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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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):
March 31, 2022December 31, 2021
Foreign Currency Derivatives
Number of
 Instruments
Notional
 Amount
Foreign Currency Derivatives
Number of
 Instruments
Notional
 Amount
Buy USD / Sell SEK Forward1kr995,700 Buy USD / Sell SEK Forward1kr999,500 
Buy USD / Sell EUR Forward10€718,782 Buy USD / Sell EUR Forward7€731,182 
Buy USD / Sell GBP Forward9£609,787 Buy USD / Sell GBP Forward2£489,204 
Buy USD / Sell AUD Forward4A$213,200 Buy USD / Sell AUD Forward3A$188,600 
Buy USD / Sell DKK Forward1kr.163,800 Buy USD / Sell CAD Forward2C$22,100 
Buy USD / Sell CAD Forward1C$15,600 Buy USD / Sell CHF Forward1CHF5,200 
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):
March 31, 2022December 31, 2021
Non-designated Hedges
Number of
 Instruments
Notional
 Amount
Non-designated Hedges
Number of
 Instruments
Notional
 Amount
Buy DKK / Sell USD Forward1kr.341,000 Buy GBP / Sell USD Forward3£170,600 
Buy USD / Sell DKK Forward1kr.341,000 Buy USD / Sell GBP Forward3£170,600 
Buy EUR / Sell USD Forward2€50,400 Buy EUR / Sell USD Forward2€165,560 
Buy USD / Sell EUR Forward2€50,400 Buy USD / Sell EUR Forward3€165,560 
Buy GBP / Sell USD Forward1£19,900 Buy CHF / Sell USD Forward1CHF20,300 
Buy USD / Sell GBP Forward1£19,900 Buy USD / Sell CHF Forward1CHF20,300 
Buy GBP / Sell EUR Forward1€8,410 Buy GBP / Sell EUR Forward1€8,410 
Buy CAD / Sell USD Forward1C$6,500 
Buy USD / Sell CAD Forward1C$6,500 
Schedule of Derivative Instruments in Statement of Operations
The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
 Increase (Decrease) to Net Interest Income Recognized from Foreign
Exchange Contracts
Foreign Exchange Contracts
in Hedging Relationships
Location of Income
 (Expense) Recognized
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
Designated Hedges
Interest Income(1)
$1,744 $2,049 
Non-Designated Hedges
Interest Income(1)
(1)(275)
Non-Designated Hedges
Interest Expense(2)
10(9,328)
Total $1,753 $(7,554)
(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms.
(2)Represents the spot rate movement in our non-designated hedges, which are marked-to-market and recognized in interest expense.
Summary of Fair Value of Derivative Financial Instruments
The following table summarizes the fair value of our derivative financial instruments ($ in thousands):
 
Fair Value of Derivatives in an Asset
 Position(1) as of
Fair Value of Derivatives in a Liability
 Position(2) as of
 Foreign Exchange ContractsMarch 31, 2022December 31, 2021March 31, 2022December 31, 2021
Designated Hedges$47,395 $23,423 $5,568 $1,383 
Non-Designated Hedges4,4897,1086734,507
Total Derivatives$51,884 $30,531 $6,241 $5,890 
(1)Included in other assets in our consolidated balance sheets.
(2)Included in other liabilities in our consolidated balance sheets.
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations
The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ 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
Three Months Ended March 31,AccumulatedThree Months Ended March 31,
20222021OCI into Income20222021
Net Investment Hedges 
Foreign exchange contracts(1)
$45,511 $35,070 Interest Expense$— $— 
Cash Flow Hedges 
Interest rate derivatives(1)—
Interest Expense(2)
(4)(1)
Total$45,510 $35,070  $(4)$(1)
(1)During the three months ended March 31, 2022, and 2021, we received net cash settlements of $26.3 million and paid net cash settlements of $49.2 million on our foreign currency contracts, respectively. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.
(2)During the three months ended March 31, 2022, we recorded total interest and related expenses of $100.7 million, which included $4,000 related to our cash flow hedges. During the three months ended March 31, 2021, we recorded total interest and related expenses of $78.4 million, which included $1,000 related to our cash flow hedges.