XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Derivative Instruments and Hedging Activities | 9 Months Ended
--- | ---
Sep. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | NOTE 9 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses interest rate swap arrangements (the “Swaps”) to manage or hedge its interest rate risk under the Credit Facility. Notwithstanding the terms of the Swaps, the Company is ultimately obligated for all amounts due and payable under the Credit Facility. The Company does not use such instruments for speculative or trading purposes. The Company designated the Swaps as cash flow hedges. Derivative instruments are recorded on the consolidated balance sheets at fair value. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income (loss) and reclassified to earnings in a manner that matches the timing of the earnings impact of the hedged transactions. Management intends that the Swaps remain effective and, on a quarterly basis, evaluates them to determine their effectiveness or ineffectiveness and records the change in fair value as an adjustment to other comprehensive income or loss. A summary of interest rate swap derivatives designated as cash flow hedges as of September 30, 2022 are as follows:
|  | Notional Amount |  |  | Paid Fixed Interest |  | Dates of Effected Cash Flows
Date of Interest Rate Swap Agreement |  | ($million) |  |  | Rate% |  | Beginning |  | Ending
September 30, 2016 (1) |  | $ | 100.0 |  |  | - |  | January 31, 2018 |  | January 31, 2023
August 31, 2017 (2) |  | $ | 25.0 |  |  | 1.795% |  | August 31, 2018 |  | August 31, 2023
August 8, 2018 (3) |  | $ | 50.0 |  |  | 2.736% |  | August 31, 2018 |  | August 31, 2023
August 8, 2018 |  | $ | 25.0 |  |  | 2.851% |  | August 31, 2018 |  | August 31, 2023
February 20, 2020 (4) |  | $ | 100.0 |  |  | 1.191% |  | 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. (2) On September 15, 2022, the Company amended the interest rate hedge agreement to change the benchmark from LIBOR with a fixed interest rate of 1.8475% to term SOFR fixed interest rate of 1.795%. (3) On August 25, 2022, the Company amended the interest rate hedge agreement to change the benchmark from LIBOR with a fixed interest rate of 2.854% to term SOFR fixed interest rate of 2.736%. (4) On August 25, 2022, the Company amended the interest rate hedge agreement to change the benchmark from LIBOR with a fixed interest rate of 1.294% to term SOFR fixed interest rate of 1.191%.

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 https://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 https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration