Derivatives and Hedging Activity (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Non-Designated Derivatives

The following table summarizes our non-designated derivatives as of December 31, 2021 (notional amounts in thousands):

Type of Derivative	Number of Contracts	Aggregate Notional Amount	Notional Currency	Maturity
Fx contracts – Buy Euros ("EUR")	14	51,583	EUR	February 2022 - March 2023
Fx contracts – Buy Pounds Sterling ("GBP")	11	9,731	GBP	February 2022 - October 2024
Fx contracts – Buy Australian dollar ("AUD")	3	17,500	AUD	February 2022 - August 2023
Fx contracts – Sell EUR	144	474,098	EUR	January 2022 - November 2025
Fx contracts – Sell GBP	155	530,879	GBP	January 2022 - February 2025
Fx contracts – Sell AUD	52	265,401	AUD	February 2022 - October 2024
Interest rate swaps – Paying fixed rates	68	2,932,451	USD	April 2024 - January 2032
Interest rate swaps – Receiving fixed rates	2	484,500	USD	March 2025 - December 2031
Interest rate caps	7	702,000	USD	October 2022 - April 2025
Interest rate caps	1	61,000	GBP	April 2024
Credit index instruments	3	49,000	USD	September 2058 - August 2061
Interest rate swap guarantees	4	277,302	USD	August 2022 - June 2025
Total	464

Schedule of Fair Value of Derivatives

The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2021 and 2020 (amounts in thousands):

	Fair Value of Derivatives in an Asset Position (1) as of December 31,				Fair Value of Derivatives in a Liability Position (2) as of December 31,
	2021		2020		2021		2020
Interest rate contracts	$	17,728	$	33,841	$	16	$	4
Interest rate swap guarantees	—		—		260		849
Foreign exchange contracts	30,478		6,585		12,870		39,951
Credit index instruments	10		129		275		520
Total derivatives	$	48,216	$	40,555	$	13,421	$	41,324

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(1)Classified as derivative assets in our consolidated balance sheets.

(2)Classified as derivative liabilities in our consolidated balance sheets.

Schedule of Effect of Derivative Financial Instruments

The table below presents the effect of our derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands):

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Income for the Year Ended December 31,
		2021		2020		2019
Interest rate contracts	Gain (loss) on derivative financial instruments	$	41,033	$	(48,692)	$	(10,516)
Interest rate swap guarantees	Gain (loss) on derivative financial instruments	589		(235)		(3,350)
Foreign exchange contracts	Gain (loss) on derivative financial instruments	41,228		(32,561)		8,801
Credit index instruments	Gain (loss) on derivative financial instruments	(487)		(690)		(1,245)
		$	82,363	$	(82,178)	$	(6,310)