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DERIVATIVE AND HEDGING INSTRUMENTS
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE AND HEDGING INSTRUMENTS DERIVATIVE AND HEDGING INSTRUMENTS
The Company is exposed to various market risks, including the potential loss arising from adverse changes in interest rates and foreign exchange rates. The Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and foreign exchange rates. The Company’s derivative financial instruments are used to manage differences in the amount of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.
Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value in the Company’s functional currency, the U.S. dollar, of the Company’s investment in foreign operations, the cash receipts and payments related to these foreign operations and payments of interest and principal under Canadian dollar denominated debt. The Company enters into derivative financial instruments to protect the value of its foreign investments and fix a portion of the interest payments for certain debt obligations. The Company does not enter into derivatives for speculative purposes.
Cash Flow Hedges
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and collars as part of its interest rate risk management strategy. As of December 31, 2022, approximately $5.2 million of gains, which are included in accumulated other comprehensive income, are expected to be reclassified into earnings in the next 12 months.
Net Investment Hedges
The Company is exposed to fluctuations in foreign exchange rates on investments it holds in Canada. The Company uses cross currency interest rate swaps to hedge its exposure to changes in foreign exchange rates on these foreign investments.
The following presents the notional amount of derivative instruments as of the dates indicated (in thousands):  
As of December 31,
20222021
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$55,991 $50,859 
Financial instrument designated as net investment hedge:
Denominated in Canadian Dollars$329,500 $125,000 
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars$309 $5,441 
(1)    Balance includes swaps with an aggregate notional amount of $175.0 million, which accretes to $262.5 million in January 2023.
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 December 31, 2022 and 2021 (dollars in thousands):    
Count as of December 31, 2022
Maturity Dates
Fair Value as of December 31,
TypeDesignation20222021Balance Sheet Location
Assets:
Interest rate swapsCash flow6 $11,004 $1,481 2023 - 2024Accounts receivable, prepaid expenses and other assets, net
Interest rate collarsCash flow2 6,622 — 2024Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swapsNet investment2 3,851 1,849 2025Accounts receivable, prepaid expenses and other assets, net
$21,477 $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 Prior Revolving Credit FacilityNet investment1 150,982 — 2023Revolving credit facility
CAD Prior Term LoanNet investment1 92,288 98,438 2024Term loans, net
$243,270 $102,164 
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 years ended December 31, 2022, 2021 and 2020 (in thousands):
Gain (Loss) Recognized in Other Comprehensive Income (Loss)Loss Reclassified from Accumulated Other Comprehensive Income (Loss)
Into Income		Income Statement Location
For the year ended December 31,
202220212020202220212020
Cash Flow Hedges:
Interest rate products$22,032 $17,408 $(35,320)$(4,179)$(12,774)$(8,072)Interest expense
Net Investment Hedges:
Foreign currency products2,233 (272)(758)— — — N/A
CAD borrowings under Prior Revolving Credit Facility9,454 — — — — — N/A
CAD Prior Term Loan6,150 (338)(2,075)— — — N/A
$39,869 $16,798 $(38,153)$(4,179)$(12,774)$(8,072)
During the years ended December 31, 2022, 2021 and 2020, no cash flow hedges were determined to be ineffective.
Derivatives Not Designated as Hedging Instruments
As of December 31, 2022, the Company had one outstanding cross currency interest rate swap, of which a portion was not designated as a hedging instrument, in an asset position with a fair value of $21,000 that is included in accounts receivable, prepaid expenses and other assets, net on the consolidated balance sheets. During the years ended December 31, 2022, 2021 and 2020, the Company recorded $0.1 million, $22,000 and $0.1 million of other expense, respectively, related to the portion of derivatives not designated as hedging instruments.
Offsetting Derivatives
The Company enters into master netting arrangements, which reduce credit risk by permitting net settlement of transactions with the same counterparty. The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2022 and 2021 (in thousands):
As of December 31, 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$21,477 $— $21,477 $— $— $21,477 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
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 
Credit Risk-related Contingent Features
The Company has agreements with each of its derivative counterparties that contain a provision pursuant to which the Company could be declared in default on the derivative obligation if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender. As of December 31, 2022, the Company had no derivatives in a net liability position related to these agreements.