DERIVATIVE AND HEDGING INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amount of Derivatives Instruments

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

	March 31, 2019		December 31, 2018
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars (1)	$	1,100,000	$	1,045,000
Denominated in Canadian Dollars	$	125,000	$	125,000
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars	$	56,050	$	55,401
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	$	250	$	899

⁽¹⁾ Balance includes forward starting interest rate swaps having an effective date of June 2019 that were entered into as of March 31, 2019 to hedge $255.0 million of anticipated fixed-rate debt issuance to occur sometime during 2019.

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 March 31, 2019 and December 31, 2018 (dollars in thousands):    

		Count as of March 31, 2019	Fair Value				Maturity Dates
Type	Designation		March 31, 2019		December 31, 2018			Balance Sheet Location
Assets:
Interest rate swaps	Cash flow	12	$	18,057	$	25,184	2020 - 2023	Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swaps	Net investment	2	2,883		4,160		2025	Accounts receivable, prepaid expenses and other assets, net
			$	20,940	$	29,344
Liabilities:
Forward starting interest rate swaps	Cash flow	3	$	11,926	$	4,529	2029	Accounts payable and accrued liabilities
CAD term loan	Net investment	1	93,625		91,700		2022	Term loans, net
			$	105,551	$	96,229

Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Equity

The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the condensed consolidated statements of income and the condensed consolidated statements of equity for the three months ended March 31, 2019 and 2018 (in thousands):

	(Loss) Gain Recognized in Other Comprehensive (Loss) Income
	Three Months Ended March 31,
	2019			2018		Income Statement Location
Cash Flow Hedges:
Interest rate products	$	(11,611	)	$	9,123	Interest expense
Net Investment Hedges:
Foreign currency products	(1,234		)	607		N/A
CAD term loan	(1,925		)	2,675		N/A
	$	(14,770	)	$	12,405

	Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
	Three Months Ended March 31,
	2019		2018			Income Statement Location
Cash Flow Hedges:
Interest rate products	$	1,913	$	(50	)	Interest expense

Gross Presentation, Effects of Offsetting, and 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 March 31, 2019 and December 31, 2018 (in thousands):

	As of March 31, 2019
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet
							Financial Instruments			Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	20,940	$	—	$	20,940	$	(6,349	)	$	—	$	14,591
Offsetting Liabilities:
Derivatives	$	11,926	$	—	$	11,926	$	(6,349	)	$	—	$	5,577

	As of December 31, 2018
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset 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

Gross Presentation, Effects of Offsetting, and 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 March 31, 2019 and December 31, 2018 (in thousands):

	As of March 31, 2019
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet
							Financial Instruments			Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	20,940	$	—	$	20,940	$	(6,349	)	$	—	$	14,591
Offsetting Liabilities:
Derivatives	$	11,926	$	—	$	11,926	$	(6,349	)	$	—	$	5,577

	As of December 31, 2018
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset 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