Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021		December 31, 2020
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars	$	625,000	$	625,000
Denominated in Pound Sterling	£	1,904,708	£	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)	$	25,000	$	450,000
Derivative instruments not designated:
Interest rate caps denominated in U.S. Dollars	$	26,137	$	26,137
Forward sales contracts denominated in Canadian Dollars	$	80,000	$	80,000
Forward purchase contracts denominated in Pound Sterling	£	(37,408)	£	—

(1) At September 30, 2021 the maximum maturity date was November 1, 2023.

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	2021		2020		2021		2020
Gain (loss) on derivative instruments designated as hedges recognized in income	Interest expense	$	5,849	$	5,724	$	17,416	$	16,475
Gain (loss) on derivative instruments not designated as hedges recognized in income	Interest expense	$	241	$	(1,159)	$	(1,415)	$	(3,207)
Gain (loss) on equity warrants recognized in income	Gain (loss) on derivatives and financial instruments	$	9,216	$	—	$	9,216	$	—
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	OCI	$	130,711	$	(145,512)	$	100,866	$	86,429