XML 43 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Non-Designated Foreign Exchange Forwards
The following table summarizes our non-designated foreign exchange ("Fx") forwards and our interest rate cap as of June 30, 2020:

June 30, 2020
 
Number of Contracts
 
Aggregate Notional Amount (in thousands)
 
Notional Currency
 
Maturity
 
Weighted-Average Years to Maturity
Fx contracts - GBP
110
 
449,367
 
GBP
 
July 2020 - December 2024
 
2.25
Fx contracts - EUR
72
 
240,082
 
EUR
 
August 2020 - August 2024
 
2.99
Interest rate cap
1
 
500,000
 
USD
 
June 2023
 
2.96

The following table summarizes our non-designated Fx forwards and our interest rate swap as of December 31, 2019:
 
December 31, 2019
 
Number of Contracts
 
Aggregate Notional Amount (in thousands)
 
Notional Currency
 
Maturity
 
Weighted-Average Years to Maturity
Fx contracts - GBP
156
 
735,349
 
GBP
 
January 2020 - December 2024
 
1.49
Fx contracts - EUR
44
 
168,879
 
EUR
 
February 2020 - August 2024
 
3.22
Interest rate swap
1
 
500,000
 
USD
 
May 2026
 
6.37
Schedule of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives
 
 
 
Amount of loss
recognized in income
 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
Location of Loss Recognized in Income
 
2020
 
2019
 
2020
 
2019
Interest rate cap(1)
Gains on interest rate swap realized
 
$
738

 
$
—

 
$
738

 
$
—

Interest rate swap(2)
Unrealized gain (loss) on interest rate swap
 
50,018

 
(13,113
)
 
14,470

 
(13,113
)
Interest rate swap(2)
Realized loss on interest rate swap
 
(53,851
)
 
—

 
(53,851
)
 
—

Total
 
 
$
(3,095
)
 
$
(13,113
)
 
$
(38,643
)
 
$
(13,113
)
———————
(1)
With a notional amount of $500.0 million and $0 at June 30, 2020, and 2019, respectively.
(2)
With a notional amount of $0 and $500.0 million at June 30, 2020, and 2019, respectively.
The following table summarizes the amounts recognized on the condensed consolidated statements of operations related to our derivatives for the three and six months ended June 30, 2020 and 2019 ($ in thousands):
 
 
 
 
Amount of gain (loss)
recognized in income
 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
Location of Gain (Loss) Recognized in Income
 
2020
 
2019
 
2020
 
2019
Forward currency contracts
Gain (loss) on derivative instruments - unrealized
 
$
(9,004
)
 
$
10,787

 
$
53,432

 
$
(4,198
)
Forward currency contracts
Gain on derivative instruments - realized
 
6,009

 
399

 
14,064

 
8,664

Total
 
 
$
(2,995
)
 
$
11,186

 
$
67,496

 
$
4,466
Schedule of Gross Asset and Liability Amounts Related to Derivatives
The following tables summarize the gross asset and liability amounts related to our derivatives at June 30, 2020 and December 31, 2019 ($ in thousands)
 
June 30, 2020
 
December 31, 2019
 
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
 
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
$
50,488

 
$
(1,932
)
 
$
48,556

 
$
—

 
$
—

 
$
—

Interest rate cap
738


—


738


—


—


—

Total
$
51,226

 
$
(1,932
)
 
$
49,294

 
$
—

 
$
—

 
$
—

 
 
June 30, 2020
 
December 31, 2019
 
Gross
Amount of
Recognized
Liability
 
Gross
Amounts
Offset in the Condensed
Consolidated Balance Sheet
 
Net Amounts
of Liability
Presented in
the Condensed Consolidated Balance Sheet
 
Gross Amount of Recognized Liabilities
 
Gross
Amounts
Offset in the Condensed
Consolidated Balance Sheet
 
Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet
Interest rate swap
$
—

 
$
—

 
$
—

 
$
(14,470
)
 
$
—

 
$
(14,470
)
Forward currency contracts
—

 
—

 
—

 
(12,687
)
 
7,811

 
(4,876
)
Total derivative liabilities
$
—

 
$
—

 
$
—

 
$
(27,157
)
 
$
7,811

 
$
(19,346
)