Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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):

	December 31, 2023		December 31, 2022
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars	$	2,025,000	$	1,075,000
Denominated in Pound Sterling	£	1,660,708	£	1,890,708
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars	$	250,000	$	250,000
Denominated in Pound Sterling	£	1,050,000	£	1,050,000
Interest rate swaps and caps designated as cash flow hedges:
Denominated in U.S. Dollars(1)	$	872,601	$	25,000
Interest rate swaps designated as fair value hedges:
Denominated in U.S. Dollars	$	550,000	$	550,000
Derivative instruments not designated:
Interest rate caps denominated in U.S. Dollars	$	—	$	26,137
Foreign currency exchange contracts denominated in Canadian Dollars	$	80,000	$	80,000

(1) At December 31, 2023 the maximum maturity date was September 1, 2028.

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):

		Year Ended
Description	Location	December 31, 2023		December 31, 2022		December 31, 2021
Gain (loss) on derivative instruments designated as hedges recognized in income	Interest expense	$	18,068	$	28,894	$	23,133
Gain (loss) on derivative instruments not designated as hedges recognized in income	Interest expense	$	(1,383)	$	4,255	$	(433)
Gain (loss) on equity warrants recognized in income	Gain (loss) on derivatives and financial instruments, net	$	2,218	$	(6,837)	$	10,361
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	OCI	$	(245,095)	$	442,620	$	79,702