Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 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):

	December 31, 2020		December 31, 2019
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars	$	625,000	$	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	$	26,137	$	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 December 31, 2020 the maximum maturity date was January 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):

		Year Ended
Description	Location	December 31, 2020		December 31, 2019		December 31, 2018
Gain (loss) on derivative instruments designated as hedges recognized in income	Interest expense	$	22,698	$	26,419	$	12,271
Gain (loss) on derivative instruments not designated as hedges recognized in income	Interest expense	$	(5,982)	$	(2,310)	$	5,233
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	OCI	$	(134,369)	$	(131,120)	$	211,390