Derivative instruments and Hedges Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swaps Derivatives Designated as Cash Flow Hedges

A summary of Swaps designated as cash flow hedges as of December 31, 2022 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 (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 a 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 a 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 a term SOFR fixed interest rate of 1.191%.

Summary of Effect of Swaps on Company's Financial Statements

For the years ended December 31, 2022 and 2021, the effect of the Swaps on the Company’s financial statements are as follows:

Cash Flow Hedging Derivatives	Total Gain Recorded to AOCI				Amount of (Gain) or Loss Reclassified from AOCI into Income
	2022		2021		2022			2021
Interest Rate Swaps	$	11,445	$	3,285	$	(248	)	$	3,008