Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following tables present the fair value of the Company's derivative instruments on a gross and net basis as of the periods shown below:



	(Thousands of Dollars)
	Derivatives designated as hedging instruments			Derivatives not designated as hedging instruments		Gross Amounts of Recognized Assets and Liabilities			Gross Amounts Offset in the Balance Sheet⁽¹⁾		Net Amounts Presented in the Balance Sheet⁽²⁾
As of March 31, 2020:
Other current asset	—			15,827		15,827			—		15,827
Other current liability	$	(2,657	)	$	—	$	(2,657	)	$	—	$	(2,657	)
Other noncurrent liability	(7,174		)	—		(7,174		)	—		(7,174		)
As of December 31, 2019:
Other current liability	$	(1,729	)	$	—	$	(1,729	)	$	—	$	(1,729	)
Other noncurrent liability	(5,559		)	—		(5,559		)	—		(5,559		)

⁽¹⁾ Agreements are in place that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements.

⁽²⁾ There are no amounts subject to an enforceable master netting arrangement that are not netted in these amounts. There are no amounts of related financial collateral received or pledged.

Schedule of offsetting liabilities

The following tables present the fair value of the Company's derivative instruments on a gross and net basis as of the periods shown below:



	(Thousands of Dollars)
	Derivatives designated as hedging instruments			Derivatives not designated as hedging instruments		Gross Amounts of Recognized Assets and Liabilities			Gross Amounts Offset in the Balance Sheet⁽¹⁾		Net Amounts Presented in the Balance Sheet⁽²⁾
As of March 31, 2020:
Other current asset	—			15,827		15,827			—		15,827
Other current liability	$	(2,657	)	$	—	$	(2,657	)	$	—	$	(2,657	)
Other noncurrent liability	(7,174		)	—		(7,174		)	—		(7,174		)
As of December 31, 2019:
Other current liability	$	(1,729	)	$	—	$	(1,729	)	$	—	$	(1,729	)
Other noncurrent liability	(5,559		)	—		(5,559		)	—		(5,559		)

⁽¹⁾ Agreements are in place that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements.

⁽²⁾ There are no amounts subject to an enforceable master netting arrangement that are not netted in these amounts. There are no amounts of related financial collateral received or pledged.

Schedule of cash flow hedges included in AOCI

The following table presents gains and losses for the Company's interest rate derivatives designated as cash flow hedges (in thousands of dollars):



	Three Months Ended March 31,
	2020			2019			Location
Amount of loss recognized in total other comprehensive loss on derivative	$	(2,961	)	$	(2,862	)	OCI
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	(341		)	247			Interest Expense