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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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):
June 30, 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 Forward5€707,092 Buy USD / Sell EUR Forward7€731,182 
Buy USD / Sell GBP Forward3£670,013 Buy USD / Sell GBP Forward2£489,204 
Buy USD / Sell AUD Forward5A$514,500 Buy USD / Sell AUD Forward3A$188,600 
Buy USD / Sell DKK Forward2kr.167,200 Buy USD / Sell CAD Forward2C$22,100 
Buy USD / Sell CAD Forward2C$18,300 Buy USD / Sell CHF Forward1CHF5,200 
Buy USD / Sell CHF Forward1CHF5,200 
Summary of Non-designated Hedges
The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amount in thousands):
June 30, 2022December 31, 2021
Non-designated Hedges
Number of
 Instruments
Notional
 Amount
Non-designated Hedges
Number of
 Instruments
Notional
 Amount
Buy EUR / Sell USD Forward1€18,000 Buy GBP / Sell USD Forward3£170,600 
Buy USD / Sell EUR Forward2€18,000 Buy USD / Sell GBP Forward3£170,600 
Buy GBP / Sell EUR1£8,410 Buy EUR / Sell USD Forward2€165,560 
Buy EUR / Sell GBP1€8,410 Buy USD / Sell EUR Forward3€165,560 
Buy GBP / Sell USD Forward1£7,026 Buy CHF / Sell USD Forward1CHF20,300 
Buy USD / Sell GBP Forward1£7,026 Buy USD / Sell CHF Forward1CHF20,300 
Buy GBP / Sell EUR Forward1€8,410 
Schedule of Derivative Instruments in Statement of Operations
The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
 Increase (Decrease) to Net Interest Income Recognized from Foreign
Exchange Contracts
Three Months Ended June 30,Six Months Ended June 30,
Foreign Exchange Contracts
in Hedging Relationships
Location of Income
 (Expense) Recognized
2022202120222021
Designated Hedges
Interest Income(1)
$3,238 $1,703 $4,982 $3,752 
Non-Designated Hedges
Interest Income(1)
(7)(99)(8)(374)
Non-Designated Hedges
Interest Expense(2)
552,19765(7,131)
Total $3,286 $3,801 $5,039 $(3,753)
(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms.
(2)Represents the spot rate movement in our non-designated hedges, which are marked-to-market and recognized in interest expense.
Summary of Fair Value of Derivative Financial Instruments
The following table summarizes the fair value of our derivative financial instruments ($ 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 ContractsJune 30, 2022December 31, 2021June 30, 2022December 31, 2021
Designated Hedges$83,143 $23,423 $1,807 $1,383 
Non-Designated Hedges8397,1087824,507
Total Derivatives$83,982 $30,531 $2,589 $5,890 
(1)Included in other assets in our consolidated balance sheets.
(2)Included in other liabilities in our consolidated balance sheets.
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations
The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
Derivatives in
Hedging
Relationships
Amount of Gain (Loss) Recognized in
OCI on Derivatives
Location of
 Gain (Loss)
 Reclassified
from Accumulated OCI into Income
Amount of
Loss Reclassified from
 Accumulated OCI into Income
Three Months Ended June 30, 2022Six Months Ended June 30, 2022Three Months Ended June 30, 2022Six Months Ended June 30, 2022
Net Investment Hedges 
Foreign exchange contracts(1)
$128,685 $174,195 Interest Expense$— $— 
Cash Flow Hedges 
Interest rate derivatives——
Interest Expense(2)
—(4)
Total$128,685 $174,195  $— $(4)
(1)During the three and six months ended June 30, 2022, we received net cash settlements of $96.2 million and $122.5 million on our foreign currency forward contracts, respectively. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets.
(2)During the six months ended June 30, 2022, we recorded total interest and related expenses of $237.3 million, which included $4,000 related to our cash flow hedges.