XML 37 R21.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Derivative Instruments | 6 Months Ended
--- | ---
Jun. 30, 2024
Derivative Instruments |
Derivative Instruments | 13. 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 June 30, 2024, we had cross-currency interest rate swaps outstanding with notional amounts of $1.7 billion and maturity dates ranging through 2028. ​ The effect of these net investment hedges on accumulated other comprehensive loss and the condensed consolidated income statements for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023
Cross-currency interest rate swaps (included component) (1) | ​ | ​ | $ | 25,978 | ​ | $ | 15,520 | ​ | $ | 78,008 | ​ | $ | 1,155
Cross-currency interest rate swaps (excluded component) (2) | ​ | ​ | ​ | 6,276 | ​ | ​ | (23,895) | ​ | ​ | 627 | ​ | ​ | (14,417)
Total | ​ | ​ | $ | 32,254 | ​ | $ | (8,375) | ​ | $ | 78,635 | ​ | $ | (13,262)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Location of | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | gain or (loss) | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023
Cross-currency interest rate swaps (excluded component) (2) | Interest expense | ​ | $ | 6,005 | ​ | $ | 5,200 | ​ | $ | 12,108 | ​ | $ | 11,194
(1) | Included component represents foreign exchange spot rates.
(2) | Excluded component represents cross-currency basis spread and interest rates.
​ Cash Flow Hedges ​ As of June 30, 2024, we had derivatives designated as cash flow hedges on 50% of the Euro Term Loan Facilities (€750 million notional amount) and 100% of the USD term loan ($500 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 June 30, 2024, we estimate that an additional $8.3 million will be reclassified as a decrease to interest expense during the twelve months ended June 30, 2025, when the hedged forecasted transactions impact earnings. ​ 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, 2024 and 2023 was as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023
Interest rate swaps | ​ | ​ | $ | (1,124) | ​ | $ | 13,457 | ​ | $ | 11,200 | ​ | $ | 12,374
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Location of | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | gain or (loss) | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023
Interest rate swaps | Interest expense | ​ | $ | (4,090) | ​ | $ | (2,295) | ​ | $ | (8,317) | ​ | $ | (2,844)
​ Fair Value of Derivative Instruments ​ The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024 | ​ | December 31, 2023
​ |  | Assets (1) |  | Liabilities (2) |  | Assets (1) |  | Liabilities (2)
Cross-currency interest rate swaps | ​ | $ | 27,006 | ​ | $ | 105,124 | ​ | $ | — | ​ | $ | 156,753
Interest rate swaps | ​ | ​ | 18,270 | ​ | ​ | 3,450 | ​ | ​ | 8,538 | ​ | ​ | —
​ | ​ | $ | 45,276 | ​ | $ | 108,574 | ​ | $ | 8,538 | ​ | $ | 156,753
(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.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration