Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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): 

	March 31, 2023		December 31, 2022
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars	$	1,075,000	$	1,075,000
Denominated in Pound Sterling	£	1,890,708	£	1,890,708
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)	$	375,000	$	25,000
Interest rate swaps designated as fair value hedges:
Denominated in U.S Dollars	$	550,000	$	550,000
Derivative instruments not designated:
Interest rate caps denominated in U.S. Dollars	$	26,137	$	26,137
Foreign currency exchange contracts denominated in Canadian Dollars	$	80,000	$	80,000

(1) At March 31, 2023 the maximum maturity date was March 31, 2024.

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 March 31,
Description	Location	2023		2022
Gain (loss) on derivative instruments designated as hedges recognized in income	Interest expense	$	4,619	$	5,984
Gain (loss) on derivative instruments not designated as hedges recognized in income	Interest expense	$	(254)	$	(693)
Gain (loss) on equity warrants recognized in income	Gain (loss) on derivatives and financial instruments	$	(885)	$	(2,423)
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCI	OCI	$	(69,738)	$	51,940