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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Gross fair value of derivative assets and liabilities | Fair value of derivative assets and derivative liabilities were as follows:
|  | December 31, 2018 |  | December 31, 2017
(In thousands) |  | Designated Hedges |  | Non-Designated Hedges |  | Total |  | Designated Hedges |  | Non-Designated Hedges |  | Total
Derivative Assets |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 31,127 |  |  | $ | 1,069 |  |  | $ | 32,196 |  |  | $ | 8,009 |  |  | $ | 975 |  |  | $ | 8,984 |
Interest rate contracts |  | 862 |  |  | 500 |  |  | 1,362 |  |  | — |  |  | 1,168 |  |  | 1,168 |
Included in other assets |  | $ | 31,989 |  |  | $ | 1,569 |  |  | $ | 33,558 |  |  | $ | 8,009 |  |  | $ | 2,143 |  |  | $ | 10,152 |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 6,193 |  |  | $ | 211 |  |  | $ | 6,404 |  |  | $ | 39,101 |  |  | $ | 5,307 |  |  | $ | 44,408 |
Interest rate contracts |  | — |  |  | 126,404 |  |  | 126,404 |  |  | — |  |  | 160,440 |  |  | 160,440 |
Included in accrued and other liabilities |  | $ | 6,193 |  |  | $ | 126,615 |  |  | $ | 132,808 |  |  | $ | 39,101 |  |  | $ | 165,747 |  |  | $ | 204,848 |
Schedule of foreign exchange contracts | The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place at December 31, 2018, along with certain key terms:
Hedged Currency |  | Instrument Type |  | Notional Amount (in thousands) |  | FX Rates ($ per unit of foreign currency) |  | Range of Expiration Dates
|  | Designated |  | Non-Designated |  |
EUR |  | FX Collar |  | € | 84,549 |  |  | € | 114 |  |  | Min $1.06/ Max $1.53 |  | October 2019 to November 2020
GBP |  | FX Collar |  | £ | 39,881 |  |  | £ | 2,309 |  |  | Min $1.45 / Max $1.82 |  | June 2019 to December 2019
EUR |  | FX Forward |  | € | 431,874 |  |  | € | 14,944 |  |  | Min $1.10 / Max $1.38 |  | January 2019 to December 2023
GBP |  | FX Forward |  | £ | 88,313 |  |  | £ | 26,257 |  |  | Min $1.24 / Max $1.29 |  | May 2019 to December 2020
Schedule of net investment hedges included in accumulated other comprehensive income (loss) | Release of accumulated other comprehensive income ("AOCI") related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to other gain (loss) as summarized below.
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Designated net investment hedges: |  |  |  |  |  |
Realized gain (loss) transferred from AOCI to earnings |  | $ | 7,426 |  |  | $ | (3,931 | ) |  | 62 |
Non-Designated Hedges At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments. Any unrealized gain or loss on the dedesignated portion of net investment hedges is recorded in other gain (loss).
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Non-designated net investment hedges: |  |  |  |  |  |
Unrealized gain (loss) transferred from AOCI to earnings |  | $ | 3,726 |  |  | $ | (3,928 | ) |  | 1,600 |
Schedule of interest rate derivatives | At December 31, 2018, the Company held the following interest rate contracts:
|  | Notional Amount (in thousands) |  |  |  | Strike Rate / Forward Rate |  |
Instrument Type |  | Designated |  | Non-Designated |  | Index |  |  | Expiration
Interest rate swap (1) |  | $ | — |  |  | $ | 2,000,000 |  |  | 3-Month LIBOR |  | 3.39% |  | December 2019
Interest rate caps |  | $ | — |  |  | $ | 4,009,957 |  |  | 1-Month LIBOR |  | 3.0% - 4.5% |  | January 2019 to December 2020
Interest rate caps |  | $ | — |  |  | $ | 52,155 |  |  | 3-Month LIBOR |  | 2.24% |  | March 2019
Interest rate caps |  | € | 247,513 |  |  | € | 441,151 |  |  | 3-Month EURIBOR |  | 0.75% - 1.5% |  | October 2019 to November 2023
Interest rate caps |  | £ | — |  |  | £ | 363,716 |  |  | 3-Month GBP LIBOR |  | 1.5% - 2.5% |  | November 2019 to February 2020
Deliverable swap futures |  | $ | — |  |  | $ | 19,000 |  |  | (2) |  | (2) |  | March 2019
__________
(1) | Represents a forward-starting interest rate swap that has a maturity date in December 2029, with mandatory settlement at fair value in December 2019.
(2) | A consolidated sponsored investment company sold a 10-year USD deliverable swap futures contract to economically hedge the interest rate exposure on its long dated fixed rate securities.
The following table summarizes amounts recorded in other gain (loss) related to interest rate derivative contracts:
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Unrealized gain (loss): |  |  |  |  |  |
Cash flow hedge ineffectiveness |  | $ | — |  |  | $ | — |  |  | $ | (401 | )
Non-designated interest rate contracts |  | 33,307 |  |  | (15,080 | ) |  | (1,455 | )
Offsetting derivative assets | The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty.
|  | Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets |  | Gross Amounts Not Offset on Consolidated Balance Sheets |  | Net Amounts of Assets (Liabilities)
(In thousands) |  |  | (Assets) Liabilities |  | Cash Collateral Pledged |
December 31, 2018 |  |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 32,196 |  |  | $ | (1,743 | ) |  | $ | — |  |  | $ | 30,453 |
Interest rate contracts |  | 1,362 |  |  | (823 | ) |  | — |  |  | 539 |
|  | $ | 33,558 |  |  | $ | (2,566 | ) |  | $ | — |  |  | $ | 30,992 |
Derivative Liabilities |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (6,404 | ) |  | $ | 1,743 |  |  | $ | — |  |  | $ | (4,661 | )
Interest rate contracts |  | (126,404 | ) |  | 823 |  |  | 840 |  |  | (124,741 | )
|  | $ | (132,808 | ) |  | $ | 2,566 |  |  | $ | 840 |  |  | $ | (129,402 | )
December 31, 2017 |  |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 8,984 |  |  | $ | (8,944 | ) |  | $ | — |  |  | $ | 40 |
Interest rate contracts |  | 1,168 |  |  | (4 | ) |  | — |  |  | 1,164 |
|  | $ | 10,152 |  |  | $ | (8,948 | ) |  | $ | — |  |  | $ | 1,204 |
Derivative Liabilities |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (44,408 | ) |  | $ | 8,944 |  |  | $ | — |  |  | $ | (35,464 | )
Interest rate contracts |  | (160,440 | ) |  | 4 |  |  | 1,900 |  |  | (158,536 | )
|  | $ | (204,848 | ) |  | $ | 8,948 |  |  | $ | 1,900 |  |  | $ | (194,000 | )
Offsetting derivative liabilities | The following table sets forth derivative positions where the Company has a right of offset under netting arrangements with the same counterparty.
|  | Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets |  | Gross Amounts Not Offset on Consolidated Balance Sheets |  | Net Amounts of Assets (Liabilities)
(In thousands) |  |  | (Assets) Liabilities |  | Cash Collateral Pledged |
December 31, 2018 |  |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 32,196 |  |  | $ | (1,743 | ) |  | $ | — |  |  | $ | 30,453 |
Interest rate contracts |  | 1,362 |  |  | (823 | ) |  | — |  |  | 539 |
|  | $ | 33,558 |  |  | $ | (2,566 | ) |  | $ | — |  |  | $ | 30,992 |
Derivative Liabilities |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (6,404 | ) |  | $ | 1,743 |  |  | $ | — |  |  | $ | (4,661 | )
Interest rate contracts |  | (126,404 | ) |  | 823 |  |  | 840 |  |  | (124,741 | )
|  | $ | (132,808 | ) |  | $ | 2,566 |  |  | $ | 840 |  |  | $ | (129,402 | )
December 31, 2017 |  |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 8,984 |  |  | $ | (8,944 | ) |  | $ | — |  |  | $ | 40 |
Interest rate contracts |  | 1,168 |  |  | (4 | ) |  | — |  |  | 1,164 |
|  | $ | 10,152 |  |  | $ | (8,948 | ) |  | $ | — |  |  | $ | 1,204 |
Derivative Liabilities |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (44,408 | ) |  | $ | 8,944 |  |  | $ | — |  |  | $ | (35,464 | )
Interest rate contracts |  | (160,440 | ) |  | 4 |  |  | 1,900 |  |  | (158,536 | )
|  | $ | (204,848 | ) |  | $ | 8,948 |  |  | $ | 1,900 |  |  | $ | (194,000 | )

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
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