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Derivatives | 6 Months Ended
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Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives We use forward currency contracts to economically hedge interest and principal payments due under our loans denominated in currencies other than U.S. dollars. We have entered into a series of forward contracts to sell an amount of foreign currency (British pound and Euro) for an agreed upon amount of U.S. dollars at various dates through February 2023. These forward contracts were executed to economically fix the U.S. dollar amounts of foreign denominated cash flows expected to be received by us related to foreign denominated loan investments. In connection with the Term Loan B, we entered into an interest rate swap to fix LIBOR at 2.12% or an all-in interest rate of 4.87%. We use interest rate swaps and caps to manage exposure to variable cash flows on portions of our borrowings under term loan debt. Interest rate swap and cap agreements allow us to receive a variable rate cash flow based on LIBOR and pay a fixed rate cash flow, mitigating the impact of this exposure. Gains or losses related to the interest rate swap are recorded net under interest expense in our condensed consolidated statement of operations. The following table summarizes our non-designated foreign exchange ("Fx") forwards and our interest rate swap as of June 30, 2019:
| June 30, 2019
| Number of Contracts |  | Aggregate Notional Amount (in thousands) |  | Notional Currency |  | Maturity |  | Weighted-Average Years to Maturity
Fx Contracts - GBP | 95 |  | 271,961 |  | GBP |  | July 2019- December 2021 |  | 0.89
Fx Contracts - EUR | 15 |  | 183,689 |  | EUR |  | August 2019- February 2023 |  | 0.87
Interest Rate Swap | 1 |  | 500,000 |  | USD |  | May 2026 |  | 6.87
The following table summarizes our non-designated Fx forwards as of December 31, 2018:
| December 31, 2018
| Number of Contracts |  | Aggregate Notional Amount (in thousands) |  | Notional Currency |  | Maturity |  | Weighted-Average Years to Maturity
Fx Contracts - GBP | 43 |  | 270,161 |  | GBP |  | January 2019 - November 2020 |  | 0.69
We have not designated any of our derivative instruments as hedges as defined in ASC 815 "Derivatives and Hedging" and, therefore, changes in the fair value of our derivative instruments are recorded directly in earnings. The following table summarizes the amounts recognized on the condensed consolidated statements of operations related to our derivatives for the three and six months ended June 30, 2019 and 2018 ($ in thousands):
|  |  | Amount of gain (loss) recognized in income |  | Amount of gain (loss) recognized in income
|  |  | Three months ended June 30, |  | Six months ended June 30,
| Location of Gain (Loss) Recognized in Income |  | 2019 |  | 2018 |  | 2019 |  | 2018
Forward currency contracts | Gain (loss) on derivative instruments - unrealized |  | $ | 10,787 |  |  | $ | 24,800 |  |  | $ | (4,198 | ) |  | $ | 15,941 |
Forward currency contracts | Gain on derivative instruments - realized |  | 399 |  |  | 8,742 |  |  | 8,664 |  |  | 6,565 |
Interest rate caps(1) | Loss on derivative instruments - unrealized |  | — |  |  | (4 | ) |  | — |  |  | — |
| Gain on derivative instruments |  | 11,186 |  |  | 33,538 |  |  | 4,466 |  |  | 22,506 |
———————
(1) | With a notional amount of $0.0 million and $37.5 million at June 30, 2019, and 2018, respectively.
|  |  | Amount of loss recognized in income |  | Amount of loss recognized in income
|  |  | Three months ended June 30, |  | Six months ended June 30,
| Location of Loss Recognized in Income |  | 2019 |  | 2018 |  | 2019 |  | 2018
Interest rate swap(1) | Unrealized loss on interest rate swap |  | (13,113 | ) |  | — |  |  | (13,113 | ) |  | — |
———————
(1) | With a notional amount of $500.0 million and $0.0 million at June 30, 2019, and 2018, respectively.
The following table summarizes the gross asset and liability amounts related to our derivatives at June 30, 2019 and December 31, 2018 ($ in thousands).
| June 30, 2019 |  | December 31, 2018
| Gross Amount of Recognized Assets (Liabilities) |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheet |  | Gross Amount of Recognized Assets |  | Gross Amounts Offset in the Condensed Consolidated Balance Sheet |  | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet
Forward currency contracts | $ | 19,760 |  |  | $ | (258 | ) |  | $ | 19,502 |  |  | $ | 23,753 |  |  | $ | (53 | ) |  | $ | 23,700 |
Interest rate swap | (13,113 | ) |  | — |  |  | (13,113 | ) |  | — |  |  | — |  |  | — |

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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