Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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):


September 30, 2017				December 31, 2016
Foreign Currency Derivatives	Number of Instruments	Notional Amount		Foreign Currency Derivatives	Number of Instruments	Notional Amount
Sell GBP Forward	1	£	112,700	Sell GBP Forward	2	£	141,900
Sell CAD Forward	1	C$	102,000	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):


September 30, 2017
Interest Rate Derivatives	Number of Instruments	Notional Amount		Strike	Index	Wtd.-Avg. Maturity (Years)
Interest Rate Swaps	4	C$	108,183	1.0%	CDOR	1.7
Interest Rate Caps	9	$	204,248	2.4%	USD LIBOR	1.7
Interest Rate Caps	3	C$	23,370	2.0%	CDOR	0.6

December 31, 2016
Interest Rate Derivatives	Number of Instruments	Notional Amount		Strike	Index	Wtd.-Avg. Maturity (Years)
Interest Rate Swaps	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 Cap	1	£	15,142	2.0%	GBP LIBOR	0.3

Summary of Non-designated Hedges

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


September 30, 2017
Non-designated Hedges	Number of Instruments	Notional Amount
Buy USD / Sell GBP Forward	1	£	35,000
Buy GBP / Sell USD Forward	1	£	35,000
Buy USD / Sell CAD Forward	1	C$	15,000
Buy CAD / Sell USD Forward	1	C$	15,000
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
	September 30, 2017		December 31, 2016		September 30, 2017		December 31, 2016
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	—	$	3,268	$	5,617	$	210
Interest rate derivatives		1,238		331		—		—

Total derivatives designated as hedging instruments	$	1,238	$	3,599	$	5,617	$	210

Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	390	$	487	$	1,550	$	—
Interest rate derivatives		—		—		—		—

Total derivatives not designated as hedging instruments	$	390	$	487	$	1,550	$	—

Total Derivatives	$	1,628	$	4,086	$	7,167	$	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 Gain (Loss) Recognized in OCI on Derivatives						Location of Gain (Loss) Reclassified from Accumulated OCI into Income		Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in Hedging Relationships	Three Months Ended September 30, 2017			Nine Months Ended September 30, 2017					Three Months Ended September 30, 2017		Nine Months Ended September 30, 2017
Net Investment Hedges
Foreign exchange contracts⁽¹⁾	$	(8,524	)	$	(21,757	)		Interest Expense	$	—	$	—
Cash Flow Hedges
Interest rate derivatives		536			707			Interest Income (Expense)⁽²⁾		41		(900	)

Total	$	(7,988	)	$	(21,050	)			$	41	$	(900	)


(1)		During the three and nine months ended September 30, 2017, we paid net cash settlements of $8.7 million and $11.8 million, respectively, on our foreign currency forward contracts, compared to receiving $19.2 million and $17.4 million during the same periods in 2016. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.
(2)		During the three months ended September 30, 2017, we recorded total interest and related income of $146.4 million which included interest income of $41,000 related to our cash flow hedges. During the nine months ended September 30, 2017, we incurred total interest and related expenses of $168.9 million which included $900,000 related to our cash flow hedges.