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

 

December 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    £          112,700    Sell GBP Forward    2    £          141,900

Sell CAD Forward

    1    C$          95,100    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):

 

December 31, 2017

Interest Rate                 

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

Interest Rate Swaps

    4    C$         108,094        1.0 %    CDOR    1.4

Interest Rate Caps

    9    $           204,248        2.4 %    USD LIBOR    1.5

Interest Rate Caps

    3    C$             23,370        2.0 %    CDOR    0.3

December 31, 2016

Interest Rate                 

    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 Caps

    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):

 

December 31, 2017

  

Non-designated Hedges

    Number of
Instruments		    Notional
Amount		  

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		  
     December 31, 2017      December 31, 2016      December 31, 2017      December 31, 2016  

Derivatives designated as
hedging instruments:

            

Foreign exchange contracts

    $ —        $ 3,268      $ 4,872      $ 210  

Interest rate derivatives

      1,214        331        —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 1,214      $ 3,599      $ 4,872      $ 210  
  

 

 

     

 

 

     

 

 

     

 

 

  

Derivatives not designated as hedging instruments:

            

Foreign exchange contracts

    $ —        $ 487      $ 39      $ —    

Interest rate derivatives

      —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ —        $ 487      $ 39      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Derivatives

    $ 1,214      $ 4,086      $ 4,911      $ 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):

 

Derivatives in

Hedging

Relationships

    Amount of (Loss)
Gain Recognized in
OCI on Derivatives		     Location of
Gain (Loss)
Reclassified from		     Amount of
Loss Reclassified from
Accumulated OCI into Income		  
   Year Ended December 31,     Accumulated     Year Ended December 31,  
   2017     2016      2015     OCI into Income     2017     2016     2015  

Net Investment Hedges

                

Foreign exchange contracts(1)

    $ (22,216 )    $ 25,355      $ 25,356       Interest Expense     $ —     $ —       $ —    

Cash Flow Hedges

                

Interest rate derivatives

      757       89        (1,474 )      Interest Expense (2)      (831 )      (798 )      (4 ) 
  

 

 

    

 

 

     

 

 

      

 

 

    

 

 

    

 

 

  

Total

    $ (21,459 )    $ 25,444      $ 23,882       $ (831 )    $ (798 )    $ (4 ) 
  

 

 

    

 

 

     

 

 

      

 

 

    

 

 

    

 

 

  

 

(1)

During the year ended December 31, 2017, we paid net cash settlements of $14.2 million on our foreign currency forward contracts. During the years ended December 31, 2016 and 2015, we received net cash settlements of $26.8 million and $18.8 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.
(2)

During the years ended December 31, 2017, 2016, and 2015, we recorded total interest and related expenses of $234.9 million, $184.3 million, and 152.4 million, respectively, which included interest expense of $831,000, $798,000, and $4,000, respectively, related to our cash flow hedges.