Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

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):


September 30, 2015						December 31, 2014
Foreign Currency Derivatives	Number of Instruments		Notional Amount			Foreign Currency Derivatives	Number of Instruments		Notional Amount
Sell CAD Forward		1		C$	162,000	Sell CAD Forward		1		C$	42,525
Sell GBP Forward		1		£	96,900
Sell EUR Forward		1		€	50,000

Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk

As of September 30, 2015, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands):


Interest Rate	Number of Instruments	Notional Amount		Strike	Index	Wtd. Avg. Maturity
Interest Rate Caps	26	$	1,097,632	2%	USD LIBOR	1.6
Interest Rate Caps	11	C	550,589	2%	CDOR	1.5
Interest Rate Caps	1	€	152,710	2%	EURIBOR	1.3
Interest Rate Caps	1	£	15,142	2%	GBP LIBOR	1.6

Summary of Outstanding Non-designated Hedges

As of September 30, 2015, we had the following outstanding non-designated hedges (notional amount in thousands):


	Number of		Notional
Non-designated Hedges	Instruments		Amount
Sell EUR / Buy GBP Forward		1		€	12,857
Interest Rate Caps		1		$	13

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				Fair Value of Derivatives in a
	Asset Position⁽¹⁾ as of				Liability Position⁽²⁾ as of
	September 30, 2015		December 31, 2014		September 30, 2015		December 31, 2014
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	3,416	$	1,138	$	108	$	—
Interest rate caps		314		—		—		—

Total derivatives designated as hedging instruments	$	3,730	$	1,138	$	108	$	—

Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	—	$	—	$	260	$	—
Interest rate caps		—		—		—		—

Total derivatives not designated as hedging instruments	$	—	$	—	$	260	$	—

Total Derivatives	$	3,730	$	1,138	$	368	$	—

(1)	Included in accrued interest receivable, prepaid expenses, and other assets in our consolidated balance sheet.

(2)	Included in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheet.

Summary of Effect of Derivative Financial Instruments on Consolidated Statement of Operations

The following table presents the effect of our derivative financial instruments on our consolidated statement of operations for the three and nine months ended September 30, 2015 ($ in thousands):


	Amount of Gain							Amount of Gain
	(Loss) Recognized in						Location of	(Loss) Reclassified from
	OCI on Derivatives						Gain (Loss)	Accumulated OCI into
	(Effective Portion)⁽¹⁾						Reclassified from	Income (Effective Portion)
Derivatives in Hedging Relationships	Three Months Ended September 30, 2015			Nine Months Ended September 30, 2015			Accumulated OCI into Income (Effective Portion)	Three Months Ended September 30, 2015		Nine Months Ended September 30, 2015

Net Investment Foreign exchange contracts	$	15,478		$	16,330		Gain (Loss) on Sale of Subsidiary	$	—	$	—

Cash Flow Hedges Interest rate caps contracts		(587	)		(1,410	)	Interest Expense		—		—

Total	$	14,891		$	14,920			$	—	$	—

(1)

During the three and nine months ended September 30, 2015, we received net cash settlements of $10.8 million and $13.7 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheet.