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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Derivative Results The following table presents the fair value of the derivative financial instruments within “Other assets” and “Accounts payable and accrued expenses” as of December 31, 2022 and 2021 (in thousands):
Derivative AssetsDerivative Liabilities
As of December 31,As of December 31,
2022202120222021
Designated derivatives
Foreign exchange contracts$7,948 $2,015 $— $— 
Interest rate contracts15,572 — — — 
Total fair value of derivatives$23,520 $2,015 $— $— 
The following tables present the effect of the Company’s designated derivative financial instruments on the accompanying Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020, including the impacts to Accumulated Other Comprehensive Income (AOCI) (in thousands):
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativeLocation of Gain or (Loss) Reclassified from AOCI into IncomeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
As of December 31,As of December 31,
202220212020202220212020
Interest rate contracts$15,572 $— $(11,465)Interest expense$721 $— $(3,368)
Interest rate contracts— — (7,688)
Loss on debt extinguishment, modifications and termination of derivative instruments(1)
(2,507)(2,681)(7,688)
Foreign exchange contracts5,933 11,626 (11,015)Foreign currency exchange (loss) gain, net7,602 7,595 (12,158)
Foreign exchange contracts— — — Interest expense371 (175)(74)
Foreign exchange forwards— — 5,250 — — 
Total designated cash flow hedges$21,505 $11,626 $(24,918)$6,187 $4,739 $(23,288)
(1) The Company accelerated the reclassification in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming not probable to occur resulting in a charge to “Loss on debt extinguishment, modification, and termination of derivative instruments” on the accompanying Consolidated Statement of Operations for the year ended December 31, 2020.
Schedule of Interest Rate Derivatives The following table includes the key provisions of the interest rate swaps outstanding as of December 31, 2022 (fair value in thousands):
NotionalFixed Base Interest Rate SwapEffective DateExpiration DateFair Value as of December 31, 2022
$200 million USD
3.65%9/23/202212/29/2023$2,240 
$200 million USD
3.05%12/29/20237/30/20272,328 
$175 million USD
3.47%11/30/20227/30/20272,020 
$270 million USD
3.05%11/01/202212/31/20278,034 
$250 million CAD
3.59%9/23/202212/31/2027950 
Total$15,572