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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2018
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, 2018

     

December 31, 2017

  

Foreign Currency Derivatives

   

Number of
Instruments

           Notional
Amount		     

Foreign Currency Derivatives

    Number of
Instruments		           Notional
Amount		  

Sell EUR Forward

    2         € 185,000      Sell GBP Forward    1         £     112,700  

Sell GBP Forward

    1         £     112,700      Sell CAD Forward    1         C$     95,100  

Sell CAD Forward

    1         C$     89,800                
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, 2018

Interest Rate

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

Interest Rate Swaps

   4   C$ 108,004       1.0 %    CDOR   1.2

Interest Rate Caps

   9   $     204,248       2.4 %    USD LIBOR   1.2

Interest Rate Caps

   3   C$ 22,765       2.0 %    CDOR   0.9

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

Summary of Non-designated Hedges

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

 

March 31, 2018

  

Non-designated Hedges

   Number of
Instrument		    Notional
Amount		  

Buy GBP / Sell EUR Forward

   1    € 12,857  

    December 31, 2017    

  

Non-designated Hedges

   Number of
Instrument		    Notional
Amount		  

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, 2018      December 31, 2017      March 31, 2018      December 31, 2017  

Derivatives designated as hedging instruments:

            

Foreign exchange contracts

    $ 1,716      $ —        $ 2,166      $ 4,872  

Interest rate derivatives

      1,249        1,214        —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 2,965      $ 1,214      $ 2,166      $ 4,872  
  

 

 

     

 

 

     

 

 

     

 

 

  

Derivatives not designated as hedging instruments:

            

Foreign exchange contracts

    $ 154      $ —        $ —        $ 39  

Interest rate derivatives

      —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 154      $ —        $ —        $ 39  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Derivatives

    $ 3,119      $ 1,214      $ 2,166      $ 4,911  
  

 

 

     

 

 

     

 

 

     

 

 

  

 
  (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
March 31,		        Three Months
Ended March 31,		  
     2018      2017        2018      2017  

Net Investment Hedges

              

Foreign exchange contracts(1)

    $ (2,953)      $ (4,294)        Interest Expense     $ —        $ —    

Cash Flow Hedges

              

Interest rate derivatives

      127        (105)       
 Interest Income
(Expense)(2)
 		     109        (474)  
  

 

 

     

 

 

       

 

 

     

 

 

  

Total

    $ (2,826)      $ (4,399)        $ 109      $ (474)  
  

 

 

     

 

 

       

 

 

     

 

 

  

 

(1)  

  

During the three months ended March 31, 2018 and 2017, we paid net cash settlements of $7.4 million and $1.8 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 three months ended March 31, 2018, we recorded total interest and related income of $155.4 million which included interest income of $109,000 related to our cash flow hedges. During the three months ended March 31, 2017, we incurred total interest and related expenses of $46.7 million which included $474,000 related to our cash flow hedges.