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Derivative financial instruments | 3 Months Ended
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Mar. 31, 2021
Derivative financial instruments [Abstract] |
Derivative financial instruments | Note 9. - Derivative financial instruments The breakdowns of the fair value amount of the derivative financial instruments as of March 31, 2021 and December 31, 2020 are as follows:
|  | Balance as of March 31, 2021 |  |  | Balance as of December 31, 2020 |
|  | ($ in thousands) |
|  | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Interest rate cash flow hedge |  |  | 1,795 |  |  |  | 263,271 |  |  |  | 898 |  |  |  | 302,302 |
Foreign exchange derivatives instruments |  |  | 1,533 |  |  |  | - |  |  |  | 661 |  |  |  | - |
Notes conversion option (Note 14) |  |  | - |  |  |  | 24,590 |  |  |  | - |  |  |  | 25,882 |
Total |  |  | 3,328 |  |  |  | 287,861 |  |  |  | 1,559 |  |  |  | 328,184 |
The derivatives are primarily interest rate cash flow hedges. All are classified as non-current assets or non-current liabilities, as they hedge long-term financing agreements. The net amount of the fair value of interest rate derivatives designated as cash flow hedges transferred to the consolidated condensed income statement is a loss of $14.0 million for the three-month period ended March 31, 2021 (loss of $14.5 million for the three-month period ended March 31, 2020). The after-tax results accumulated in equity in connection with derivatives designated as cash flow hedges as of March 2021 and December 31, 2020 amount to a profit of $126.1 million and $96.6 million, respectively. Additionally, the Company owns the following derivatives instruments:
| - | currency options with leading international financial institutions, which guarantee minimum Euro-U.S. dollar exchange rates. The strategy of the Company is to hedge the exchange rate for the distributions from its Spanish assets after deducting euro-denominated interest payments and euro-denominated general and administrative expenses. Through currency options, the Company hedges 100% of its euro-denominated net exposure for the next 12 months and 75% of its euro denominated net exposure for the following 12 months, on a rolling basis. Hedge accounting is not applied to these options
| - | the conversion option of notes issued in July 2020 (Note 14), with a negative fair value of $25 million as of March 31, 2021 recorded as a derivative liability (derivative liability of $26 million as of December 31, 2020).

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- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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