Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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, 2020
Interest Rate Derivatives	Number of Instruments		Notional Amount		Strike		Index		Wtd.-Avg. Maturity (Years)
Interest Rate Swaps		2	C$	17,273		1.0%		CDOR		0.2
Interest Rate Caps		1	C$	21,387		3.0%		CDOR		0.5

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

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, 2020					December 31, 2019
	Number of		Notional			Number of		Notional
Foreign Currency Derivatives	Instruments		Amount		Foreign Currency Derivatives	Instruments		Amount
Buy USD / Sell EUR Forward		7	€	607,690	Buy USD / Sell GBP Forward		4	£	527,100
Buy USD / Sell GBP Forward		5	£	385,087	Buy USD / Sell EUR Forward		5	€	525,600
Buy USD / Sell AUD Forward		1	A$	92,800	Buy USD / Sell AUD Forward		3	A$	135,600
Buy USD / Sell CAD Forward		2	C$	24,400	Buy USD / Sell CAD Forward		1	C$	23,200

Summary of Non-designated Hedges

The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign currency risk (notional amount in thousands):    

June 30, 2020					December 31, 2019
	Number of		Notional			Number of		Notional
Non-designated Hedges	Instruments		Amount		Non-designated Hedges	Instruments		Amount
Buy USD / Sell GBP Forward		1	£	145,113	Buy CAD / Sell USD Forward		1	C$	15,900
Buy USD / Sell EUR Forward		3	€	68,810	Buy USD / Sell CAD Forward		1	C$	15,900
Buy EUR / Sell USD Forward		2	€	56,100	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

Schedule of Derivative Instruments Gain Loss in Statement of Operations

The following table presents the effect of our derivative financial instruments on our consolidated statements of operations ($ in thousands):     

			Amount of Income (Expense) Recognized
			from Foreign Exchange Contracts
			Three Months			Six Months
Foreign Exchange Contracts	Location of Income		Ended			Ended
in Hedging Relationships	(Expense) Recognized		June 30, 2020			June 30, 2020
Designated Hedges		Interest Income(1)	$	509		$	509
Non-Designated Hedges		Interest Income(1)		5			5
Non-Designated Hedges		Interest Expense(2)		(361	)		(1,515	)
Total			$	153		$	(1,001	)

(1)	Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate differentials between the applicable base rate for our foreign currency investments and USD LIBOR. These forward contracts effectively convert the rate exposure to USD LIBOR, resulting in additional interest income earned in U.S. dollar terms.
(2)	Represents the spot rate movement in our non-designated hedges, which are marked-to-market and recognized in interest expense.

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
	June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	321	$	—	$	24,706	$	41,728
Interest rate derivatives		—		96		9		—
Total	$	321	$	96	$	24,715	$	41,728
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	6	$	983	$	1,449	$	535
Interest rate derivatives		—		—		—		—
Total	$	6	$	983	$	1,449	$	535
Total Derivatives	$	327	$	1,079	$	26,164	$	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 (Loss)			Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Three Months			Six Months			Reclassified from			Three Months			Six Months
Derivatives in Hedging Relationships	Ended June 30, 2020			Ended June 30, 2020			Accumulated OCI into Income			Ended June 30, 2020			Ended June 30, 2020
Net Investment Hedges
Foreign exchange contracts(1)	$	(30,656	)	$	73,430			Interest Expense		$	—		$	—
Cash Flow Hedges
Interest rate derivatives		(18	)		(85	)		Interest Expense	(2)		(9	)		20
Total	$	(30,674	)	$	73,345					$	(9	)	$	20

(1)	During the three and six months ended June 30, 2020, we paid net cash settlements of $4.7 million and received net cash settlements of $57.0 million, respectively, on our foreign currency forward contracts. Those amounts are included as a component of accumulated other comprehensive income (loss) on our consolidated balance sheets.
(2)	During the three months ended June 30, 2020, we recorded total interest and related expenses of $84.9 million, which included interest expenses of $9,000 related to our cash flow hedges. During the six months ended June 30, 2020, we recorded total interest and related expenses of $189.1 million, which included $20,000 related to income generated by our cash flow hedges