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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments

Schedule of effective portion of gains and losses on derivative instruments

The effect of these net investment hedges on accumulated other comprehensive loss and the condensed consolidated income statements for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):


			Three Months Ended September 30,						Nine Months Ended September 30,
			2025			2024			2025			2024
Cross-currency interest rate swaps (included component)⁽¹⁾			$	15,704		$	83,624		$	(255,559)		$	5,616
Cross-currency interest rate swaps (excluded component)⁽²⁾				9,820			(12,121)			43,436			(12,748)
Total			$	25,524		$	71,503		$	(212,123)		$	(7,132)

	Location of		Three Months Ended September 30,						Nine Months Ended September 30,
	gain or (loss)		2025			2024			2025			2024
Cross-currency interest rate swaps (excluded component)⁽²⁾	Interest expense		$	6,466		$	5,205		$	20,260		$	17,314

(1)	Included component represents foreign exchange spot rates.

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

Schedule of effect of cash flow hedges on accumulated other comprehensive income and the 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 nine months ended September 30, 2025 and 2024 was as follows (in thousands):


			Three Months Ended September 30,						Nine Months Ended September 30,
			2025			2024			2025			2024
Interest rate swaps			$	2,462		$	19,191		$	(7,185)		$	7,991


	Location of		Three Months Ended September 30,						Nine Months Ended September 30,
	gain or (loss)		2025			2024			2025			2024
Interest rate swaps	Interest expense		$	(522)		$	4,031		$	294		$	12,348

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 September 30, 2025 and December 31, 2024 (in thousands):


		September 30, 2025						December 31, 2024
		Assets ⁽¹⁾			Liabilities ⁽²⁾			Assets ⁽¹⁾			Liabilities ⁽²⁾
Cross-currency interest rate swaps		$	14,133		$	268,971		$	32,883		$	75,597
Interest rate swaps			6,085			23,996			6,130			11,253
		$	20,218		$	292,967		$	39,013		$	86,850

(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.