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Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
During the twelve months ended December 31, 2023, we adopted ASU 2020-04, Reference Rate Reform, for six interest rate swap contracts with the transition from LIBOR to SOFR as the reference rate. In March 2023, we dedesignated one interest rate swap contract for a previous loan facility and entered into a new interest rate swap contract to hedge $14,084 of the extended loan facility. The new interest rate swap was designated as a cash flow hedge. In June 2023, we prepaid one loan facility and terminated the related swap prior to its maturity date. In August 2023, we acquired one interest rate swap through an energy asset project acquisition. This interest rate swap was not designated as an effective hedge and we recorded the change in the valuation in other expenses, net in our consolidated statements of income. See Note 7 for additional information about this energy asset project acquisition.
The following table presents information about the fair value amounts of our derivative instruments: 
Derivatives as of December 31,
20232022
Balance Sheet LocationFair ValueFair Value
Derivatives Designated as Hedging Instruments
Interest rate swap contractsOther assets$1,023 $1,748 
Interest rate swap contractsOther liabilities$— $9 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contractsOther assets$2,947 $3,454 
Interest rate swap contractsOther liabilities$629 $— 
Make-whole provisionsOther liabilities$6,012 $5,348 
As of December 31, 2023, all but three of our freestanding derivatives were designated as hedging instruments and as of December 31, 2022, all but two of our derivatives were designated as hedging instruments.
The following tables present information about the effects of our derivative instruments on the consolidated statements of income and consolidated statements of comprehensive income:
Location of (Gain) Loss Recognized in Net IncomeAmount of (Gain) Loss Recognized in Net Income for the Year Ended December 31,
202320222021
Derivatives Designated as Hedging Instruments
Interest rate swap contractsOther expenses, net$(770)$1,037 $2,086 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contractsOther expenses, net$1,354 $(2,738)$(996)
Commodity swap contractsOther expenses, net$— $2,338 $2,325 
Make-whole provisionsOther expenses, net$(2,462)$(506)$(1,089)
The following table presents the changes in AOCI, net of taxes, from our hedging instruments:
Year Ended December 31, 2023
Derivatives Designated as Hedging Instruments:
Accumulated gain in AOCI at the beginning of the year$1,284 
Unrealized gain recognized in AOCI232 
Gain reclassified from AOCI to other expenses, net(770)
AOCI at the end of the year$746 
The following tables present all of our active derivative instruments as of December 31, 2023:
Active Interest Rate SwapsExpiration DateInitial Notional Amount ($)Status
11-Year, 5.77% Fixed
October 2029$9,200 Designated
15-Year, 5.24% Fixed
June 2033$10,000 Designated
10-Year, 4.74% Fixed
December 2027$14,100 Designated
8-Year, 3.49% Fixed
June 2028$14,643 Designated
8-Year, 3.49% Fixed
June 2028$10,734 Designated
13-Year, 0.72% Fixed
March 2033$9,505 Not Designated
13-Year, 0.72% Fixed
March 2033$6,968 Not Designated
17.75-Year, 3.16% Fixed
December 2040$14,084 Designated
18-Year, 3.81% Fixed
July 2041$32,021 Not Designated
Other DerivativesClassificationEffective DateExpiration DateFair Value ($)
Make-whole provisionsLiabilityJune/August 2018December 2038$223 
Make-whole provisionsLiabilityAugust 2016April 2031$49 
Make-whole provisionsLiabilityApril 2017February 2034$35 
Make-whole provisionsLiabilityNovember 2020December 2027$33 
Make-whole provisionsLiabilityOctober 2011May 2028$6 
Make-whole provisionsLiabilityMay 2021April 2045$37 
Make-whole provisionsLiabilityJuly 2021March 2046$2,334 
Make-whole provisionsLiabilityJune 2022March 2042$997 
Make-whole provisionsLiabilityMarch 2023December 2047$2,298