Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amount of Derivatives and Other Financial Instruments

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

	March 31, 2020			December 31, 2019
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars	$	700,000		$	725,000
Denominated in Pounds Sterling	£	1,340,708		£	1,340,708
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars	$	250,000		$	250,000
Denominated in Pounds Sterling	£	1,050,000		£	1,050,000
Interest rate swaps designated as cash flow hedges:
Denominated in U.S Dollars (1)	$	1,188,250		$	1,188,250
Derivative instruments not designated:
Interest rate caps denominated in U.S. Dollars	$	405,819		$	405,819
Forward sales contracts denominated in Canadian Dollars	$	80,000		$	—
Forward purchase contracts denominated in Pounds Sterling	£	(125,000	)	£	(125,000	)
Forward sales contracts denominated in Pounds Sterling	£	125,000		£	125,000

 

⁽¹⁾ At March 31, 2020 the maximum maturity date was July 15, 2021.

Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income

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

		Three Months Ended March 31,
Description	Location	2020			2019
Gain (loss) on derivative instruments designated as hedges recognized in income	Interest expense	$	6,644		$	5,333
Gain (loss) on derivative instruments not designated as hedges recognized in income	Interest expense	$	(95	)	$	(1,538	)
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	OCI	$	259,112		$	(87,682	)