XML 39 R29.htm IDEA: XBRL DOCUMENT v3.23.3
DERIVATIVE AND HEDGING INSTRUMENTS (Tables)
 9 Months Ended
Sep. 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):
September 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$56,300 $55,991 
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars$194,300 $329,500 
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars$— $309 
(1) Balance as of September 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 September 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 September 30, 2023 and December 31, 2022 (dollars in thousands):    
Count as of September 30, 2023
Fair Value as ofMaturity Dates
TypeDesignationSeptember 30, 2023December 31, 2022Balance Sheet Location
Assets:
Interest rate swapsCash flow5 $11,986 $11,004 2024 - 2028Accounts receivable, prepaid expenses and other assets, net
Interest rate collarsCash flow2 5,133 6,622 2024Accounts receivable, prepaid expenses and other assets, net
Forward starting interest rate swapsCash flow4 18,164 — 2028Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swapsNet investment2 4,048 3,851 2025Accounts receivable, prepaid expenses and other assets, net
$39,331 $21,477 
Liabilities:
CAD borrowings under Revolving Credit FacilityNet investment1 32,623 150,982 2027Revolving credit facility
CAD Term LoanNet investment1 110,460 92,288 2028Term loans, net
$143,083 $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 (loss) income and the consolidated statements of equity for the three and nine months ended September 30, 2023 and 2022 (in thousands):
Gain (Loss) Recognized in Other Comprehensive Income
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Cash Flow Hedges:
Interest rate products$11,373 $6,817 $28,462 $20,146 
Net Investment Hedges:
Foreign currency products1,140 2,253 349 2,840 
CAD borrowings under Revolving Credit Facility42 8,790 (2,650)11,157 
CAD term loan2,760 5,988 265 7,463 
$15,315 $23,848 $26,426 $41,606 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Three Months Ended September 30,Nine Months Ended September 30,
Income Statement Location2023202220232022
Cash Flow Hedges:
Interest rate productsInterest expense$2,369 $(602)$5,848 $(5,264)
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, 2023 and December 31, 2022 (in thousands):
As of September 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$39,331 $— $39,331 $— $— $39,331 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
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 September 30, 2023 and December 31, 2022 (in thousands):
As of September 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$39,331 $— $39,331 $— $— $39,331 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
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 $— $— $21,477 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $—