Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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
Foreign Currency	Number of		Notional
Derivatives	Instruments		Amount
Sell GBP Forward		4	£	527,100
Sell EUR Forward		5	€	525,600
Sell AUD Forward		3	A$	135,600
Sell CAD Forward		1	C$	23,200

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, 2020

Interest Rate Derivatives

Number of
Instruments

Notional
Amount

Strike

Index

Wtd.-Avg.

Maturity (Years)

Interest Rate Swaps

17,273

1.0%

CDOR

0.4

Interest Rate Caps

21,387

3.0%

CDOR

0.7

December 31, 2019

Interest Rate Derivatives

Number of
Instruments

Notional
Amount

Strike

Index

Wtd.-Avg.

Maturity (Years)

Interest Rate Swaps

17,273

1.0%

CDOR

0.7

Interest Rate Caps

21,387

3.0%

CDOR

1.0

Summary of Non-designated Hedges

The following tables summarize our

non-designated

hedges (notional amount in thousands):


December 31, 2019
	Number of	Notional
Non-designated Hedges	Instruments	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

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, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Interest rate derivatives	$	1	$	96	$	1	$	—
Foreign exchange contracts		—		—		—		41,728

Total	$	1	$	96	$	1	$	41,728

Derivatives not designated as hedging instruments:
Interest rate derivatives	$	—	$	—	$	—	$	—
Foreign exchange contracts		—		983		—		535

Total	$	—	$	983	$	—	$	535

Total Derivatives	$	1	$	1,079	$	1	$	42,263

(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			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	2020			2019			OCI into Income			2020		2019
Net Investment Hedges
Foreign exchange contracts (1)	$	104,086		$	(1,646	)		Interest Expense		$	—	$	—
Cash Flow Hedges
Interest rate derivatives		(67	)		(134	)		Interest Expense	(2)		28		168

Total	$	104,019		$	(1,780	)				$	28	$	168


(1)		During the three months ended March 31, 2020 and 2019, we received net cash settlements of $61.7 million and paid $2.0 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, 2020 and 2019, we recorded total interest and related expenses of $104.2 million and $118.7 million, respectively, which were reduced by $28,000 and $168,000, respectively, related to income generated by our cash flow hedges.