XML 60 R40.htm IDEA: XBRL DOCUMENT v3.22.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk
The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands):
December 31, 2021
Interest Rate Derivatives
Number of
 Instruments
Notional
Amount
Strike
Index
Wtd.-Avg.
 Maturity
 (Years)
Interest Rate Caps1$20,670 1.0 %CDOR0.2
 
December 31, 2020
Interest Rate Derivatives
Number of
 Instruments
Notional
Amount
Strike
 Index
Wtd.-Avg.
 Maturity
 (Years)
Interest Rate Caps2$38,293 1.0 %CDOR0.8
Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk
The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands):
December 31, 2021December 31, 2020
Foreign Currency Derivatives
Number of
 Instruments
Notional
 Amount
Foreign Currency Derivatives
Number of
 Instruments
Notional
 Amount
Buy USD / Sell SEK Forward1kr999,500 Buy USD / Sell EUR Forward8€754,722 
Buy USD / Sell EUR Forward7€731,182 Buy USD / Sell GBP Forward4£372,487 
Buy USD / Sell GBP Forward2£489,204 Buy USD / Sell AUD Forward1A$92,800 
Buy USD / Sell AUD Forward3A$188,600 Buy USD / Sell CAD Forward1C$26,200 
Buy USD / Sell CAD Forward2C$22,100 
Buy USD / Sell CHF Forward1CHF5,200 
Summary of Non-designated Hedges
The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amount in thousands):
December 31, 2021December 31, 2020
Non-designated Hedges
Number of
 Instruments
Notional
 Amount
Non-designated Hedges
Number of
 Instruments
Notional
 Amount
Buy GBP / Sell EUR Forward1€8,410 Buy EUR / Sell GBP Forward2£146,207 
Buy GBP / Sell USD Forward3£170,600 Buy USD / Sell EUR Forward1€8,410 
Buy USD / Sell GBP Forward3£170,600 
Buy EUR / Sell USD Forward2€165,560 
Buy USD / Sell EUR Forward3€165,560 
Buy CHF / Sell USD Forward1CHF20,300 
Buy USD / Sell CHF Forward1CHF20,300 
Schedule of Derivative Instruments Gain Loss in Statement of Operations
The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
 Increase (Decrease) to Net Interest Income Recognized from Foreign
Exchange Contracts
Foreign Exchange Contracts
in Hedging Relationships
Location of Income
 (Expense) Recognized
Year Ended December 31, 2021Year Ended December 31, 2020Year Ended December 31, 2019
Designated Hedges
Interest Income(1)
$7,296 $4,382 $— 
Non-Designated Hedges
Interest Income(1)
(342)(522)—
Non-Designated Hedges
Interest Expense(2)
(6,911)(4,357)1,060
Total $43 $(497)$1,060 
(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms.
(2)Represents the spot rate movement in our non-designated hedges, which are marked-to-market and recognized in interest expense.
Summary of Fair Value of Derivative Financial Instruments
The following table summarizes the fair value of our derivative financial instruments ($ in thousands):
 
Fair Value of Derivatives in an Asset
 Position(1) as of
Fair Value of Derivatives in a Liability
 Position(2) as of
 December 31, 2021December 31, 2020December 31, 2021December 31, 2020
Derivatives designated as hedging instruments:
Foreign exchange contracts$23,423 $521 $1,383 $55,758 
Interest rate derivatives—1——
Total$23,423 $522 $1,383 $55,758 
Derivatives not designated as
hedging instruments:
Foreign exchange contracts$7,108 $— $4,507 $3,157 
Interest rate derivatives————
Total$7,108 $— $4,507 $3,157 
Total Derivatives$30,531 $522 $5,890 $58,915 
(1)Included in other assets in our consolidated balance sheets.
(2)Included in other liabilities in our consolidated balance sheets.
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations
The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
Derivatives in
Hedging
Relationships
Amount of Gain (Loss) Recognized in
OCI on Derivatives
Location of
 Gain (Loss)
 Reclassified
from
Amount of
Loss Reclassified from
 Accumulated OCI into Income
Year Ended December 31,AccumulatedYear Ended December 31,
202120202019OCI into Income202120202019
Net Investment Hedges 
Foreign exchange contracts(1)
$81,603 $(59,609)$(5,592)Interest Expense$— $— $— 
Cash Flow Hedges 
Interest rate derivatives(5)(94)(144)
Interest Expense(2)
(10)7195
Total$81,598 $(59,703)$(5,736) $(10)$7 $195 
(1)During the years ended December 31, 2021, and December 31, 2020, we paid net cash settlements of $1.4 million and $43.0 million on our foreign currency contracts. During the year ended December 31, 2019, we received net cash settlements of $43.1 million on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.
(2)During the year ended December 31, 2021, we recorded total interest and related expenses of $340.2 million, which included interest expense of $10,000 related to our cash flow hedges. During the years ended December 31, 2020 and December 31, 2019, we recorded total interest and related expenses of $347.5 million and $458.5 million, respectively, which were reduced by $7,000 and $195,000, respectively, related to income generated by our cash flow hedges.