Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019					December 31, 2018
Foreign Currency	Number of		Notional		Foreign Currency	Number of		Notional
Derivatives	Instruments		Amount		Derivatives	Instruments		Amount
Sell GBP Forward		3	£	262,000	Sell GBP Forward		3	£	192,300
Sell AUD Forward		4	A$	210,700	Sell AUD Forward		2	A$	187,600
Sell EUR Forward		1	€	179,600	Sell EUR Forward		1	€	185,000
Sell CAD Forward		2	C$	78,700	Sell CAD Forward		1	C$	70,600

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, 2019
	Number of		Notional						Wtd.-Avg.
Interest Rate Derivatives	Instruments		Amount		Strike			Index	Maturity (Years)
Interest Rate Swaps		2	C$	17,273		1.0	%	CDOR		1.4
Interest Rate Caps		8	$	178,430		2.5	%	USD LIBOR		0.3
Interest Rate Caps		1	C$	21,709		3.0	%	CDOR		0.7

December 31, 2018
	Number of		Notional						Wtd.-Avg.
Interest Rate Derivatives	Instruments		Amount		Strike			Index	Maturity (Years)
Interest Rate Swaps		3	C$	90,472		1.0	%	CDOR		0.5
Interest Rate Caps		9	$	204,248		2.4	%	USD LIBOR		0.5
Interest Rate Caps		2	C$	39,998		2.5	%	CDOR		0.6

Summary of Non-designated Hedges

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

March 31, 2019
	Number of		Notional
Non-designated Hedges	Instruments		Amount
Buy GBP / Sell EUR Forward		1	€	12,857
Buy CAD / Sell USD Forward		1	C$	4,200
Buy USD / Sell CAD Forward		1	C$	4,200

December 31, 2018
	Number of		Notional
Non-designated Hedges	Instruments		Amount
Buy AUD / Sell USD Forward		1	A$	55,000
Buy USD / Sell AUD Forward		1	A$	55,000
Buy GBP / Sell USD Forward		1	£	23,200
Buy USD / Sell GBP Forward		1	£	23,200
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				Fair Value of Derivatives in a
	Asset Position (1) as of				Liability Position (2) as of
	March 31, 2019		December 31, 2018		March 31, 2019		December 31,  2018
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	4,862	$	8,210	$	1,720	$	1,307
Interest rate derivatives		228		590		—		—
Total	$	5,090	$	8,800	$	1,720	$	1,307
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	294	$	1,116	$	6	$	1,618
Interest rate derivatives		—		—		—		—
Total	$	294	$	1,116	$	6	$	1,618
Total Derivatives	$	5,384	$	9,916	$	1,726	$	2,925

(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) Gain Recognized in OCI on Derivatives						Location of  Gain		Amount of Gain Reclassified from Accumulated OCI into Income
	Three Months Ended March 31,						Reclassified from Accumulated		Three Months Ended March 31,
Derivatives in Hedging Relationships	2019			2018			OCI into Income		2019		2018
Net Investment Hedges
Foreign exchange contracts (1)	$	(1,646	)	$	(2,953	)		Interest Expense	$	—	$	—
Cash Flow Hedges
Interest rate derivatives		(134	)		127			Interest Expense (2)		168		109
Total	$	(1,780	)	$	(2,826	)			$	168	$	109

(1) During the three months ended March 31, 2019 and 2018, we paid net cash settlements of $2.0 million and $7.4 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 March 31, 2019, we recorded total interest and related expenses of $118.7 million, which included a $168,000 expense reduction related to income generated by our cash flow hedges. During the three months ended March 31, 2018, we recorded total interest and related expenses of $70.0 million which included a $109,000 expense reduction related to our cash flow hedges.