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Financial Instruments: Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2019

Financial Instruments: Derivatives and Hedging

Schedule of notional and fair value of derivative financial instruments

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Notional

Strike

Effective

Expiration

Fair

(in thousands)

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Value

​

Rate

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Date

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Date

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Value

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2017 Interest Rate Swap

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$

400,000

1.12

%

Sep-17

Sep-21

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$

2,844

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2013 BMO Interest Rate Swap

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$

220,000

2.32

%

Aug-13

Aug-20

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$

(1,291)

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2019 JPM Interest Rate Swap

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$

100,000

2.44

%

Mar-19

Nov-21

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$

(2,032)

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2019 BMO Interest Rate Swap (1)

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$

220,000

2.39

%

Aug-20

Jan-24

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$

(6,611)

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(1) The Notional Value will decrease to $165 million on November 30, 2021.

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Summary of Interest Rate Swaps that was recorded in OCI

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​	​	​	​	​	​	​
(in thousands)	​	Nine Months Ended September 30,
Interest Rate Swaps in Cash Flow Hedging Relationships:		2019			2018
​	​	​	​	​	​	​
Amounts of gain (loss) recognized in OCI	​	$	(17,852)	​	$	11,634
Amounts of previously recorded gain/(loss) reclassified from OCI into Interest Expense	​	$	4,003	​	$	1,535
​	​	​	​	​	​	​
Total amount of Interest Expense presented in the consolidated statements of income	​	$	27,775	​	$	29,174

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Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).

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- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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