Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2016 and December 31, 2015:



(In thousands)	Balance Sheet Location	September 30, 2016			December 31, 2015
Derivatives designated as hedging instruments:
Interest rate swaps (GBP)	Derivatives assets, at fair value	$	—		$	567
Interest rate swaps (GBP)	Derivatives liabilities, at fair value	(10,486		)	(3,313		)
Interest rate swaps (EUR)	Derivatives liabilities, at fair value	(4,769		)	(2,715		)
Total		$	(15,255	)	$	(5,461	)
Derivatives not designated as hedging instruments:
Foreign currency forwards (EUR-USD)	Derivative assets, at fair value	$	336		$	1,113
Foreign currency forwards (GBP-USD)	Derivative assets, at fair value	3,055			1,090
Interest rate swaps (EUR)	Derivatives liabilities, at fair value	(838		)	—
Cross currency swaps (GBP)	Derivative assets, at fair value	683			509
Cross currency swaps (EUR)	Derivative assets, at fair value	922			2,533
Total		$	4,158		$	5,245

Offsetting Assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of September 30, 2016 and December 31, 2015. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets.



											Gross Amounts Not Offset on the Balance Sheet
(In thousands)	Gross Amounts of Recognized Assets		Gross Amounts of Recognized (Liabilities)			Gross Amounts Offset on the Balance Sheet		Net Amounts of Assets (Liabilities) presented on the Balance Sheet			Financial Instruments		Cash Collateral Received (Posted)		Net Amount
September 30, 2016	$	4,996	$	(16,093	)	$	—	$	(11,097	)	$	—	$	—	$	(11,097	)
December 31, 2015	$	5,812	$	(6,028	)	$	—	$	(216	)	$	—	$	—	$	(216	)

Schedule of Interest Rate Derivatives

As of September 30, 2016 and December 31, 2015, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk:



	September 30, 2016			December 31, 2015
Derivatives	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
		(In thousands)			(In thousands)
Interest rate swaps (GBP)	18	$	403,626	27	$	697,925
Interest rate swaps (EUR)	10	397,866		16	561,282
Total	28	$	801,492	43	$	1,259,207

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2016 and 2015.



	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2016			2015			2016			2015
Amount of (loss) gain recognized in accumulated other comprehensive income (loss) from derivatives (effective portion)	$	(487	)	$	(5,045	)	$	(15,148	)	$	8,119
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion)	$	(1,329	)	$	(1,170	)	$	(3,920	)	$	(567	)
Amount of gain (loss) recognized in income on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	$	318		$	(23	)	$	(174	)	$	(89	)

Disclosure of Credit Derivatives

As of September 30, 2016 and December 31, 2015, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships.



	September 30, 2016			December 31, 2015
Derivatives	Number of Instruments	Notional Amount		Number of Instruments	Notional Amount
		(In thousands)			(In thousands)
Foreign currency forwards (GBP - USD)	23	$	18,851	40	$	6,628
Foreign currency forwards (EUR - USD)	15	28,219		15	6,139
Cross currency swaps (GBP - USD)	4	48,136		9	82,843
Cross currency swaps (EUR - USD)	5	102,632		5	99,847
Interest rate swaps (EUR)	2	35,607		—	—
Total	49	$	233,445	69	$	195,457

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

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