Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016				December 31, 2015
Foreign Currency Derivatives	Number of Instruments	Notional Amount		Foreign Currency Derivatives	Number of Instruments	Notional Amount
Sell CAD Forward	1	C$	130,600	Sell CAD Forward	2	C$	154,900
Sell GBP Forward	1	£	114,400	Sell GBP Forward	2	£	90,400
Sell EUR Forward	1	€	45,100	Sell EUR Forward	1	€	49,000

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

The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands):


June 30, 2016
Interest Rate	Number of Instruments	Notional Amount		Strike	Index	Wtd.-Avg. Maturity (Years)
Interest Rate Caps	26	$	1,097,632	2%	USD LIBOR	0.8
Interest Rate Caps	6	C$	439,320	2%	CDOR	0.8
Interest Rate Caps	1	£	15,142	2%	GBP LIBOR	0.8
Interest Rate Swap	2	C$	17,273	n/a	CDOR	4.2

December 31, 2015
Interest Rate	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 Non-designated Hedges

The following table summarizes our non-designated hedges (notional amount in thousands):


June 30, 2016				December 31, 2015
Non-designated Hedges	Number of Instruments	Notional Amount		Non-designated Hedges	Number of Instruments	Notional Amount
Interest Rate Caps	2	€	152,710	Interest Rate Caps	4	C$	67,303
Interest Rate Caps	4	C$	67,303	Interest Rate Caps	1	$	13,387
Buy USD / Sell CAD	2	C$	17,250	Buy GBP / Sell EUR Forward	1	€	12,857
Buy CAD / Sell USD	2	€	17,250	Buy GBP / Sell USD Forward	1	£	10,400
Buy GBP / Sell EUR	1	€	12,857	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
	June 30, 2016		December 31, 2015		June 30, 2016		December 31, 2015
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	13,887	$	7,999	$	55	$	511
Interest rate derivatives		2		238		40		—

Total derivatives designated as hedging instruments	$	13,889	$	8,237	$	95	$	511

Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	134	$	419	$	750	$	937
Interest rate derivatives		—		1		—		—

Total derivatives not designated as hedging instruments	$	134	$	420	$	750	$	937

Total Derivatives	$	14,023	$	8,657	$	845	$	1,448

(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):


	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 Loss Reclassified from Accumulated OCI into Income (Effective Portion)
Derivatives in Hedging Relationships	Three Months Ended June 30, 2016			Six Months Ended June 30, 2016					Three Months Ended June 30, 2016			Six Months Ended June 30, 2016
Net Investment
Foreign exchange contracts⁽¹⁾	$	12,591		$	6,121			Interest Expense	$	—		$	—

Cash Flow Hedges
Interest rate derivatives		(67	)		(290	)		Interest Expense		(100	)		(126	)

Total	$	12,524		$	5,831				$	(100	)	$	(126	)

(1)

During the three and six months ended June 30, 2016, we paid net cash settlements of $10.0 million and $1.8 million, respectively, on our foreign currency forward contracts, compared to paying $1.3 million and receiving $2.8 million during the same periods in 2015. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.