Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022 was as follows (in thousands):

		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Cross-currency interest rate swaps (included component) (1)		$	(52,698)	$	(26,141)	$	(53,853)	$	(26,141)
Cross-currency interest rate swaps (excluded component) (2)			14,006		28,848		28,423		28,848
Total		$	(38,692)	$	2,707	$	(25,430)	$	2,707
	Location of	Three Months Ended September 30,				Nine Months Ended September 30,
	gain or (loss)	2023		2022		2023		2022
Cross-currency interest rate swaps (excluded component) (2)	Interest expense	$	5,505	$	650	$	16,699	$	650

(1) Included component represents foreign exchange spot rates.

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

Schedule of effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated income statements

The effect of these cash flow hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Interest rate swaps	$	(538)	$	5,692	$	(12,912)	$	5,012

	Location of	Three Months Ended September 30,				Nine Months Ended September 30,
	gain or (loss)	2023		2022		2023		2022
Interest rate swaps	Interest expense	$	3,845	$	478	$	6,688	$	539

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, 2023 and December 31, 2022 (in thousands):

	September 30, 2023				December 31, 2022
	Assets (1)		Liabilities (2)		Assets (1)		Liabilities (2)
Cross-currency interest rate swaps	$	1,698	$	84,890	$	—	$	108,621
Interest rate swaps		30,784		—		17,120		252
	$	32,482	$	84,890	$	17,120	$	108,873

(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.