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Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2019 and December 31, 2018:

(In thousands)		Balance Sheet Location		March 31, 2019				December 31, 2018
Derivatives designated as hedging instruments:
Interest rate "pay-fixed" swaps (USD)		Derivative assets, at fair value		$	1,752			$	3,258
Interest rate "pay-fixed" swaps (GBP)		Derivative liabilities, at fair value		(3,621		)		(1,157		)
Interest rate "pay-fixed" swaps (EUR)		Derivative liabilities, at fair value		(1,209		)		(1,443		)
Total				$	(3,078	)		$	658
Derivatives not designated as hedging instruments:
Foreign currency forwards (GBP-USD)		Derivative assets, at fair value		$	1,990			$	3,247
Foreign currency forwards (EUR-USD)		Derivative assets, at fair value		3,112				2,225
Interest rate swaps (EUR)		Derivative liabilities, at fair value		(1,078		)		(1,286		)
Total				$	4,024			$	4,186

Schedule of Interest Rate Derivatives

As of March 31, 2019 and December 31, 2018, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

		March 31, 2019						December 31, 2018
Derivatives		Number of Instruments		Notional Amount				Number of Instruments		Notional Amount
				(In thousands)						(In thousands)
Interest rate "pay-fixed" swaps (GBP)		48		$	239,792			48		$	234,312
Interest rate "pay-fixed" swaps (EUR)		12		198,232				13		212,255
Interest rate "pay-fixed" swaps (USD)		3		150,000				3		150,000
Total		63		$	588,024			64		$	596,567

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2019 and 2018.

		Three Months Ended March 31,
(In thousands)		2019				2018
Amount of loss recognized in accumulated other comprehensive income (loss) from derivatives (effective portion)		$	(4,954	)		$	(551	)
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion)		$	(556	)		$	(1,311	)
Total interest expense recorded in the consolidated statement of operations		$	15,162			$	12,975

Disclosure of Credit Derivatives

As of March 31, 2019 and December 31, 2018, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships.

		March 31, 2019						December 31, 2018
Derivatives		Number of Instruments		Notional Amount				Number of Instruments		Notional Amount
				(In thousands)						(In thousands)
Foreign currency forwards (GBP-USD)		45		$	38,000			50		$	43,000
Foreign currency forwards (EUR-USD)		34		34,250				38		39,500
Interest rate swaps (EUR)		5		135,896				5		138,625
Total		84		$	208,146			93		$	221,125

Offsetting Assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of March 31, 2019 and December 31, 2018. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets.

																		Gross Amounts Not Offset on the Balance Sheet
(In thousands)		Gross Amounts of Recognized Assets				Gross Amounts of Recognized (Liabilities)				Gross Amounts Offset on the Balance Sheet				Net Amounts of Assets presented on the Balance Sheet				Financial Instruments				Cash Collateral Received (Posted)				Net Amount
March 31, 2019		$	6,854			$	(5,908	)		$	—			$	946			$	—			$	—			$	946
December 31, 2018		$	8,730			$	(3,886	)		$	—			$	4,844			$	—			$	—			$	4,844

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Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

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