Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2023 was as follows (in thousands):

		Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Cross-currency interest rate swaps (included component) (1)		$	25,978	$	15,520	$	78,008	$	1,155
Cross-currency interest rate swaps (excluded component) (2)			6,276		(23,895)		627		(14,417)
Total		$	32,254	$	(8,375)	$	78,635	$	(13,262)
	Location of	Three Months Ended June 30,				Six Months Ended June 30,
	gain or (loss)	2024		2023		2024		2023
Cross-currency interest rate swaps (excluded component) (2)	Interest expense	$	6,005	$	5,200	$	12,108	$	11,194

(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 and six months ended June 30, 2024 and 2023 was as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest rate swaps	$	(1,124)	$	13,457	$	11,200	$	12,374

	Location of	Three Months Ended June 30,				Six Months Ended June 30,
	gain or (loss)	2024		2023		2024		2023
Interest rate swaps	Interest expense	$	(4,090)	$	(2,295)	$	(8,317)	$	(2,844)

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 June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 2024				December 31, 2023
	Assets (1)		Liabilities (2)		Assets (1)		Liabilities (2)
Cross-currency interest rate swaps	$	27,006	$	105,124	$	—	$	156,753
Interest rate swaps		18,270		3,450		8,538		—
	$	45,276	$	108,574	$	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.