Financial Instruments and Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020 (dollars in thousands):

Derivatives in Cash Flow Hedging Relationships	Location of Loss Reclassified	Net Loss Reclassified from Accumulated OCL into Interest Expense⁽¹⁾
Three months ended March 31,	from Accumulated OCL into Income	2021			2020
Interest rate contracts	Interest expense	$	(279	)	$	(253	)

⁽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.

Derivative Not Designated as Hedging Instrument	Location of Loss Recognized	Loss Recognized in Earnings on Derivative
Three months ended March 31,	in Income on Derivative	2021			2020
Preferred stock embedded derivative	Other non-operating expense	$	(15,108	)	$	(27,638	)