Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amount of Derivatives and Other Financial Instruments

The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands): 

	September 30, 2020		December 31, 2019
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars	$	650,000	$	725,000
Denominated in Pound Sterling	£	1,340,708	£	1,340,708
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars	$	250,000	$	250,000
Denominated in Pound Sterling	£	1,050,000	£	1,050,000
Interest rate swaps designated as cash flow hedges:
Denominated in U.S Dollars (1)	$	450,000	$	1,188,250
Derivative instruments not designated:
Interest rate caps denominated in U.S. Dollars	$	95,086	$	405,819
Forward sales contracts denominated in Canadian Dollars	$	80,000	$	—
Forward purchase contracts denominated in Pound Sterling	£	—	£	(125,000)
Forward sales contracts denominated in Pound Sterling	£	—	£	125,000

(1) At September 30, 2020 the maximum maturity date was July 15, 2021.

Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income

The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands):

		Three Months Ended September 30,				Nine Months Ended September 30,
Description	Location	2020		2019		2020		2019
Gain (loss) on derivative instruments designated as hedges recognized in income	Interest expense	$	5,724	$	7,478	$	16,475	$	19,945
Gain (loss) on derivative instruments not designated as hedges recognized in income	Interest expense	$	(1,159)	$	600	$	(3,207)	$	(2,065)
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	OCI	$	(145,512)	$	78,947	$	86,429	$	91,672