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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 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):
 
                             
 
December 31, 2020
Interest Rate Derivatives            
  
Number of
Instruments
  
Notional

Amount
 
  
Strike
 
 
Index
  
Wtd.-Avg.

Maturity
        (Years)        
Interest Rate Caps
  
2
  
C$
38,293
 
  
 
1.0
% 
 
CDOR
  
0.8
 
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):
 
                                 
December 31, 2020
 
 
December 31, 2019
 
Foreign Currency Derivatives
 
Number of
Instruments
 
Notional
Amount
 
 
Foreign Currency Derivatives
 
 
Number of
Instruments
 
Notional
Amount
 
Buy USD / Sell EUR Forward
 
8
 
€
754,722
 
 
 
Buy USD / Sell GBP Forward
 
 
4
 
£
527,100
 
Buy USD / Sell GBP Forward
 
4
 
£
    372,487
 
 
 
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
 
1
 
C$
26,200
 
 
 
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):
 
December 31, 2020
 
  
December 31, 2019
 
Non-designated
Hedges
 
Number of
Instruments
 
 
Notional
Amount
 
  
Non-designated Hedges
 
Number of
Instruments
 
 
Notional
Amount
 
Buy EUR / Sell GBP Forward
 
 
2
 
 
£
    146,207
 
  
Buy CAD / Sell USD Forward
 
 
1
 
 
C$
15,900
 
Buy USD / Sell EUR Forward
 
 
1
 
 
€
8,410
 
  
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
 
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):
 
          
Increase (Decrease) to Interest Income and
Interest Expense
 
Recognized from Foreign
Exchange Contracts
  
Foreign Exchange Contracts
in Hedging Relationships
   
Location of Income
(Expense) Recognized
    
Year Ended
December 31,
2020
    
Year Ended
December 31,
2019
     
Year Ended
December 31,
2018
  
Designated Hedges
      Interest Income
(1)
 		   $ 4,382     $ —        $     —    
Non-Designated
Hedges
      Interest Income
(1)
 		     (522 )      —          —    
Non-Designated
Hedges
      Interest Expense
(
2
)
 		     (4,357 )      1,060        23  
            
 
 
    
 
 
     
 
 
  
Total
            $ (497 )    $     1,060      $ 23  
            
 
 
    
 
 
     
 
 
  
 
(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 Asset
Position
(1)
as of
     
Fair Value of Derivatives in a Liability
Position
(2)
as of
  
    
December 31,

2020
     
December 31,
2019
     
December 31,
2020
     
December 31,
2019
  
Derivatives designated as hedging instruments:
                                    
Foreign exchange contracts
    $ 521      $ —        $ 55,758      $ 41,728  
Interest rate derivatives
      1        96        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 522      $ 96      $ 55,758      $ 41,728  
    
 
 
     
 
 
     
 
 
     
 
 
  
Derivatives not designated as
hedging instruments:
                                    
Foreign exchange contracts
    $ —        $ 983      $ 3,157      $ 535  
Interest rate derivatives
      —          —          —          —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ —        $ 983      $ 3,157      $ 535  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Derivatives
    $ 522      $ 1,079      $ 58,915      $  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):
 
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,
  
 
2020
    
2019
    
2018
    
OCI into Income
    
2020
    
2019
    
2018
  
Net Investment Hedges
                                                        
Foreign exchange contracts
(1)
   $ (59,609 )    $ (5,592 )    $ 40,372       Interest Expense     $ —       $ —       $ —    
Cash Flow Hedges
                                                        
Interest rate derivatives
     (94 )      (144 )      (8 )      Interest Expense
(2)
 		     7       195       563  
   
 
 
    
 
 
    
 
 
            
 
 
    
 
 
    
 
 
  
Total
   $ (59,703 )    $ (5,736 )    $ 40,364             $ 7     $ 195     $ 563  
   
 
 
    
 
 
    
 
 
            
 
 
    
 
 
    
 
 
  
 
(1)
During the year ended December 31, 2020, we paid net cash settlements of $43.0 million on our foreign currency contracts. 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. Those amounts are included as a component of accumulated other comprehensive loss on our consolidated balance sheets.
(2)
During the years ended December 31, 2020, December 31, 2019, and December 31, 2018, we recorded total interest and related expenses of $347.5 million, $458.5 million, and $359.6 million, respectively, which were reduced by $7,000, $195,000, and $563,000, respectively, related to income generated by our cash flow hedges.