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Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Information Related to Number of Instruments and Notional Amounts of Cross Currency Swaps

The table below sets forth the number of instruments and the notional amounts of the Company’s cross currency swaps at December 31, 2024 and December 31, 2023:

 

 

Number of Instruments

 

Notional Amount

 

 

 

2024

 

 

2023

 

2024

 

 

2023

 

Collared forwards

 

6

 

 

4

 

$

1,084,432

 

 

$

755,780

 

Cross currency swaps

 

 

-

 

 

2

 

 

-

 

 

 

160,000

 

Summary of Fair Value of Interest Rate Related Derivative Financial Instruments and Their Classification on Consolidated Balance Sheets

The table below sets forth the fair value of the Company’s interest rate related derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023:

 

 

Fair Value

 

 

 

Other Current and Non-Current Assets

 

 

 

 

 

Other Liabilities

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Collared forwards

 

$

593

 

 

$

-

 

 

$

8,071

 

 

$

10,202

 

Cross currency swaps

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,936

 

Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Income

The tables below sets forth the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the twelve months ended December 31 2024, 2023, and 2022:

Derivative Instruments

 

Amount of Gain or (Loss) Recognized in OCI on Derivative

 

 

Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion Excluded from

 

Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

 

Designated as

 

December 31,

 

 

Effectiveness

 

December 31,

 

Hedging Instruments

 

2024

 

 

2023

 

 

2022

 

 

Testing)

 

2024

 

 

2023

 

 

2022

 

Collared forwards

 

 

1,535

 

 

 

(10,202

)

 

 

-

 

 

Interest income

 

 

10,409

 

 

 

4,304

 

 

 

-

 

Cross currency swaps

 

 

8,450

 

 

 

(1,442

)

 

 

5,383

 

 

Interest income

 

 

1,219

 

 

 

1,653

 

 

 

2,308

 

 

 

 

Amount of Gain or (Loss) Recognized in Net Income

 

 

 

 

December 31,

 

 

Derivative Instruments Not Designated as Hedging Instruments

 

2024

 

 

2023

 

 

2022

 

 

Foreign-currency forward contracts

 

 

(10,458

)

 

 

(5,364

)

 

 

(21,188

)