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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2023 and December 31, 2022 (fair value in thousands):
NotionalFixed Base Interest Rate SwapEffective DateExpiration DateDebt Instrument
Fair Value as of June 30, 2023
Fair Value as of December 31, 2022
$200.0 million USD
3.65%9/23/202212/29/2023Tranche A-1$1,627 $2,240 
$200.0 million USD
3.05%12/29/20237/30/2027Tranche A-14,924 2,328 
$175.0 million USD
3.47%11/30/20227/30/2027Tranche A-13,548 2,020 
$270.0 million USD
3.05%11/01/202212/31/2027Delayed Draw Tranche A-39,772 8,034 
$250.0 million CAD
3.59%9/23/202212/31/2027Tranche A-24,253 950 
Total$24,124 $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 June 30, 2023 and December 31, 2022 (in thousands):
Derivative AssetsDerivative Liabilities
June 30, 2023December 31, 2022June 30, 2023December 31, 2022
Designated derivatives
Foreign exchange contracts$10,882 $7,948 $— $— 
Interest rate contracts24,124 15,572 — — 
Total fair value of derivatives$35,006 $23,520 $— $— 
The following tables present the effect of the Company’s derivative financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three and six months ended June 30, 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 June 30,Three Months Ended June 30,
2023202220232022
Interest rate contracts$24,542 $— Interest expense$3,311 $— 
Interest rate contracts— 
Loss on debt extinguishment, modifications and termination of derivative instruments(1)
(627)(626)
Foreign exchange contracts1,478 12,666 Foreign currency exchange loss, net842 11,533 
Foreign exchange contracts— Interest expense135 201 
Total designated cash flow hedges$26,020 $12,666 $3,661 $11,108 
(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 June 30, 2023, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.
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
Six Months Ended June 30,Six Months Ended June 30,
2023202220232022
Interest rate contracts$14,295 $— Interest expense$5,743 $— 
Interest rate contracts— — 
Loss on debt extinguishment, modifications and termination of derivative instruments(1)
(1,247)(1,253)
Foreign exchange contracts3,161 8,341 Foreign currency exchange loss, net2,938 7,682 
Foreign exchange contracts— — Interest expense227 203 
Total designated cash flow hedges$17,456 $8,341 $7,661 $6,632 
(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. During the six months ended June 30, 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):
June 30, 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$35,006 $— $35,006 $— $— $35,006 
December 31, 2022
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$23,520 $— $23,520 $— $— $23,520 
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):
June 30, 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$35,006 $— $35,006 $— $— $35,006 
December 31, 2022
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$23,520 $— $23,520 $— $— $23,520