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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (fair value in thousands):
NotionalFixed Base Interest Rate SwapEffective DateExpiration Date
Asset Fair Value as of September 30, 2024
Liability Fair Value as of September 30, 2024
$200 million
3.05%12/29/20237/30/2027$1,275 $— 
$175 million
3.47%11/30/20227/30/2027— 871 
$270 million
3.05%11/01/202212/31/20271,749 — 
C$250 million
3.59%9/23/202212/31/2027— 3,594 
Total$3,024 $4,465 
NotionalFixed Base Interest Rate SwapEffective DateExpiration Date
Asset Fair Value as of December 31, 2023
Liability Fair Value as of December 31, 2023
$200 million
3.05%12/29/20237/30/2027$3,687 $— 
$175 million
3.47%11/30/20227/30/2027788 — 
$270 million
3.05%11/01/202212/31/20275,106 — 
C$250 million
3.59%9/23/202212/31/2027— 330 
Total$9,581 $330 
Summary of Derivative Results
The following table presents the fair value of the derivative financial instruments as of September 30, 2024 and December 31, 2023 (in thousands):
Derivative AssetsDerivative Liabilities
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
(In thousands)
Designated derivatives
Foreign exchange contracts$5,015 $5,899 $— $— 
Interest rate contracts3,024 9,581 4,466 330 
Total fair value of derivatives$8,039 $15,480 $4,466 $330 
The following tables present the effect of the Company’s derivative financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023, including the impacts to Accumulated Other Comprehensive (Loss) Income (“AOCI”) (in thousands):
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on DerivativeLocation of Gain or (Loss) Reclassified from AOCI into IncomeAmount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Three Months Ended September 30,Three Months Ended September 30,
2024202320242023
Interest rate contracts$(19,429)$16,396 Interest expense$4,108 $3,959 
Loss on debt extinguishment and termination of derivative instruments(1)
(218)(633)
Foreign exchange contracts(2,799)3,229 Foreign currency exchange loss, net(3,651)3,776 
Interest expense13 142 
Total designated cash flow hedges$(22,228)$19,625 $252 $7,244 
(1) In conjunction with the termination of interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that have been fully reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. During the three months ended September 30, 2024, the Company recorded an increase to “Loss on debt extinguishment 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
Nine Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Interest rate contracts$2,078 $30,692 Interest expense$12,771 $9,702 
Loss on debt extinguishment and termination of derivative instruments(1)
(973)(1,880)
Foreign exchange contracts(664)6,390 Foreign currency exchange loss, net(1,759)6,715 
Interest expense219 369 
Total designated cash flow hedges$1,414 $37,082 $10,258 $14,906 
(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 nine months ended September 30, 2024, the Company recorded an increase to “Loss on debt extinguishment and termination of derivative instruments” related to this transaction.
Offsetting Assets The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2024.
September 30, 2024
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$8,039 $— $8,039 $(871)$— $7,168 
Offsetting of Derivative Liabilities
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Liabilities Presented in the Consolidated Balance SheetFinancial InstrumentsCash Collateral ReceivedNet Amount
Derivatives$(4,466)$— $(4,466)$871 $— $(3,595)
Offsetting Liabilities The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2024.
September 30, 2024
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$8,039 $— $8,039 $(871)$— $7,168 
Offsetting of Derivative Liabilities
Gross Amounts Not Offset in the Consolidated Balance Sheet
Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Consolidated Balance SheetNet Amounts of Liabilities Presented in the Consolidated Balance SheetFinancial InstrumentsCash Collateral ReceivedNet Amount
Derivatives$(4,466)$— $(4,466)$871 $— $(3,595)