Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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):


March 31, 2016				December 31, 2015
Foreign Currency Derivatives	Number of Instruments	Notional Amount		Foreign Currency Derivatives	Number of Instruments	Notional Amount
Sell CAD Forward	2	C$	154,450	Sell CAD Forward	2	C$	154,900
Sell GBP Forward	3	£	108,300	Sell GBP Forward	2	£	90,400
Sell EUR Forward	1	€	48,000	Sell EUR Forward	1	€	49,000

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):


March 31, 2016
Interest Rate	Number of Instruments	Notional Amount		Strike	Index	Wtd.-Avg. Maturity (Years)
Interest Rate Caps	26	$	1,097,632	2%	USD LIBOR	1.1
Interest Rate Caps	7	C$	483,286	2%	CDOR	1.0
Interest Rate Caps	1	€	152,710	2%	EURIBOR	0.8
Interest Rate Caps	1	£	15,142	2%	GBP LIBOR	1.1
Interest Rate Swap	1	C$	14,673	n/a	CDOR	4.4

December 31, 2015
Interest Rate	Number of Instruments	Notional Amount		Strike	Index	Wtd.-Avg. Maturity (Years)
Interest Rate Caps	26	$	1,097,632	2%	USD LIBOR	1.3
Interest Rate Caps	7	C$	483,286	2%	CDOR	1.2
Interest Rate Caps	1	€	152,710	2%	EURIBOR	1.0
Interest Rate Caps	1	£	15,142	2%	GBP LIBOR	1.3

Summary of Non-designated Hedges

The following table summarizes our non-designated hedges (notional amount in thousands):


March 31, 2016				December 31, 2015
	Number of	Notional			Number of	Notional
Non-designated Hedges	Instruments	Amount		Non-designated Hedges	Instruments	Amount
Interest Rate Caps	4	C$	67,303	Interest Rate Caps	4	C$	67,303
Interest Rate Caps	1	$	13,387	Interest Rate Caps	1	$	13,387
Buy GBP / Sell EUR Forward	1	€	12,857	Buy GBP / Sell EUR Forward	1	€	12,857
Buy CAD / Sell USD Forward	1	C$	950	Buy GBP / Sell USD Forward	1	£	10,400
Buy USD / Sell CAD Forward	1	C$	950	Buy USD / Sell GBP Forward	1	£	10,400
				Buy CAD / Sell USD Forward	1	C$	1,000
				Buy USD / Sell CAD Forward	1	C$	1,000

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
	March 31, 2016		December 31, 2015		March 31, 2016		December 31, 2015
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	566	$	7,999	$	8,981	$	511
Interest rate derivatives		45		238		15		—

Total derivatives designated as hedging instruments	$	611	$	8,237	$	8,996	$	511

Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	14	$	419	$	293	$	937
Interest rate derivatives		—		1		—		—

Total derivatives not designated as hedging instruments	$	14	$	420	$	293	$	937

Total Derivatives	$	625	$	8,657	$	9,289	$	1,448

(1)	Included in other assets in our consolidated balance sheets.

(2)	Included in accounts payable, accrued expenses, and 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 (Loss)							Amount of
	Gain Recognized in							Loss Reclassified from
	OCI on Derivatives					Location of		Accumulated OCI into
	(Effective Portion)					Gain (Loss)		Income (Effective Portion)
	Three Months Ended March 31,					Reclassified from Accumulated OCI into Income		Three Months Ended March 31,
Derivatives in Hedging Relationships	2016			2015		(Effective Portion)		2016			2015

Foreign exchange contracts⁽¹⁾	$	(6,470	)	$	3,337		Interest Expense	$	—		$	—
Interest rate derivatives		(196	)		—		Interest Expense		(27	)		—

Total	$	(6,666	)	$	3,337			$	(27	)	$	—

(1)	During the three months ended March 31, 2016 and 2015, we received net cash settlements of $8.2 million and $4.1 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.