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Derivatives and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2019 and December 31, 2018:
(In thousands)
 
Balance Sheet Location
 
June 30,
2019
 
December 31,
2018
Derivatives designated as hedging instruments:
 
 
 
 
 
 
Interest rate “pay-fixed” swaps (USD)
 
Derivative (liabilities) assets, at fair value
 
$
(783
)
 
$
3,258

Interest rate “pay-fixed” swaps (GBP)
 
Derivative liabilities, at fair value
 
(4,698
)
 
(1,157
)
Interest rate “pay-fixed” swaps (EUR)
 
Derivative liabilities, at fair value
 
(1,598
)
 
(1,443
)
Total
 
 
 
$
(7,079
)
 
$
658

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Foreign currency forwards (GBP-USD)
 
Derivative assets, at fair value
 
$
3,121

 
$
3,247

Foreign currency forwards (EUR-USD)
 
Derivative assets, at fair value
 
2,537

 
2,225

Interest rate swaps (EUR)
 
Derivative liabilities, at fair value
 
(125
)
 
(1,286
)
Total
 
 
 
$
5,533

 
$
4,186
Schedule of Interest Rate Derivatives
As of June 30, 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:
 
 
June 30, 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
 
$
233,630

 
48
 
$
234,312

Interest rate “pay-fixed” swaps (EUR)
 
17
 
247,773

 
13
 
212,255

Interest rate “pay-fixed” swaps (USD)
 
3
 
150,000

 
3
 
150,000

Total
 
68
 
$
631,403

 
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 June 30, 2019 and 2018.
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2019
 
2018
 
2019
 
2018
Amount of (loss) gain recognized in accumulated other comprehensive income (loss) from derivatives (effective portion)
 
$
(4,397
)
 
$
7,076

 
$
(9,094
)
 
$
6,646

Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion)
 
$
(481
)
 
$
(1,039
)
 
$
(980
)
 
$
(2,344
)
Total interest expense recorded in the consolidated statement of operations
 
$
15,689

 
$
14,415

 
$
30,851

 
$
27,390
Disclosure of Credit Derivatives
As of June 30, 2019 and December 31, 2018, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships.
 
 
June 30, 2019
 
December 31, 2018
Derivatives
 
Number of
Instruments
 
Notional Amount
 
Number of
Instruments
 
Notional Amount
 
 
 
 
(In thousands)
 
 
 
(In thousands)
Foreign currency forwards (GBP-USD)
 
40
 
$
32,500

 
50
 
$
43,000

Foreign currency forwards (EUR-USD)
 
30
 
29,000

 
38
 
39,500

Interest rate swaps (EUR)
 
1
 
10,802

 
5
 
138,625

Total
 
71
 
$
72,302

 
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 June 30, 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 (Liabilities) Assets presented on the Balance Sheet
 
Financial Instruments
 
Cash Collateral Received (Posted)
 
Net Amount
June 30, 2019
 
$
5,658

 
$
(7,204
)
 
$
—

 
$
(1,546
)
 
$
—

 
$
—

 
$
(1,546
)
December 31, 2018
 
$
8,730

 
$
(3,886
)
 
$
—

 
$
4,844

 
$
—

 
$
—

 
$
4,844