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Derivative Instruments | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments |
Derivative Instruments | 17. 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 December 31, 2023 and 2022, we had cross-currency interest rate swaps outstanding with notional amounts of approximately $1.7 billion and maturity dates ranging through 2028. ​ The effect of these net investment hedges on accumulated other comprehensive loss and the consolidated income statements for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31,
​ | ​ | ​ | 2023 |  | 2022 |  | 2021
Cross-currency interest rate swaps (included component) (1) | ​ | ​ | $ | 22,703 | ​ | $ | 116,550 | ​ | $ | —
Cross-currency interest rate swaps (excluded component) (2) | ​ | ​ | ​ | 25,428 | ​ | ​ | (7,929) | ​ | ​ | —
Total | ​ | ​ | $ | 48,131 | ​ | $ | 108,621 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Location of | ​ | Year Ended December 31,
​ | gain or (loss) | ​ | 2023 |  | 2022 |  | 2021
Cross-currency interest rate swaps (excluded component) (2) | Interest expense | ​ | $ | 21,836 | ​ | $ | 6,260 | ​ | $ | —
​
(2) | Included component represents foreign exchange spot rates.
(3) | Excluded component represents cross-currency basis spread and interest rates.
​ Cash Flow Hedges ​ As of December 31, 2023, we had derivatives designated as cash flow hedges on 50% of the Euro Term Loan Facilities (€750 million notional amount) and 68% of the USD Term Loan Facility ($740 million notional amount). 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 December 31, 2023, we estimate that an additional $6.4 million will be reclassified as a decrease to interest expense during the year ending December 31, 2024, when the hedged forecasted transactions impact earnings. On December 13, 2021, in connection with the paydown of our secured note due March 2023, we terminated interest rate swap agreements with notional amounts in the aggregate of $104.0 million and, as a result of the termination, the accumulated fair value of the interest rate swap will be ratably reclassified from Accumulated other comprehensive income to interest expense on the accompanying consolidated income statement over the original term of the interest rate swap. The effect of these cash flow hedges on accumulated other comprehensive loss and the consolidated income statements for the years ended December 31, 2023, 2022 and 2021, was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31,
​ | ​ | ​ | 2023 |  | 2022 |  | 2021
Interest rate swaps | ​ | ​ | $ | 7,221 | ​ | $ | (7,774) | ​ | $ | (2,582)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Location of | ​ | Year Ended December 31,
​ | gain or (loss) | ​ | 2023 |  | 2022 |  | 2021
Interest rate swaps | Interest expense | ​ | $ | 10,953 | ​ | $ | 819 | ​ | $ | (1,304)
​ Fair Value of Derivative Instruments ​ The subsequent table presents the fair value of derivative instruments recognized in our consolidated balance sheets as of December 31, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ |  | Assets (1) |  | Liabilities (2) |  | Assets (1) |  | Liabilities (2)
Cross-currency interest rate swaps | ​ | $ | — | ​ | $ | 156,753 | ​ | $ | — | ​ | $ | 108,621
Interest rate swaps | ​ | ​ | 8,538 | ​ | ​ | — | ​ | ​ | 17,120 | ​ | ​ | 252
​ | ​ | $ | 8,538 | ​ | $ | 156,753 | ​ | $ | 17,120 | ​ | $ | 108,873
(1) | As presented in our consolidated balance sheets within Other assets.
(2) | As presented in our consolidated balance sheets within Accounts payable and other Accrued liabilities.
​ Credit-Risk Related Contingent Features ​ Upon entering into derivatives, we have agreements with each of our derivative counterparties that contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness.

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