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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Summary of Interest Rate Swaps Derivatives Designated as Cash Flow Hedges | 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%.

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- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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