XML 48 R29.htm IDEA: XBRL DOCUMENT v3.22.4
Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The following table presents information about the fair value amounts of our derivative instruments: 
Derivatives as of December 31,
20222021
Balance Sheet LocationFair ValueFair Value
Derivatives Designated as Hedging Instruments
Interest rate swap contractsOther assets$1,748 $— 
Interest rate swap contractsOther liabilities$9 $6,316 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contractsOther assets$3,454 $919 
Commodity swap contractsOther liabilities$— $1,962 
Make-whole provisionsOther liabilities$5,348 $4,800 
As of December 31, 2022, all but two of our freestanding derivatives were designated as hedging instruments and as of December 31, 2021, all but four of our derivatives were designated as hedging instruments.
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 IncomeAmount of (Gain) Loss Recognized in Net Income for the Year Ended December 31,
202220212020
Derivatives Designated as Hedging Instruments
Interest rate swap contractsOther expenses, net$1,037 $2,086 $1,455 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contractsOther expenses, net$(2,738)$(996)$51 
Commodity swap contractsOther expenses, net$2,338 $2,325 $(165)
Make-whole provisionsOther expenses, net$(506)$(1,089)$(591)
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 AOCI4,980 
Loss reclassified from AOCI to other expenses, net1,037 
Net gain on derivatives6,017 
AOCI at the end of the year$1,284 
The following tables present all of our active derivative instruments as of December 31, 2022:
Active Interest Rate SwapsEffective DateExpiration DateInitial Notional Amount ($)Status
11-Year, 5.77% Fixed
October 2018October 2029$9,200 Designated
15-Year, 5.24% Fixed
June 2018June 2033$10,000 Designated
10-Year, 4.74% Fixed
June 2017December 2027$14,100 Designated
15-Year, 3.26% Fixed
February 2023December 2038$14,084 Designated
7-Year, 2.19% Fixed
February 2016February 2023$20,746 Designated
8-Year, 3.70% Fixed
March 2020June 2028$14,643 Designated
8-Year, 3.70% Fixed
March 2020June 2028$10,734 Designated
13-Year, 0.93% Fixed
May 2020March 2033$9,505 Not Designated
13-Year, 0.93% Fixed
May 2020March 2033$6,968 Not Designated
15.5-Year, 5.40% Fixed
September 2008March 2024$13,081 Designated
Other DerivativesClassificationEffective DateExpiration DateFair Value ($)
Make-whole provisionsLiabilityJune/August 2018December 2038$697 
Make-whole provisionsLiabilityAugust 2016April 2031$55 
Make-whole provisionsLiabilityApril 2017February 2034$46 
Make-whole provisionsLiabilityNovember 2020December 2027$48 
Make-whole provisionsLiabilityOctober 2011May 2028$14 
Make-whole provisionsLiabilityMay 2021April 2045$129 
Make-whole provisionsLiabilityJuly 2021March 2046$3,204 
Make-whole provisionsLiabilityJune 2022March 2042$1,155