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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives The following table includes the key provisions of the interest rate swaps outstanding as of March 31, 2023 and December 31, 2022 (fair value in thousands):
NotionalFixed Base Interest Rate SwapEffective DateExpiration DateDebt InstrumentFair Value as of
March 31, 2023		Fair Value as of
December 31, 2022
$200 million USD
3.65%9/23/202212/29/2023Tranche A-1$1,609 $2,240 
$200 million USD
3.05%12/29/20237/30/2027Tranche A-1206 2,328 
$175 million USD
3.47%11/30/20227/30/2027Tranche A-1(530)2,020 
$270 million USD
3.05%11/01/202212/31/2027Delayed Draw Tranche A-33,513 8,034 
$250 million CAD
3.59%9/23/202212/31/2027Tranche A-2(1,905)950 
Total$2,893 $15,572 
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 March 31, 2023 and December 31, 2022 (in thousands):
Derivative AssetsDerivative Liabilities
March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Designated derivatives
Foreign exchange contracts$9,539 $7,948 $— $— 
Interest rate contracts5,328 15,572 2,435 — 
Total fair value of derivatives$14,867 $23,520 $2,435 $— 
The following tables present the effect of the Company’s derivative financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, including the impacts to Accumulated Other Comprehensive (Loss) Income (AOCI) (in thousands):
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativeLocation of Gain or (Loss) Reclassified from AOCI into IncomeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Three Months Ended March 31,Three Months Ended March 31,
2023202220232022
Interest rate contracts$(10,247)$— Interest expense$2,432 $— 
Interest rate contracts— — 
Loss on debt extinguishment, modifications and termination of derivative instruments(1)
(620)(627)
Foreign exchange contracts1,683 (4,325)Foreign currency exchange loss, net2,096 (3,851)
Foreign exchange contracts— — Interest expense92 2 
Total designated cash flow hedges$(8,564)$(4,325)$4,000 $(4,476)
(1) In conjunction with the termination of interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. As of March 31, 2023, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.
Offsetting Assets The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying Condensed Consolidated Balance Sheets (in thousands):
March 31, 2023
Offsetting of Derivative Assets
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts of Recognized AssetsGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets Presented in the Consolidated Balance SheetFinancial InstrumentsCash Collateral ReceivedNet Amount
Derivatives$14,867 $— $14,867 $(1,343)$— $13,524 
Offsetting of Derivative Liabilities
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Liabilities Presented in the Consolidated Balance SheetFinancial InstrumentsCash Collateral ReceivedNet Amount
Derivatives$(2,435)$— $(2,435)$1,343 $— $(1,092)
Offsetting Liabilities The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying Condensed Consolidated Balance Sheets (in thousands):
March 31, 2023
Offsetting of Derivative Assets
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts of Recognized AssetsGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Assets Presented in the Consolidated Balance SheetFinancial InstrumentsCash Collateral ReceivedNet Amount
Derivatives$14,867 $— $14,867 $(1,343)$— $13,524 
Offsetting of Derivative Liabilities
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Liabilities Presented in the Consolidated Balance SheetFinancial InstrumentsCash Collateral ReceivedNet Amount
Derivatives$(2,435)$— $(2,435)$1,343 $— $(1,092)