XML 61 R41.htm IDEA: XBRL DOCUMENT v3.22.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 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):
December 31, 2022December 31, 2021
Foreign Currency Derivatives
Number of
 Instruments
Notional
 Amount
Foreign Currency Derivatives
Number of
 Instruments
Notional
 Amount
Buy USD / Sell SEK Forward2kr 1,003,626 Buy USD / Sell SEK Forward1kr999,500 
Buy USD / Sell EUR Forward8€722,311 Buy USD / Sell EUR Forward7€731,182 
Buy USD / Sell GBP Forward6£690,912 Buy USD / Sell GBP Forward2£489,204 
Buy USD / Sell AUD Forward8A$541,813 Buy USD / Sell AUD Forward3A$188,600 
Buy USD / Sell DKK Forward3kr.195,019 Buy USD / Sell CAD Forward2C$22,100 
Buy USD / Sell CAD Forward2C$22,187 Buy USD / Sell CHF Forward1CHF5,200 
Buy USD / Sell CHF Forward2CHF5,263 
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, 2022December 31, 2021
Non-designated Hedges
Number of
 Instruments
Notional
 Amount
Non-designated Hedges
Number of
 Instruments
Notional
 Amount
Buy GBP / Sell USD Forward2£109,076 Buy GBP / Sell USD Forward3£170,600 
Buy USD / Sell GBP Forward2£109,076 Buy USD / Sell GBP Forward3£170,600 
Buy AUD / Sell USD Forward1A$23,600 Buy EUR / Sell USD Forward2€165,560 
Buy USD / Sell AUD Forward1A$23,600 Buy USD / Sell EUR Forward3€165,560 
Buy CHF / Sell USD Forward1CHF20,300 
Buy USD / Sell CHF Forward1CHF20,300 
Buy GBP / Sell EUR Forward1€8,410 
Schedule of Derivative Instruments in Statement of Operations
The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):
 Increase (Decrease) to Net Interest Income Recognized from Foreign Exchange Contracts
Year Ended December 31,
Foreign Exchange Contracts
in Hedging Relationships
Location of Income
 (Expense) Recognized
202220212020
Designated Hedges
Interest Income(1)
$19,910 $7,296 $4,382 
Non-Designated Hedges
Interest Income(1)
(62)(342)(522)
Non-Designated Hedges
Interest Expense(2)
100(6,911)(4,357)
Total $19,948 $43 $(497)
(1)Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates. These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-equivalent interest rates.
(2)Represents the spot rate movement in our non-designated hedges, which are marked-to-market and recognized in interest expense.
Summary of Fair Value of Derivative Financial Instruments
The following table summarizes the fair value of our derivative financial instruments ($ 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 ContractsDecember 31, 2022December 31, 2021December 31, 2022December 31, 2021
Designated Hedges$501 $23,423 $111,573 $1,383 
Non-Designated Hedges6,8487,1088,0924,507
Total Derivatives$7,349 $30,531 $119,665 $5,890 
(1)Included in other assets in our consolidated balance sheets.
(2)Included in other liabilities in our consolidated balance sheets.
Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations
The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ 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
Year Ended December 31,Year Ended December 31,
202220212020202220212020
Net Investment Hedges 
Foreign exchange contracts(1)
$173,362 $81,603 $(59,609)Interest Expense$— $— $— 
Cash Flow Hedges 
Interest rate derivatives—(5)(94)
Interest Expense(2)
(4)(10)7
Total$173,362 $81,598 $(59,703) $(4)$(10)$7 
(1)During the year ended December 31, 2022, we received net cash settlements of $330.3 million on our foreign currency forward contracts. During the years ended December 31, 2021, and 2020, we paid net cash settlements of $1.4 million and $43.0 million on our foreign currency contracts. Those amounts are included as a component of accumulated other comprehensive income on our consolidated balance sheets.
(2)During the year ended December 31, 2022, and 2021, we recorded total interest and related expenses of $710.9 million and $340.2 million, respectively, which included $4,000 and $10,000, respectively, related to our cash flow hedges. During the year ended December 31, 2020, we recorded total interest and related expenses of $347.5 million, which was reduced by $7,000 related to income generated by our cash flow hedges.