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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments

Schedule of effective portion of gains and losses on derivative instruments

The effect of these net investment hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands):


			Three Months Ended June 30,						Six Months Ended June 30,
			2023			2022			2023			2022
Cross-currency interest rate swaps (included component)⁽¹⁾			$	(15,520)		$	—		$	(1,155)		$	—
Cross-currency interest rate swaps (excluded component)⁽²⁾				23,895			—			14,417			—
Total			$	8,375		$	—		$	13,262		$	—


	Location of		Three Months Ended June 30,						Six Months Ended June 30,
	gain or (loss)		2023			2022			2023			2022
Cross-currency interest rate swaps (excluded component)⁽²⁾	Interest expense		$	5,200		$	—		$	11,194		$	—

(1)	Included component represents foreign exchange spot rates.

(2)	Excluded component represents cross-currency basis spread and interest rates.

Schedule of fair value of derivative instruments in Balance sheets

The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 (in thousands):


		June 30, 2023						December 31, 2022
		Assets ⁽¹⁾			Liabilities ⁽²⁾			Assets ⁽¹⁾			Liabilities ⁽²⁾
Cross-currency interest rate swaps		$	—		$	121,884		$	—		$	108,621
Interest rate swaps			17,311			—			9,036			252
		$	17,311		$	121,884		$	9,036		$	108,873

(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.

Schedule of effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated income statements

The effect of these cash flow hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands):


			Three Months Ended June 30,						Six Months Ended June 30,
			2023			2022			2023			2022
Interest rate swaps			$	(3,292)		$	—		$	(12,374)		$	—


	Location of		Three Months Ended June 30,						Six Months Ended June 30,
	gain or (loss)		2023			2022			2023			2022
Interest rate swaps	Interest expense		$	2,295		$	—		$	2,844		$	—