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Derivatives and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2018
Derivative |
Outstanding Interest Rate Derivatives | As of December 31, 2018, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):
Interest Rate Derivative |  | Number of Instruments |  | Notional
Interest rate swaps (1) |  | 10 |  | $600,000
(1) | Includes six forward rate swaps totaling $300.0 million, which hedge the first 10 years of interest payments on debt the Company anticipates issuing in 2019. These swaps are not included in the debt discussion in Note 6.
Effect of Derivative Instruments on Consolidated Statement of Operations | The tables below present the effect of the Company's derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016, respectively (in thousands):
Derivatives in Cash Flow Hedging Relationships |  | (Loss) Gain Recognized in OCI on Derivative |  | Location of Gain (Loss) Reclassified from Accumulated OC(L)I into Income |  | Gain (Loss) Reclassified from Accumulated OC(L)I into Interest Expense(1)
Year ended December 31, |  | 2018 |  | 2017 |  | 2016 |  |  | 2018 |  | 2017 |  | 2016
Interest rate contracts |  | $ | (751 | ) |  | $ | 319 |  |  | $ | (1,500 | ) |  | Interest expense |  | $ | 1,938 |  |  | $ | (730 | ) |  | $ | (4,364 | )
(1) | See the Consolidated Statements of Comprehensive Income for changes in accumulated other comprehensive (loss) income as these changes are presented net of the allocation to noncontrolling interests.
Derivatives Not Designated as Hedging Instruments |  | Location of (Loss) Gain Recognized in Income on Derivative |  | (Loss) Gain Recognized in Earnings on Derivative
For the year ended December 31, |  |  | 2018 |  | 2017 |  | 2016
Preferred stock embedded derivative |  | Other non-operating (income) expense |  | $ | (2,576 | ) |  | $ | 8,807 |  |  | $ | — |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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