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Derivative Instruments
 12 Months Ended
Dec. 31, 2014
Derivative Instruments [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

11. Derivative Instruments

We are exposed to various market risks, including the potential loss arising from adverse changes in interest rates. We may elect to use financial derivative instruments to hedge interest rate exposure. These decisions are principally based on our policy to manage the general trend in interest rates at the applicable dates and our perception of the future volatility of interest rates. In addition, non-U.S. investments expose us to the potential losses associated with adverse changes in foreign currency to U.S. Dollar exchange rates. We have elected to manage these risks through the use of forward exchange contracts and issuing debt in the foreign currency.

Interest Rate Swap Contracts and Foreign Currency Forward Contracts Designated as Cash Flow Hedges

For instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”), and reclassified into earnings in the same period, or periods, during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. Approximately $1,137,000 of gains, which are included in accumulated other comprehensive income (“AOCI”), are expected to be reclassified into earnings in the next 12 months.

Foreign Currency Hedges

For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to U.S. dollar of the instrument is recorded as a cumulative translation adjustment component of OCI.  The balance of the cumulative translation adjustment will be reclassified to earnings when the hedged investment is sold or substantially liquidated.

The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands):

December 31, 2014December 31, 2013
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars$900,000$600,000
Denominated in Pounds Sterling£350,000£350,000
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars$250,000$250,000
Denominated in Pounds Sterling£1,050,000£550,000
Derivatives designated as cash flow hedges
Denominated in U.S. Dollars$57,000$57,000
Denominated in Canadian Dollars$58,000$-
Denominated in Pounds Sterling£40,000£-
Derivative instruments not designated:
Denominated in Canadian Dollars$12,000$-

The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands):

Year Ended
LocationDecember 31, 2014December 31, 2013December 31, 2012
Gain (loss) on interest rate swap recognized in OCI (effective portion)OCI$(15)$(16)$3,200
Gain (loss) on interest rate swaps reclassified from AOCI into income (effective portion)Interest expense(1,799)(1,914)(1,596)
Gain (loss) on forward exchange contracts recognized in income Gain (loss) on derivatives, net1,495(4,470)1,921
Gain (loss) on interest rate swaps recognized in incomeGain (loss) on derivatives, net--(96)
Gain on release of cumulative translation adjustment related to net investment hedge of an equity investmentIncome (loss) from unconsolidated entities528--
Gain (loss) on forward exchange contracts and term loans designated as net investment hedge recognized in OCIOCI103,140(28,244)(5,134)