Make-whole provisions Liability May 2021 April 2045 $ 160 
Make-whole provisions Liability July 2021 March 2046 $ 2,865 
Make-whole provisions Liability June 2022 March 2042 $ 1,233 
Make-whole provisions Liability March 2023 December 2047 $ 3,123