FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Derivatives – Cash Flow Hedges

From time to time, the Company has entered into various interest rate lock agreements and forward-starting interest rate swap agreements to hedge part of the Company's interest rate exposure associated with the variability in future cash flows attributable to changes in interest rates.

Interest Rate Derivatives – Fair Value Hedges

Historically, the Company has entered into various fixed-to-variable interest rate swap agreements in order to convert a portion of the Company's long-term debt into variable interest rate debt. All such fixed-to-variable interest rate swap agreements have been terminated and proceeds from the terminations have been reflected as basis adjustments to the hedged debt instruments and are being amortized as a reduction of interest expense, net over the remaining terms of such debt instruments.

As of December 31, 2022 and 2021, the following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges included in the carrying amount of long-term debt:


	Hedge Accounting Basis Adjustment (a)
Balance Sheet Classification	December 31, 2022		December 31, 2021
Long-term debt	$	26	$	38

(a) As of both December 31, 2022 and 2021, the entire balance is associated with remaining unamortized hedging adjustments on discontinued relationships.

The following table presents the effect of fair value hedge accounting on the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020, respectively:



	2022		2021		2020
	Other (expense) income, net		Other (expense) income, net		Other (expense) income, net
Total for line item in which the effects of fair value hedges are recorded	$	(55)	$	369	$	76

Gain (loss) on fair value hedging relationships:
Hedged items (Long-term debt)	$	—	$	—	$	(68)
Derivatives designated as hedging instruments	$	—	$	—	$	68