Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of offsetting assets

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

	(Thousands of Dollars)
	Derivative designated as hedging instruments		Derivative 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 June 30, 2023:
Other current asset	$	4,665	$	—	$	4,665	$	—	$	4,665
Other noncurrent asset	2,247		—		2,247		—		2,247
As of December 31, 2022:
Other current asset	3,870		—		3,870		—		3,870
Other noncurrent asset	$	2,816	$	—	$	2,816	$	—	$	2,816

(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 instrument on a gross and net basis as of the periods shown below:

	(Thousands of Dollars)
	Derivative designated as hedging instruments		Derivative 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 June 30, 2023:
Other current asset	$	4,665	$	—	$	4,665	$	—	$	4,665
Other noncurrent asset	2,247		—		2,247		—		2,247
As of December 31, 2022:
Other current asset	3,870		—		3,870		—		3,870
Other noncurrent asset	$	2,816	$	—	$	2,816	$	—	$	2,816

(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 derivative designated as cash flow hedges (in thousands of dollars):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022		Location
Amount of gain (loss) recognized in total other comprehensive income on derivative	$	2,624	$	1,565	$	2,066	$	7,177	OCI
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings	$	827	$	(691)	$	1,485	$	(1,378)	Interest Expense