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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2017
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):

 

March 31, 2017

     

December 31, 2016

  

Foreign Currency

Derivatives

  

Number of
Instruments

    Notional
Amount		     

Foreign Currency

Derivatives

    Number of
Instruments		    Notional
Amount		  

Sell GBP Forward

   1    £ 141,900      Sell GBP Forward    2    £ 141,900  

Sell CAD Forward

   1    C$     122,900      Sell CAD Forward    2    C$     122,900  
        Sell EUR Forward    1    € 44,900  
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):

 

March 31, 2017

Interest Rate Derivatives

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

Interest Rate Swaps(1)

     4   C$ 108,271     1.0%   CDOR   2.2

Interest Rate Caps

   19   $     633,903     2.0%   USD LIBOR   0.2

Interest Rate Caps

     6   C$ 304,931     2.0%   CDOR   0.2

Interest Rate Caps

     1   £ 15,142     2.0%   GBP LIBOR   0.1

December 31, 2016

Interest Rate Derivatives

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

Interest Rate Swaps(1)

     4   C$ 108,271     1.0%   CDOR   2.4

Interest Rate Caps

   21   $ 802,256     2.0%   USD LIBOR   0.4

Interest Rate Caps

     5   C$ 400,035     2.0%   CDOR   0.4

Interest Rate Caps

     1   £ 15,142     2.0%   GBP LIBOR   0.3

 
  (1)

Two of our interest rate swaps totaling C$91.0 million ($68.3 million and $67.7 million as of March 31, 2017 and December 31, 2016, respectively) do not become effective until June 1, 2017.
Summary of Non-designated Hedges

The following tables summarize our non-designated hedges (notional amount in thousands):

 

March 31, 2017

  

Non-designated Hedges

    Number of
Instruments		    Notional
Amount		  

Interest Rate Caps

    2    $ 72,960  

Interest Rate Caps

    1    C$ 18,327  

Buy GBP / Sell EUR Forward

    1    € 12,857  

December 31, 2016

  

Non-designated Hedges

    Number of
Instruments		    Notional
Amount		  

Interest Rate Caps

    3    $ 256,875  

Interest Rate Caps

    2    C$ 37,221  

Buy GBP / Sell EUR Forward

    1    € 12,857  
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		  
     March 31, 2017      December 31, 2016      March 31, 2017      December 31, 2016  

Derivatives designated as hedging instruments:

            

Foreign exchange contracts

    $ 1,174      $ 3,268      $ —        $ 210  

Interest rate derivatives

      236        331        —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives designated as hedging instruments

    $ 1,410      $ 3,599      $ —        $ 210  
  

 

 

     

 

 

     

 

 

     

 

 

  

Derivatives not designated as hedging instruments:

            

Foreign exchange contracts

    $ 14      $ 487      $ —        $ —    

Interest rate derivatives

      —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives not designated as hedging instruments

    $ 14      $ 487      $ —        $ —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Derivatives

    $ 1,424      $ 4,086      $ —        $ 210  
  

 

 

     

 

 

     

 

 

     

 

 

  

 
  (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 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
March 31,		        Three Months
Ended
March 31,		  
   2017     2016        2017     2016  

Net Investment

            

Foreign exchange contracts(1)

    $ (4,294 )    $ (6,470 )      Interest Expense      $ —       $ —    

Cash Flow Hedges

            

Interest rate derivatives

      (105 )      (196 )      Interest Expense        (474 )      (27 ) 
  

 

 

    

 

 

       

 

 

    

 

 

  

Total

    $ (4,399 )    $ (6,666 )       $     (474 )    $     (27 ) 
  

 

 

    

 

 

       

 

 

    

 

 

  

 

(1)  

  

During the three months ended March 31, 2017 and 2016, we paid net cash settlements of $1.8 million and received $8.2 million on our foreign currency forward contracts, respectively. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.