Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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):


June 30, 2018				December 31, 2017
Foreign Currency Derivatives	Number of Instruments	Notional Amount		Foreign Currency Derivatives	Number of Instruments	Notional Amount
Sell EUR Forward	1	€	185,000	Sell GBP Forward	1	£	112,700
Sell GBP Forward	2	£	133,100	Sell CAD Forward	1	C$	95,100
Sell CAD Forward	1	C$	73,100

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, 2018
Interest Rate	Number of Instrument	Notional Amount		Strike	Index	Wtd.-Avg. Maturity (Years)
Interest Rate Swaps	4	C$	107,913	1.0%	CDOR	0.9
Interest Rate Caps	9	$	204,248	2.4%	USD LIBOR	1.0
Interest Rate Caps	3	C$	22,765	2.0%	CDOR	0.6

December 31, 2017
Interest Rate	Number of Instrument	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):


June 30, 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
	June 30, 2018		December 31, 2017		June 30, 2018		December 31, 2017
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	5,151	$	—	$	1,104	$	4,872
Interest rate derivatives		1,125		1,214		—		—

Total	$	6,276	$	1,214	$	1,104	$	4,872

Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	—	$	—	$	146	$	39
Interest rate derivatives		—		—		—		—

Total	$	—	$	—	$	146	$	39

Total Derivatives	$	6,276	$	1,214	$	1,250	$	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 June 30, 2018		Six Months Ended June 30, 2018					Three Months Ended June 30, 2018		Six Months Ended June 30, 2018
Net Investment Hedges
Foreign exchange contracts⁽¹⁾	$	24,973	$	22,019		Interest Expense		$	—	$	—
Cash Flow Hedges
Interest rate derivatives		9		135		Interest Income	⁽²⁾		127		234

Total	$	24,982	$	22,154				$	127	$	234


(1)		During the three and six months ended June 30, 2018, we received net cash settlements of $20.7 million and $13.4 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 June 30, 2018, we recorded total interest and related income of $191.5 million which included interest income of $127,000 related to our cash flow hedges. During the six months ended June 30, 2018, we recorded total interest and related income of $346.9 million which included $234,000 related to our cash flow hedges.