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DERIVATIVE AND HEDGING INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
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):
June 30, 2023December 31, 2022
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars (1)
$753,750 $436,250 
Denominated in Canadian Dollars (2)
$300,000 $125,000 
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars$56,277 $55,991 
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars$236,800 $329,500 
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars$23 $309 
(1) Balance as of June 30, 2023 includes two forward starting interest rate swaps with an effective date of August 2024 and an aggregate notional amount of $323.8 million.
(2)    Balance as of June 30, 2023 includes two forward starting interest rate swaps with an effective date of September 2024 and an aggregate notional amount of CAD $150.0 million.
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 June 30, 2023 and December 31, 2022 (dollars in thousands):    
Count as of June 30, 2023
Fair Value as ofMaturity Dates
TypeDesignationJune 30, 2023December 31, 2022Balance Sheet Location
Assets:
Interest rate swapsCash flow5 $12,114 $11,004 2024 - 2028Accounts receivable, prepaid expenses and other assets, net
Interest rate collarsCash flow2 6,127 6,622 2024Accounts receivable, prepaid expenses and other assets, net
Forward starting interest rate swapsCash flow4 9,928 — 2028Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swapsNet investment2 2,955 3,851 2025Accounts receivable, prepaid expenses and other assets, net
$31,124 $21,477 
Liabilities:
CAD borrowings under Revolving Credit FacilityNet investment1 65,517 150,982 2027Revolving credit facility
CAD Term LoanNet investment1 113,220 92,288 2028Term loans, net
$178,737 $243,270 
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 income and the consolidated statements of equity for the three and six months ended June 30, 2023 and 2022 (in thousands):
Gain (Loss) Recognized in Other Comprehensive Income
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Cash Flow Hedges:
Interest rate products$15,546 $3,690 $17,089 $13,338 
Net Investment Hedges:
Foreign currency products(778)1,573 (792)587 
CAD borrowings under Revolving Credit Facility(1,667)2,367 (2,692)2,367 
CAD term loan(2,355)2,988 (2,495)1,475 
$10,746 $10,618 $11,110 $17,767 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Three Months Ended June 30,Six Months Ended June 30,
Income Statement Location2023202220232022
Cash Flow Hedges:
Interest rate productsInterest expense$1,907 $(1,958)$3,479 $(4,661)
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 June 30, 2023 and December 31, 2022 (in thousands):
As of June 30, 2023
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$31,124 $— $31,124 $— $— $31,124 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
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 $— $— $21,477 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
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 June 30, 2023 and December 31, 2022 (in thousands):
As of June 30, 2023
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$31,124 $— $31,124 $— $— $31,124 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
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 $— $— $21,477 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $—