Financial Instruments and Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Effect of Derivative Instruments on Consolidated Statement of Operations

The tables below present the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands):

Derivatives in Cash Flow Hedging Relationships	Loss Recognized in OCI on Derivative					Location of (Loss) Gain Reclassified from Accumulated	Net (Loss) Gain Reclassified from Accumulated OCL into Interest Expense⁽¹⁾
Three months ended September 30,	2020		2019			OCL into Income	2020			2019
Interest rate contracts	$	—	$	(5,562	)	Interest expense	$	(279	)	$	411
Nine months ended September 30,
Interest rate contracts	$	—	$	(13,444	)	Interest expense	$	(810	)	$	1,734

⁽¹⁾	^{See the Condensed Consolidated Statements of Comprehensive Income for changes in accumulated other comprehensive loss as these changes are presented net of the allocation to noncontrolling interests.}

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in	Gain (Loss) Recognized in Earnings on Derivative
Three months ended September 30,	Income on Derivative	2020			2019
Preferred stock embedded derivative	Other non-operating (income) expense	$	1,342		$	15,522
Nine months ended September 30,
Preferred stock embedded derivative	Other non-operating (income) expense	$	(14,603	)	$	19,592