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Other Equity Matters | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
Other Equity Matters | Other Equity Matters Share Repurchase Program The Company's Board of Directors authorized repurchases of shares up to a specified dollar amount as part of its repurchase program. Purchases under the repurchase program may be made in the open market or privately negotiated transactions, and may include transactions pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. Purchases may be made from time to time at the Company's discretion and the timing and amount of any share repurchases will be determined based on share price, market conditions, legal requirements, and other factors. The repurchase program does not obligate the Company to acquire any particular amount of common shares, and the Company may suspend or discontinue the repurchase program at any time. During the nine months ended September 30, 2022, the Company repurchased a total of 6,289,954 common shares at an average price per-share of $60.36 for a total of $379.8 million. Preferred Shares The following table summarizes the Company's preferred share issuances (each, a "Series"):
Preferred Share Offering |  | Issuance |  |  | Liquidation Preference (in thousands) |  | # of Shares(1)
Series A 8.50% Cumulative Redeemable Perpetual Preference Shares ("Series A") |  | March 2019 |  |  | $ | 86,250 |  |  | 3,450,000 |
Series B 8.00% Cumulative Redeemable Perpetual Preference Shares ("Series B") |  | June 2019 |  |  | 143,750 |  |  | 5,750,000 |
Series C 7.375% Cumulative Redeemable Perpetual Preference Shares ("Series C") |  | November 2019 |  |  | 175,000 |  |  | 7,000,000 |
Series D 6.875% Cumulative Redeemable Perpetual Preference Shares ("Series D") |  | January 2020 |  |  | 150,000 |  |  | 6,000,000 |
Series E 5.75% Cumulative Redeemable Perpetual Preference Shares ("Series E") |  | August 2021 |  |  | 175,000 |  |  | 7,000,000 |
|  |  |  |  | $ | 730,000 |  |  | 29,200,000 |
(1) Represents number of shares authorized, issued, and outstanding. Each Series of preferred shares may be redeemed at the Company's option, at any time after approximately five years from original issuance, in whole or in part at a redemption price, plus an amount equal to all accumulated and unpaid dividends, whether or not declared. The Company may also redeem each Series of preferred shares prior to the lapse of the five year period upon the occurrence of certain events as described in each instrument, such as transactions that either transfer ownership of substantially all assets to a single entity or establish a majority voting interest by a single entity, and cause a downgrade or withdrawal of rating by the rating agency within 60 days of the event. If the Company does not elect to redeem each Series upon the occurrence of the preceding events, holders of preferred shares may have the right to convert their preferred shares into common shares. Specifically for Series E only, the Company may redeem the Series E Preference Shares if an a pplicable rating agency changes the methodology or criteria that were employed in assigning equity credit to securities similar to the Series E Preference Shares when originally issued, which either (a) shortens the period of time during which equity credit pertaining to the Series E Preference Shares would have been in effect had the methodology not been changed or (b) reduces the amount of equity credit as compared with the amount of equity credit that the rating agency had assigned to the Series E Preference Shares when originally issued. Holders of preferred shares generally have no voting rights. If the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive), holders will be entitled to elect two additional directors to the Board of Directors and the size of the Board of Directors will be increased to accommodate such election. Such right to elect two directors will continue until such time as there are no accumulated and unpaid dividends in arrears. Dividends Dividends on shares of each Series are cumulative from the date of original issue and will be payable quarterly in arrears on the 15th day of March, June, September and December of each year, when, as and if declared by the Company's Board of Directors. Dividends will be payable equal to the stated rate per annum of the $25.00 liquidation preference per share. The Series rank senior to the Company's common shares with respect to dividend rights and rights upon the Company's liquidation, dissolution or winding up, whether voluntary or involuntary. The Company paid the following quarterly dividends during the three and nine months ended September 30, 2022 and 2021 on its issued and outstanding Series (in millions except for the per-share amounts):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Series |  | Per Share Payment |  | Aggregate Payment |  | Per Share Payment |  | Aggregate Payment |  | Per Share Payment |  | Aggregate Payment |  | Per Share Payment |  | Aggregate Payment
A(1) |  | $0.53 |  | $1.8 |  | $0.53 |  | $1.8 |  | $1.59 |  | $5.4 |  | $1.59 |  | $5.4
B |  | $0.50 |  | $2.9 |  | $0.50 |  | $2.9 |  | $1.50 |  | $8.7 |  | $1.50 |  | $8.7
C(1) |  | $0.46 |  | $3.2 |  | $0.46 |  | $3.2 |  | $1.38 |  | $9.6 |  | $1.38 |  | $9.6
D(1) |  | $0.43 |  | $2.6 |  | $0.43 |  | $2.6 |  | $1.29 |  | $7.8 |  | $1.29 |  | $7.8
E(1) |  | $0.36 |  | $2.5 |  | $0.11 |  | $0.8 |  | $1.08 |  | $7.6 |  | $0.11 |  | $0.8
Total |  |  |  | $13.0 |  |  |  | $11.3 |  |  |  | $39.1 |  |  |  | $32.3
(1) Per share payments rounded to the nearest whole cent. As of September 30, 2022, the Company had cumulative unpaid preferred dividends of $2.2 million. Accumulated Other Comprehensive Income The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2022 and 2021 (in thousands):
| Cash Flow Hedges |  | Foreign Currency Translation |  | Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2021 | $ | (44,205) |  |  | $ | (4,614) |  |  | $ | (48,819) |
Change in derivative instruments designated as cash flow hedges(1) | 74,017 |  |  | — |  |  | 74,017 |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 6,307 |  |  | — |  |  | 6,307 |
Foreign currency translation adjustment | — |  |  | (166) |  |  | (166) |
Balance as of March 31, 2022 | $ | 36,119 |  |  | $ | (4,780) |  |  | $ | 31,339 |
Change in derivative instruments designated as cash flow hedges(1) | 34,158 |  |  | — |  |  | 34,158 |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 2,981 |  |  | — |  |  | 2,981 |
Foreign currency translation adjustment | — |  |  | (342) |  |  | (342) |
Balance as of June 30, 2022 | $ | 73,258 |  |  | $ | (5,122) |  |  | $ | 68,136 |
Change in derivative instruments designated as cash flow hedges(1) | 51,160 |  |  | — |  |  | 51,160 |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | (1,837) |  |  | — |  |  | (1,837) |
Foreign currency translation adjustment | — |  |  | (408) |  |  | (408) |
Balance as of September 30, 2022 | $ | 122,581 |  |  | $ | (5,530) |  |  | $ | 117,051 |
| Cash Flow Hedges |  | Foreign Currency Translation |  | Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2020 | $ | (128,526) |  |  | $ | (4,509) |  |  | $ | (133,035) |
Change in derivative instruments designated as cash flow hedges(1) | 62,850 |  |  | — |  |  | 62,850 |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 7,102 |  |  | — |  |  | 7,102 |
Foreign currency translation adjustment | — |  |  | 21 |  |  | 21 |
Balance as of March 31, 2021 | $ | (58,574) |  |  | $ | (4,488) |  |  | $ | (63,062) |
Change in derivative instruments designated as cash flow hedges(1) | (23,730) |  |  | — |  |  | (23,730) |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 6,958 |  |  | — |  |  | 6,958 |
Foreign currency translation adjustment | — |  |  | 42 |  |  | 42 |
Balance as of June 30, 2021 | $ | (75,346) |  |  | $ | (4,446) |  |  | $ | (79,792) |
Change in derivative instruments designated as cash flow hedges(1) | 8,148 |  |  | — |  |  | 8,148 |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 7,096 |  |  | — |  |  | 7,096 |
Foreign currency translation adjustment | — |  |  | (87) |  |  | (87) |
Balance as of September 30, 2021 | $ | (60,102) |  |  | $ | (4,533) |  |  | $ | (64,635) |
(1) Refer to Note 8 - "Derivative Instruments" for reclassification impact on the Consolidated Statements of Operations.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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