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Derivative Instruments | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments |
Derivative Instruments | 14. Derivative Instruments Derivatives Designated as Hedging Instruments ​ Net Investment Hedges ​ In September 2022, we entered into cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. As of September 30, 2022, we had cross-currency interest rate swaps outstanding with notional amounts of $1.55 billion and maturity dates ranging through 2028. We had no such instruments outstanding as of December 31, 2021. ​ The effect of these net investment hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and nine months ended September 30, 2022 and 2021 was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | ​ | ​ | ​ | 2022 |  | 2021 |  | 2022 |  | 2021
Cross-currency interest rate swaps (included component) (1) | ​ | $ | (26,141) | ​ | $ | — | ​ | $ | (26,141) | ​ | $ | —
Cross-currency interest rate swaps (excluded component) (2) | ​ | ​ | 28,849 | ​ | ​ | — | ​ | ​ | 28,849 | ​ | ​ | —
Total | ​ | ​ | ​ | ​ | $ | 2,708 | ​ | $ | — | ​ | $ | 2,708 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | ​ | ​ | Location of gain or (loss) | ​ | 2022 |  | 2021 |  | 2022 |  | 2021
Cross-currency interest rate swaps (excluded component) (2) | ​ | ​ | Interest expense | ​ | $ | 650 | ​ | $ | — | ​ | $ | 650 | ​ | $ | —
(1) | Included component represents foreign exchange spot rates.
(2) | Excluded component represents cross-currency basis spread and interest rates.
​ Cash Flow Hedges ​ We had no material outstanding derivatives designated as cash flow hedges as of September 30, 2022 or December 31, 2021. Amounts reported in accumulated other comprehensive loss related to interest rate swaps are reclassified to interest expense as interest payments are made on our debt. As of September 30, 2022, we had no material interest rate swap agreements outstanding. Fair Value of Derivative Instruments ​ The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2022 | ​ | December 31, 2021
​ |  | Assets (1) |  | Liabilities (2) |  | Assets (1) |  | Liabilities (2)
Cross-currency interest rate swaps | ​ | $ | 19,063 | ​ | $ | 21,771 | ​ | $ | — | ​ | $ | —
(1) | As presented in our condensed consolidated balance sheets within other assets.
(2) | As presented in our condensed consolidated balance sheets within accounts payable and other accrued liabilities.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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