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Derivatives (Tables)
 12 Months Ended
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
)