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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments

Schedule of effective portion of gains and losses on derivative instruments

The effect of these net investment hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and nine months ended September 30, 2022 and 2021 was as follows (in thousands):


					Three Months Ended September 30,						Nine Months Ended September 30,
					2022			2021			2022			2021
Cross-currency interest rate swaps (included component)⁽¹⁾					$	(26,141)		$	—		$	(26,141)		$	—
Cross-currency interest rate swaps (excluded component)⁽²⁾						28,849			—			28,849			—
Total					$	2,708		$	—		$	2,708		$	—


					Three Months Ended September 30,						Nine Months Ended September 30,
			Location of gain or (loss)		2022			2021			2022			2021
Cross-currency interest rate swaps (excluded component)⁽²⁾			Interest expense		$	650		$	—		$	650		$	—

(1)	Included component represents foreign exchange spot rates.

(2)	Excluded component represents cross-currency basis spread and interest rates.

Schedule of fair value of derivative instruments in Balance sheets

The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 (in thousands):


		September 30, 2022						December 31, 2021
		Assets ⁽¹⁾			Liabilities ⁽²⁾			Assets ⁽¹⁾			Liabilities ⁽²⁾
Cross-currency interest rate swaps		$	19,063		$	21,771		$	—		$	—

(1)	As presented in our condensed consolidated balance sheets within other assets.

(2)	As presented in our condensed consolidated balance sheets within accounts payable and other accrued liabilities.