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DERIVATIVE AND HEDGING INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amount of Derivatives Instruments
The following presents the notional amount of derivative instruments as of the dates indicated (in thousands):
September 30, 2022December 31, 2021
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars (1)
$436,250 $436,250 
Denominated in Canadian Dollars$125,000 $125,000 
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars$56,300 $50,859 
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars$308,500 $125,000 
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars$— $5,441 
(1) Balance includes swaps with an aggregate notional amount of $175.0 million, which accretes to $262.5 million in January 2023.
Schedule of Derivative and Financial Instruments Designated as Hedging Instruments
The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at September 30, 2022 and December 31, 2021 (dollars in thousands):    
Count as of September 30, 2022
Fair Value as ofMaturity Dates
TypeDesignationSeptember 30, 2022December 31, 2021Balance Sheet Location
Assets:
Interest rate swapsCash flow6 $11,986 $1,481 2023 - 2024Accounts receivable, prepaid expenses and other assets, net
Interest rate collarsCash flow2 6,257 — 2024Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swapsNet investment2 4,516 1,849 2025Accounts receivable, prepaid expenses and other assets, net
$22,759 $3,330 
Liabilities:
Interest rate swapsCash flow— $— $3,522 2023 - 2024Accounts payable and accrued liabilities
Interest rate collarsCash flow— — 204 2024Accounts payable and accrued liabilities
CAD borrowings under Revolving Credit FacilityNet investment1 133,551 — 2023Revolving credit facility
CAD Term LoanNet investment1 90,975 98,438 2024Term loans, net
$224,526 $102,164 
Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of (Loss) Income and Condensed Consolidated Statements of Equity
The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the consolidated statements of (loss) income and the consolidated statements of equity for the three and nine months ended September 30, 2022 and 2021 (in thousands):
Gain (Loss) Recognized in Other Comprehensive Income
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Cash Flow Hedges:
Interest rate products$6,817 $(3,780)$20,146 $13,995 
Net Investment Hedges:
Foreign currency products2,253 1,077 2,840 (115)
CAD borrowings under Revolving Credit Facility8,790 — 11,157 — 
CAD term loan5,988 2,500 7,463 (238)
$23,848 $(203)$41,606 $13,642 
Loss Reclassified from Accumulated Other Comprehensive Income into Income
Three Months Ended September 30,Nine Months Ended September 30,
Income Statement Location2022202120222021
Cash Flow Hedges:
Interest rate productsInterest expense$(602)$(3,373)$(5,264)$(9,916)
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - 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, 2022 and December 31, 2021 (in thousands):
As of September 30, 2022
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$22,759 $— $22,759 $— $— $22,759 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
As of December 31, 2021
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$3,330 $— $3,330 $(930)$— $2,400 
Offsetting Liabilities:
Derivatives$3,726 $— $3,726 $(930)$— $2,796 
Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - 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, 2022 and December 31, 2021 (in thousands):
As of September 30, 2022
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$22,759 $— $22,759 $— $— $22,759 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
As of December 31, 2021
Gross Amounts of Recognized Assets / LiabilitiesGross Amounts Offset in the Balance SheetNet Amounts of Assets / Liabilities presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet
Financial InstrumentsCash Collateral ReceivedNet Amount
Offsetting Assets:
Derivatives$3,330 $— $3,330 $(930)$— $2,400 
Offsetting Liabilities:
Derivatives$3,726 $— $3,726 $(930)$— $2,796