XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.21.2

Derivative instruments and Hedges Activities | 9 Months Ended
--- | ---
Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative instruments and Hedges Activities | NOTE 8 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company manages its risk to changes in interest rates through the use of derivative instruments. The Company does not hold derivative instruments for trading or speculative purposes. For variable rate borrowings, the Company uses fixed interest rate swaps, effectively converting a portion of the variable interest rate payments to fixed interest rate payments. These swaps are designated as cash flow hedges. A summary of interest rate swap derivatives designated as cash flow hedges as of September 30, 2021 are as follows:
|  |  |  |  |  |  |  |  |  | Dates of Effected Cash Flows
Date of Interest Rate Swap Agreement |  | Notional Amount ($million) |  |  | Paid Fixed Interest Rate% |  |  | Beginning |  | Ending
September 30, 2016 (1) |  | $ | 100.0 |  |  | - |  |  | January 31, 2018 |  | January 31, 2023
August 31, 2017 |  | $ | 25.0 |  |  | 1.8475% |  |  | August 31, 2018 |  | August 31, 2023
August 8, 2018 |  | $ | 50.0 |  |  | 2.8540% |  |  | August 31, 2018 |  | August 31, 2023
August 8, 2018 |  | $ | 25.0 |  |  | 2.8510% |  |  | August 31, 2018 |  | August 31, 2023
February 20, 2020 |  | $ | 100.0 |  |  | 1.2940% |  |  | February 28, 2020 |  | February 28, 2025
(1) | On December 1, 2016, the Company sold the interest rate hedge agreement. The fair value of the interest rate hedge, as of the date of the sale, was recorded in other comprehensive income, net of tax. The gain from the sale will be recognized into earnings when earnings are impacted by the cash flows of the previously hedged variable interest rate.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration