Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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):

September 30, 2019				December 31, 2018
Foreign Currency Derivatives	Number of Instruments	Notional Amount		Foreign Currency Derivatives	Number of Instruments	Notional Amount
Sell GBP Forward	3	£	389,200	Sell GBP Forward	3	£	192,300
Sell EUR Forward	3	€	231,000	Sell AUD Forward	2	A$	187,600
Sell AUD Forward	3	A$	129,500	Sell EUR Forward	1	€	185,000
Sell CAD Forward	1	C$	39,100	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):

September 30, 2019
Interest Rate Derivatives	Number of Instruments	Notional  Amount		Strike		Index		Wtd.-Avg. Maturity (Years)
Interest Rate Swaps	2	C$	17,273		1.0%		CDOR	0.9
Interest Rate Caps	1	$	7,296		2.3%		USD LIBOR	0.2
Interest Rate Caps	1	C$	21,709		3.0%		CDOR	0.2
December 31, 2018
Interest Rate Derivatives	Number of Instruments	Notional  Amount		Strike		Index		Wtd.-Avg. 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):

September 30, 2019
Non-designated Hedges	Number of Instruments		Notional Amount
Buy EUR / Sell USD Forward		1	€	131,900
Buy USD / Sell EUR Forward		1	€	131,900
Buy GBP / Sell EUR Forward		1	€	12,857
December 31, 2018
Non-designated Hedges	Number of Instruments		Notional 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 Asset Position(1) as of				Fair Value of Derivatives in a Liability Position(2) as of
	September 30, 2019		December 31, 2018		September 30, 2019		December 31, 2018
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	19,103	$	8,210	$	32	$	1,307
Interest rate derivatives		119		590		—		—
Total	$	19,222	$	8,800	$	32	$	1,307
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	5,787	$	1,116	$	3,960	$	1,618
Interest rate derivatives		—		—		—		—
Total	$	5,787	$	1,116	$	3,960	$	1,618
Total Derivatives	$	25,009	$	9,916	$	3,992	$	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 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, 2019		Nine Months Ended September 30, 2019						Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Net Investment Hedges
Foreign exchange contracts(1)	$	35,978	$	45,272			Interest Expense		$	—	$	—
Cash Flow Hedges
Interest rate derivatives		13		(152	)		Interest Expense	(2)		4		167
Total	$	35,991	$	45,120					$	4	$	167

(1)	During the three and nine months ended September 30, 2019, we received net cash settlements of $24.2 million and $31.1 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 September 30, 2019, we recorded total interest and related expenses of $112.0 million, which was reduced by $4,000 related to income generated by our cash flow hedges. During the nine months ended September 30, 2019, we recorded total interest and related expenses of $347.5 million, which was reduced by $167,000 related to income generated by our cash flow hedges.