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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 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):

 

December 31, 2015

   

December 31, 2014

Foreign Currency
Derivatives

   

Number of
Instruments

   

Notional Amount

   

Foreign Currency
Derivatives

   

Number of
Instruments

   

Notional Amount

Sell CAD Forward

    2    C$        154,900    Sell CAD Forward    1    C$          42,525

Sell GBP Forward

    2    £            90,400         

Sell EUR Forward

    1    €            49,000         

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

As of December 31, 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 Derivatives                

    Number of
    Instruments    		    Notional
Amount		        Strike       Index    Wtd.-Avg.
Maturity
        (Years)        

Interest Rate Caps

    26    $             1,097,632         2 %    USD LIBOR    1.3

Interest Rate Caps

    7    C 483,286         2 %    CDOR    1.2

Interest Rate Caps

    1    € 152,710         2 %    EURIBOR    1.0

Interest Rate Caps

    1    £ 15,142         2 %    GBP LIBOR    1.3
Summary of Outstanding Non-designated Hedges

As of December 31, 2015, we had the following outstanding non-designated hedges (notional amount in thousands):

 

Non-designated Hedges                     

    Number of
Instruments		      Notional
Amount		  

Interest Rate Caps

    4      C$         67,303   

Interest Rate Caps

    1      $ 13,387   

Buy GBP / Sell EUR Forward

    1      € 12,857   

Buy GBP / Sell USD Forward

    1      £ 10,400   

Buy USD / Sell GBP Forward

    1      £ 10,400   

Buy CAD / Sell USD Forward

    1      C$ 1,000   

Buy USD / Sell CAD Forward

    1      C$ 1,000   
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, 2015      December 31, 2014      December 31, 2015      December 31, 2014  

Derivatives designated as
hedging instruments:

            

Foreign exchange contracts

      $                7,999       $                 1,138       $                     511       $                     —     

Interest rate caps

      238         —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives designated as hedging instruments

    $                 8,237       $ 1,138       $ 511       $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Derivatives not designated as hedging instruments:

            

Foreign exchange contracts

    $ 419       $ —         $ 937       $ —     

Interest rate caps

      1         —           —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives not designated as hedging instruments

    $ 420       $ —         $ 937       $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Derivatives

    $ 8,657       $ 1,138       $ 1,448       $ —     
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)

Included in other assets in our consolidated balance sheets.
(2)

Included in accounts payable, accrued expenses, and 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 (Effective
Portion)		      Location of
Gain (Loss)
Reclassified from
Accumulated
OCI into Income
(Effective Portion)		      Amount of Gain
(Loss) Reclassified from
Accumulated OCI into
Income (Effective Portion)		  
   Year Ended December 31,         Year Ended December 31,  
   2015     2014      2013         2015     2014      2013  

Net Investment

                   

Foreign exchange contracts(1)

    $     25,356      $      1,138       $       —           Interest Expense       $       —        $       —         $       —     

Cash Flow Hedges

                   

Interest rate caps contracts(2)

      (1,474 )      —           —           Interest Expense         (4 )      —           —     
  

 

 

    

 

 

     

 

 

        

 

 

    

 

 

     

 

 

  

Total

    $ 23,882      $ 1,138       $ —            $ (4 )    $ —         $ —     
  

 

 

    

 

 

     

 

 

        

 

 

    

 

 

     

 

 

  

 

(1)

During the year ended December 31, 2015, we received net cash settlements of $18.8 million on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets. We did not receive net cash settlements on our foreign currency contracts during 2014 and 2013.
(2)

During 2013, our consolidated subsidiary, CT Legacy Partners, was party to five interest rate swaps. In June 2013, CT Legacy Partners terminated these interest rate swaps and recorded a gain of $136,000 which was included as a component of interest expense on our consolidated statements of operations for the year ended December 31, 2013. CT Legacy Partners was no longer party to any derivative financial instruments subsequent to December 31, 2013.