Risk Management and Use of Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments in statement of financial position, fair value

The following table sets forth certain information regarding our derivative instruments (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	Derivative Assets Fair Value at				Derivative Liabilities Fair Value at
		June 30, 2020		December 31, 2019		June 30, 2020			December 31, 2019
Foreign currency collars	Accounts receivable and other assets, net	$	1,795	$	1,444	$	—		$	—
Foreign currency forward contracts	Accounts receivable and other assets, net	368		861		—			—
Interest rate caps	Accounts receivable and other assets, net	32		116		—			—
Interest rate swaps	Accounts receivable and other assets, net	—		53		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(4,588		)	(1,991		)
		2,195		2,474		(4,588		)	(1,991		)
Derivatives Not Designated as Hedging Instruments
Interest rate swap	Accounts payable, accrued expenses and other liabilities	—		—		(34		)	(48		)
		—		—		(34		)	(48		)
Total derivatives		$	2,195	$	2,474	$	(4,622	)	$	(2,039	)

Schedule of derivative instruments, effect on other comprehensive income (loss)

The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (in thousands):

	Amount of Loss Recognized on Derivatives in Other Comprehensive Income (Loss)
	Three Months Ended June 30,						Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2020			2019			2020			2019
Foreign currency collars	$	(640	)	$	(84	)	$	500		$	721
Foreign currency forward contracts	(286		)	(361		)	(493		)	(518		)
Interest rate swaps	(33		)	(1,528		)	(2,650		)	(2,415		)
Interest rate caps	15			2			(124		)	3
Derivatives in Net Investment Hedging Relationship (a)
Foreign currency collars	(20		)	(19		)	129			(18		)
Foreign currency forward contracts	—			15			—			15
Total	$	(964	)	$	(1,975	)	$	(2,638	)	$	(2,212	)

___________

(a) The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss).

		Amount of Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,						Six Months Ended June 30,
		2020			2019			2020			2019
Interest rate swaps	Interest expense	$	(434	)	$	22		$	(613	)	$	49
Foreign currency forward contracts	Other gains and (losses)	264			338			542			684
Foreign currency collars	Other gains and (losses)	235			39			355			50
Interest rate caps	Interest expense	(20		)	(3		)	(37		)	(6		)
Total		$	45		$	396		$	247		$	777

Schedule of derivative instruments, gain (loss)

The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (in thousands):

		Amount of Gain on Derivatives Recognized in Income
Derivatives Not in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,						Six Months Ended June 30,
		2020			2019			2020			2019
Foreign currency collars	Other gains and (losses)	$	(90	)	$	(5	)	$	(9	)	$	113
Interest rate swap	Interest expense	3			—			11			—
Foreign currency forward contracts	Other gains and (losses)	—			—			7			—
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps	Interest expense	434			13			613			12
Foreign currency collars	Other gains and (losses)	—			—			—			7
Total		$	347		$	8		$	622		$	132

Schedule of derivative instruments

The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of June 30, 2020 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2020 (a)
Interest rate swaps	10	97,376	USD	$	(4,588	)
Interest rate caps	2	59,000	GBP	19
Interest rate cap	1	12,975	EUR	13
Derivatives Not Designated as Hedging Instruments
Interest rate swap (b)	1	9,063	EUR	(34		)
				$	(4,590	)

___________

(a) Fair value amount is based on the exchange rate of the respective currencies as of June 30, 2020, as applicable.

(b) This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt.

The following table presents the foreign currency derivative contracts we had outstanding and their designations as of June 30, 2020 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2020
Designated as Cash Flow Hedging Instruments
Foreign currency collars	17	13,902	EUR	$	1,305
Foreign currency collars	14	25,130	NOK	457
Foreign currency forward contracts	3	1,240	EUR	368
Designated as Net Investment Hedging Instruments
Foreign currency collar	1	2,500	NOK	33
				$	2,163