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Derivative Instruments and Hedging Activities | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative instruments we are party to include: (i) interest rate swap agreements (which are designated as cash flow hedges) and (ii) cross-currency swap agreements (which are designated as net investment hedges). INTEREST RATE SWAP AGREEMENTS DESIGNATED AS CASH FLOW HEDGES In November 2022, we entered into a forward-starting interest rate swap agreement to limit our exposure to changes in interest rates on future borrowings under our Virginia Credit Agreement (as defined in Note 7). The forward-starting interest rate swap agreement commences in July 2023 and expires in October 2025 (the "October 2025 Interest Rate Swap Agreement"). The October 2025 Interest Rate Swap Agreement has an initial notional value of $4,800, which is contracted to increase in monthly increments beginning in August 2023 to June 2025 to a total notional value of $153,800. Under the October 2025 Interest Rate Swap Agreement, we will receive variable rate interest payments based upon SOFR, in exchange for the payment of a fixed interest rate as specified in the October 2025 Interest Rate Swap Agreement. In March 2018, we entered into interest rate swap agreements to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. These swap agreements expired in March 2022. In July 2019, we entered into forward-starting interest rate swap agreements to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. These forward-starting interest rate swap agreements commenced in March 2022. As of December 31, 2022 we have $350,000 in notional value outstanding on these interest rate swap agreements, which expire in March 2024 (the "March 2024 Interest Rate Swap Agreements"). Under the March 2024 Interest Rate Swap Agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon one-month LIBOR, in exchange for the payment of fixed interest rates as specified in the March 2024 Interest Rate Swap Agreements. We have designated each of the interest rate swap agreements described above as cash flow hedges. These interest rate swap agreements are marked to market at the end of each reporting period, representing the fair values of the interest rate swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities. CROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS A HEDGE OF NET INVESTMENT In August 2019, we entered into cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and the Euro. Under the terms of the cross-currency swap agreements, we notionally exchanged $110,000 at an interest rate of 6.0% for approximately 99,055 Euros at a weighted average interest rate of approximately 3.65%. These cross-currency swap agreements expire in August 2023 (the "August 2023 Cross Currency Swap Agreements"). In October 2022, one of these August 2023 Cross Currency Swap Agreements was amended to increase the notional value exchanged from approximately 49,500 Euros at an interest rate of 3.6% to approximately 55,466 Euros at an interest rate of (9.5%), resulting in a total notional value exchanged under the August 2023 Cross Currency Swap Agreements of approximately 105,020 Euros at a weighted average interest rate of approximately (3.3%). In September 2020, we entered into cross-currency swap agreements to hedge the variability of exchange rate impacts between the United States dollar and the Euro. Under the terms of these cross-currency swap agreements, we notionally exchanged approximately $359,200 at an interest rate of 4.5% for 300,000 Euros at a weighted average interest rate of approximately 3.4%. These cross-currency swap agreements expire in February 2026 (the "February 2026 Cross Currency Swap Agreements"). In May 2022, the February 2026 Cross-Currency Swap Agreements were amended to increase the notional value exchanged to approximately 340,500 Euros at a weighted average interest rate of approximately 1.2%. In October 2022, the February 2026 Cross-Currency Swap Agreements were further amended to increase the notional value exchanged to approximately 362,083 Euros at a weighted average interest rate of approximately 0.2%. We have designated these cross-currency swap agreements as hedges of net investments in certain of our Euro denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at the end of each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis. Net assets (liabilities) recognized in our Consolidated Balance Sheets as of December 31, 2022 and 2021, by derivative instrument, are as follows:
DERIVATIVE INSTRUMENTS(1) |  | DECEMBER 31, 2022 |  | DECEMBER 31, 2021
Cash Flow Hedges(2) |  |  |  |
March 2024 Interest Rate Swap Agreements |  | $ | 12,915 |  |  | $ | (7,680) |
October 2025 Interest Rate Swap Agreement |  | (409) |  |  | — |
Net Investment Hedges(3) |  |  |  |
August 2023 Cross Currency Swap Agreements |  | 2,526 |  |  | (664) |
February 2026 Cross Currency Swap Agreements |  | 35,875 |  |  | 11,021 |
(1)Our derivative assets are included as a component of (i) Prepaid expenses and other or (ii) Other within Other assets, net and our derivative liabilities are included as a component of (i) Accrued expenses and other current liabilities or (ii) Other long-term liabilities in our Consolidated Balance Sheets. As of December 31, 2022, $2,606 is included within Prepaid expenses and other, $48,790 is included within Other assets, and $489 is included within Other long-term liabilities. As of December 31, 2021, $11,021 is included within Other assets, $2,082 is included within Accrued expense and other current liabilities and $6,262 is included within Other long-term liabilities. (2)As of December 31, 2022, cumulative net gains of $12,506 are recorded within Accumulated other comprehensive items, net associated with these interest rate swap agreements. (3)As of December 31, 2022, cumulative net gains of $38,401 are recorded within Accumulated other comprehensive items, net associated with these cross-currency swap agreements. These cumulative net gains are offset by $9,100 related to the excluded component of our cross-currency swap agreements. Unrealized gains (losses), a component of Accumulated other comprehensive items, net, recognized during the years ending December 31, 2022, 2021 and 2020, by derivative instrument, are as follows:
|  | YEAR ENDED DECEMBER 31,
DERIVATIVE INSTRUMENTS |  | 2022 |  | 2021 |  | 2020
Cash Flow Hedges |  |  |  |  |  |
March 2024 Interest Rate Swap Agreements |  | $ | 20,595 |  |  | $ | 13,382 |  |  | $ | (12,288) |
October 2025 Interest Rate Swap Agreement |  | (409) |  |  | — |  |  | — |
Net Investment Hedges |  |  |  |  |  |
August 2023 Cross Currency Swap Agreements |  | 3,190 |  |  | 7,565 |  |  | (7,247) |
February 2026 Cross Currency Swap Agreements |  | 24,854 |  |  | 31,433 |  |  | (20,412) |
As of December 31, 2022, $9,100 is recognized in other Accumulated other comprehensive items, net related to the excluded component of our cross-currency swap agreements, reflected as a component of Interest expense, net in our Consolidated Statements of Operations. EURO NOTES DESIGNATED AS A HEDGE OF NET INVESTMENT Prior to their redemption in August 2020, we designated a portion of our Euro Notes as a hedge of net investment of certain of our Euro denominated subsidiaries. From January 1, 2020 through the date of redemption we designated, on average, 300,000 Euros, of our Euro Notes as a hedge of net investment of certain of our Euro denominated subsidiaries. As a result, for the year ended December 31, 2020, we recorded a foreign exchange loss of $17,005 related to the change in fair value of such debt due to currency translation adjustments as a component of Accumulated other comprehensive items, net. As of December 31, 2022, cumulative net gains of $3,256, net of tax, are recorded in Accumulated other comprehensive items, net associated with this net investment hedge.

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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 https://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 https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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