DERIVATIVE AND HEDGING INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Derivative Instruments

The following presents the notional amount of derivative instruments as of the dates indicated (in thousands):  

	December 31, 2018		December 31, 2017
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars (1)	$	1,045,000	$	845,000
Denominated in Canadian Dollars	$	125,000	$	125,000
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars	$	55,401	$	56,300
Financial instrument designated as net investment hedge:
Denominated in Canadian Dollars	$	125,000	$	125,000
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars	$	899	$	—

⁽¹⁾ Balance includes forward starting interest rate swaps having an effective date of June 2019 that have been entered into as of December 31, 2018 to hedge $200.0 million of anticipated fixed-rate debt issuance to occur sometime during 2019.

Summary of Derivative and Financial Instruments Designated as Hedging Instruments

The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at December 31, 2018 and 2017 (dollars in thousands):    

		Count as of December 31, 2018	Fair Value				Maturity Dates
			December 31,
Type	Designation		2018		2017			Balance Sheet Location
Assets:
Interest rate swap	Cash Flow	12	$	25,184	$	25,221	2020 - 2023	Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swaps	Net Investment	2	4,160		674		2025	Accounts receivable, prepaid expenses and other assets, net
			$	29,344	$	25,895
Liabilities:
Forward starting interest rate swap	Cash Flow	2	$	4,529	$	—	2029	Accounts payable and accrued liabilities
CAD term loan	Net Investment	1	91,700		99,588		2022	Term loans, net
			$	96,229	$	99,588

Effect of Derivatives and Financial Instruments Designated as Hedging Instruments on Income and Equity

The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of income and the consolidated statements of equity for years ended December 31, 2018, 2017 and 2016:

	Gain (Loss) Recognized in Other Comprehensive Income								Gain (Loss) Reclassified from Accumulated Other Comprehensive Income Into Income								Income Statement Location
	For the year ended December 31,
	2018		2017			2016			2018		2017			2016
Cash Flow Hedges:
Interest rate products	$	2,707	$	10,807		$	5,879		$	3,099	$	(2,174	)	$	(1,360	)	Interest expense
Net Investment Hedges:
Foreign currency products	3,554		(2,378		)	(2,085		)	—		—			—			N/A
CAD term loan	7,888		(6,588		)	(3,750		)	—		—			—			N/A
	$	14,149	$	1,841		$	44		$	3,099	$	(2,174	)	$	(1,360	)

Gross Presentation, Effects of Offsetting, and a Net Presentation of Derivatives, Assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2018 and 2017 (in thousands):

	As of December 31, 2018
							Gross Amounts Not Offset in the Balance Sheet
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Financial Instruments			Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	29,344	$	—	$	29,344	$	(2,069	)	$	—	$	27,275
Offsetting Liabilities:
Derivatives	$	4,529	$	—	$	4,529	$	(2,069	)	$	—	$	2,460

	As of December 31, 2017
							Gross Amounts Not Offset in the Balance Sheet
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	25,895	$	—	$	25,895	$	—	$	—	$	25,895
Offsetting Liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—

Gross Presentation, Effects of Offsetting, and a Net Presentation of Derivatives, Liabilities

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2018 and 2017 (in thousands):

	As of December 31, 2018
							Gross Amounts Not Offset in the Balance Sheet
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Financial Instruments			Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	29,344	$	—	$	29,344	$	(2,069	)	$	—	$	27,275
Offsetting Liabilities:
Derivatives	$	4,529	$	—	$	4,529	$	(2,069	)	$	—	$	2,460

	As of December 31, 2017
							Gross Amounts Not Offset in the Balance Sheet
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	25,895	$	—	$	25,895	$	—	$	—	$	25,895
Offsetting Liabilities:
Derivatives	$	—	$	—	$	—	$	—	$	—	$	—