Derivative Instruments and Hedging Activities (Tables)
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12 Months Ended |
Dec. 31, 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 derivative instruments: | | | | | | | | | | | | | | | | | | | | | Derivatives as of December 31, | | | | 2022 | | 2021 | | Balance Sheet Location | | Fair Value | | Fair Value | | Derivatives Designated as Hedging Instruments | | | | | | | Interest rate swap contracts | Other assets | | $ | 1,748 | | | $ | — | | | Interest rate swap contracts | Other liabilities | | $ | 9 | | | $ | 6,316 | | | Derivatives Not Designated as Hedging Instruments | | | | | | | Interest rate swap contracts | Other assets | | $ | 3,454 | | | $ | 919 | | | | | | | | | | | | | | | Commodity swap contracts | Other liabilities | | $ | — | | | $ | 1,962 | | | Make-whole provisions | Other liabilities | | $ | 5,348 | | | $ | 4,800 | |
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| Schedule of Derivative Effect on Consolidated Statement of Income (Loss) |
The following tables present information about the effects of our derivative instruments on the consolidated statements of income and consolidated statements of comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | Location of (Gain) Loss Recognized in Net Income | | Amount of (Gain) Loss Recognized in Net Income for the Year Ended December 31, | | | 2022 | | 2021 | | 2020 | | Derivatives Designated as Hedging Instruments | | | | | | | | | Interest rate swap contracts | Other expenses, net | | $ | 1,037 | | | $ | 2,086 | | | $ | 1,455 | | | Derivatives Not Designated as Hedging Instruments | | | | | | | | | Interest rate swap contracts | Other expenses, net | | $ | (2,738) | | | $ | (996) | | | $ | 51 | | | Commodity swap contracts | Other expenses, net | | $ | 2,338 | | | $ | 2,325 | | | $ | (165) | | | Make-whole provisions | Other expenses, net | | $ | (506) | | | $ | (1,089) | | | $ | (591) | |
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| Schedule of Derivative Instruments Effect on Comprehensive Income (Loss) |
The following table presents the changes in AOCI, net of taxes, from our hedging instruments: | | | | | | | Year Ended December 31, 2022 | | Derivatives Designated as Hedging Instruments: | | | Accumulated loss in AOCI at the beginning of the year | $ | (4,733) | | | | | Unrealized gain recognized in AOCI | 4,980 | | | Loss reclassified from AOCI to other expenses, net | 1,037 | | | Net gain on derivatives | 6,017 | | | AOCI at the end of the year | $ | 1,284 | |
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| Schedule of Derivative Instruments |
The following tables present all of our active derivative instruments as of December 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 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Other Derivatives | | Classification | | Effective Date | | Expiration Date | | Fair Value ($) | | Make-whole provisions | | Liability | | June/August 2018 | | December 2038 | | $ | 697 | | | Make-whole provisions | | Liability | | August 2016 | | April 2031 | | $ | 55 | | | Make-whole provisions | | Liability | | April 2017 | | February 2034 | | $ | 46 | | | Make-whole provisions | | Liability | | November 2020 | | December 2027 | | $ | 48 | | | Make-whole provisions | | Liability | | October 2011 | | May 2028 | | $ | 14 | | | Make-whole provisions | | Liability | | May 2021 | | April 2045 | | $ | 129 | | | Make-whole provisions | | Liability | | July 2021 | | March 2046 | | $ | 3,204 | | | Make-whole provisions | | Liability | | June 2022 | | March 2042 | | $ | 1,155 | |
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