FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES [Abstract]

The estimated fair values of the Company’s financial instruments, other than derivatives that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows:


	Fair Value		Level 1		Level 2
March 31, 2020:
Cash and cash equivalents (1)	$	110,327	$	110,327	$	-
Core Term Loan Facility		(300,000)		-		(300,000)
Transition Term Loan Facility		(45,000)		-		(45,000)
Sinosure Credit Facility		(263,811)		-		(263,811)
8.5% Senior Notes		(23,970)		(23,970)		-

December 31, 2019:
Cash and cash equivalents (1)	$	150,243	$	150,243	$	-
2017 Term Loan Facility		(333,177)		-		(333,177)
ABN Term Loan Facility		(23,248)		-		(23,248)
Sinosure Credit Facility		(269,705)		-		(269,705)
8.5% Senior Notes		(26,120)		(26,120)		-
10.75% Subordinated Notes		(32,649)		-		(32,649)

⁽¹⁾

Includes non-current restricted cash of $17,029 and $60,572 at March 31, 2020 and December 31, 2019, respectively.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents information with respect to the fair values of derivatives reflected in the March 31, 2020 and December 31, 2019 balance sheets on a gross basis by transaction:


	Asset Derivatives			Liability Derivatives
	Balance Sheet			Balance Sheet
	Location	Amount		Location	Amount
March 31, 2020:
Derivatives designated as hedging instruments:
Interest rate swaps:
Current portion	Current portion of derivative asset		-	Current portion of derivative liability		(7,614)
Long-term portion	Long-term derivative asset		-	Long-term derivative liability		(18,258)
Total derivatives designated as hedging instruments		$	-		$	(25,872)

December 31, 2019:
Derivatives not designated as hedging instruments:
Interest rate collar:
Current portion	Current portion of derivative asset	$	-	Current portion of derivative liability	$	(1,230)
Long-term portion	Long-term derivative asset		-	Long-term derivative liability		(577)

Derivatives designated as hedging instruments:
Interest rate swaps:
Current portion	Current portion of derivative asset		-	Current portion of derivative liability		(2,384)
Long-term portion	Long-term derivative asset		-	Long-term derivative liability		(5,968)
Total derivatives designated as hedging instruments		$	-		$	(10,159)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Loss

The effect of cash flow hedging relationships recognized in other comprehensive loss excluding amounts reclassified from accumulated other comprehensive loss, including hedges of equity method investees, for the three months ended March 31, 2020 and 2019 follows:


	Three Months Ended March 31,
		2020		2019
Derivatives designated as hedging instruments:
Interest rate swaps	$	(16,121)	$	(4,091)
Interest rate cap		-		(908)
Total other comprehensive loss	$	(16,121)	$	(4,999)

The effect of cash flow hedging relationships on the condensed consolidated statement of operations is presented excluding hedges of equity method investees. The effect of the Company’s cash flow hedging relationships on the condensed consolidated statement of operations for the three months ended March 31, 2020 and 2019 follows:


	Three Months Ended March 31,
		2020		2019
Derivatives designated as hedging instruments:
Interest rate swaps	$	895	$	140
Interest rate cap		-		41

Derivatives not designated as hedging instruments:
Interest rate collar		1,352		-
Total interest expense	$	2,247	$	181

Schedule of Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies):


	Fair Value		Level 1		Level 2
Assets/(Liabilities) at March 31, 2020:
Derivative Assets (interest rate swaps)	$	-	$	-	$	-	(1)
Derivative Liabilities (interest rate swaps)		(25,872)		-		(25,872)	(1)

Assets/(Liabilities) at December 31, 2019:
Derivative Assets (interest rate swaps and collar)	$	-	$	-	$	-	(1)
Derivative Liabilities (interest rate swaps and collar)		(10,159)		-		(10,159)	(1)

For interest rate caps, swaps and collars, fair values are derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company.