XML 43 R32.htm IDEA: XBRL DOCUMENT v3.26.1
DERIVATIVE AND HEDGING INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amount of Derivatives Instruments
The following presents the notional amount of derivative instruments (in thousands):
June 30, 2026December 31, 2025
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars$930,000 $930,000 
Denominated in Canadian Dollars$150,000 $150,000 
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars$184,800 $183,700 
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 (dollars in thousands):
Count as of June 30, 2026
Fair Value as of
Maturity Dates as of June 30, 2026
TypeDesignationJune 30, 2026December 31, 2025Balance Sheet Location
Assets:
Interest rate swapsCash flow11 $14,724 $3,378 2028 - 2030Accounts receivable, prepaid expenses and other assets, net
Liabilities:
Interest rate swapsCash flow— $— $1,281 —Accounts payable and accrued liabilities
CAD borrowings under Revolving Credit FacilityNet investment1 24,475 24,584 2027Revolving credit facility
CAD Term LoanNet investment1 105,495 109,425 2028Term loans, net
$129,970 $135,290 
Schedule of 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 (in thousands):
Gain (Loss) Recognized in Other Comprehensive Income (Loss)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cash Flow Hedges:
Interest rate products$8,117 $(2,528)$14,803 $(7,196)
Net Investment Hedges:
Foreign currency products— (1,586)— (1,418)
CAD borrowings under Revolving Credit Facility505 (330)880 (558)
CAD Term Loan2,175 (5,355)3,930 (5,490)
$10,797 $(9,799)$19,613 $(14,662)
Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Income
Three Months Ended June 30,Six Months Ended June 30,
Income Statement Location2026202520262025
Cash Flow Hedges:
Interest rate productsInterest expense$724 $1,323 $1,531 $2,712 
Schedule of 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 (in thousands):
As of June 30, 2026
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$14,724 $— $14,724 $— $— $14,724 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
As of December 31, 2025
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$3,378 $— $3,378 $(212)$— $3,166 
Offsetting Liabilities:
Derivatives$1,281 $— $1,281 $(212)$— $1,069 
Schedule of 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 (in thousands):
As of June 30, 2026
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$14,724 $— $14,724 $— $— $14,724 
Offsetting Liabilities:
Derivatives$— $— $— $— $— $— 
As of December 31, 2025
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$3,378 $— $3,378 $(212)$— $3,166 
Offsetting Liabilities:
Derivatives$1,281 $— $1,281 $(212)$— $1,069