Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 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):

December 31, 2019				December 31, 2018
Foreign Currency Derivatives	Number of Instruments	Notional Amount		Foreign Currency Derivatives		Number of     Instruments		Notional Amount
Sell GBP Forward	4	£	527,100		Sell GBP Forward		3	£	192,300
Sell EUR Forward	5	€	525,600		Sell AUD Forward		2	A$	187,600
Sell AUD Forward	3	A$	135,600		Sell EUR Forward		1	€	185,000
Sell CAD Forward	1	C$	23,200		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):

December 31, 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		0.7
Interest Rate Caps		1	C$	21,387		3.0	%		CDOR		1.0
December 31, 2018
Interest Rate Derivatives	Number of     Instruments		Notional Amount		Strike			Index		Wtd.-Avg. Maturity         (Years)
Interest Rate Swap		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):

December 31, 2019
Non-designated Hedges	Number of Instruments		Notional Amount
Buy CAD / Sell USD Forward		1	C$	15,900
Buy USD / Sell CAD Forward		1	C$	15,900
Buy GBP / Sell EUR Forward		1	€	12,857
Buy AUD / Sell USD Forward		1	A$	10,000
Buy USD / Sell AUD Forward		1	A$	10,000
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
	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	—	$	8,210	$	41,728	$	1,307
Interest rate derivatives		96		590		—		—
Total	$	96	$	8,800	$	41,728	$	1,307
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	983	$	1,116	$	535	$	1,618
Interest rate derivatives		—		—		—		—
Total	$	983	$	1,116	$	535	$	1,618
Total Derivatives	$	1,079	$	9,916	$	42,263	$	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):

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,
	2019			2018			2017			OCI into Income			2019		2018		2017
Net Investment Hedges
Foreign exchange contracts(1)	$	(5,592	)	$	40,372		$	(22,216	)		Interest Expense		$	—	$	—	$	—
Cash Flow Hedges
Interest rate derivatives		(144	)		(8	)		757			Interest Expense	(2)		195		563		(831	)
Total	$	(5,736	)	$	40,364		$	(21,459	)				$	195	$	563	$	(831	)

(1) During the years ended December 31, 2019 and December 31, 2018, we received net cash settlements of $43.1 million and $29.1 million, respectively, on our foreign currency forward contracts. During the year ended December 31, 2017, we paid net cash settlements of $14.2 million 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, 2019 and December 31, 2018, we recorded total interest and related expenses of $458.5 million and $359.6 million, respectively, which were reduced by $195,000 and $563,000, respectively, related to income generated by our cash flow hedges. During the year ended December 31, 2017, we recorded total interest and related expenses of $234.9 million, which included interest expenses of $831,000 related to our cash flow hedges.