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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments

Schedule of effective portion of gains and losses on derivative instruments

The effect of these net investment hedges on accumulated other comprehensive loss and the condensed consolidated income statements for the three months ended March 31, 2024 and 2023 was as follows (in thousands):


			Three Months Ended March 31,
			2024			2023
Cross-currency interest rate swaps (included component)⁽¹⁾			$	(52,030)		$	14,365
Cross-currency interest rate swaps (excluded component)⁽²⁾				5,649			(9,478)
Total			$	(46,381)		$	4,887

	Location of		Three Months Ended March 31,
	gain or (loss)		2024			2023
Cross-currency interest rate swaps (excluded component)⁽²⁾	Interest expense		$	6,103		$	5,589

(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 consolidated income statements

The effect of these cash flow hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three months ended March 31, 2024 and 2023 was as follows (in thousands):


			Three Months Ended March 31,
			2024			2023
Interest rate swaps			$	(12,324)		$	1,084


	Location of		Three Months Ended March 31,
	gain or (loss)		2024			2023
Interest rate swaps	Interest expense		$	4,227		$	549

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 March 31, 2024 and December 31, 2023 (in thousands):


		March 31, 2024						December 31, 2023
		Assets ⁽¹⁾			Liabilities ⁽²⁾			Assets ⁽¹⁾			Liabilities ⁽²⁾
Cross-currency interest rate swaps		$	10,060		$	120,432		$	—		$	156,753
Interest rate swaps			17,089			—			8,538			—
		$	27,149		$	120,432		$	8,538		$	156,753

(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.