XML 25 R15.htm IDEA: XBRL DOCUMENT v3.22.2.2

DERIVATIVE INSTRUMENTS

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

6. DERIVATIVE INSTRUMENTS

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. As of September 30, 2022 and December 31, 2021, the counterparty to these forward currency contracts was Royal Bank of Canada and Truist Financial Corporation, respectively.

In December 2017, in connection with $395 of the term loan tranche of the Revolving Credit Facility, the Company entered into a three-year interest rate swap agreement to mitigate its exposure to adverse fluctuations in interest rates for a total notional amount of $395, which matured on January 4, 2021. Under the interest rate swap agreement, the Company paid a fixed interest rate of 2.06% and received a floating rate based on the prevailing one-month LIBOR plus a spread of 1.75%.

Certain information related to the Company’s derivative instruments as of September 30, 2022 and December 31, 2021 is presented below.

			As of September 30, 2022
Derivative Instrument			Notional Amount									Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Foreign currency forward contract			CAD			262						10/28/2022						$	203					$	(190)					Other assets
Foreign currency forward contract			CAD			237						10/19/2022						178						(171)						Other assets
Foreign currency forward contract			€			135						10/28/2022						137						(132)						Other assets
Foreign currency forward contract			£			123						10/28/2022						148						(137)						Other assets
Foreign currency forward contract			NZD			72						10/28/2022						45						(41)						Other assets
Foreign currency forward contract			CAD			2						10/28/2022						2						(2)						Other assets
Foreign currency forward contract			€			1						10/28/2022						1						(1)						Other assets
Total																		$	714					$	(674)

			As of December 31, 2021
Derivative Instrument			Notional Amount									Maturity Date						Gross Amount of Recognized Assets						Gross Amount of Recognized Liabilities						Balance Sheet Location of Net Amounts
Foreign currency forward contract			CAD			309						1/28/2022						$	240					$	(245)					Accounts payable and other liabilities
Foreign currency forward contract			CAD			209						1/19/2022						163						(165)						Accounts payable and other liabilities
Foreign currency forward contract			€			153						1/28/2022						172						(174)						Accounts payable and other liabilities
Foreign currency forward contract			£			95						1/28/2022						126						(129)						Accounts payable and other liabilities
Foreign currency forward contract			CAD			2						1/28/2022						1						(1)						Accounts payable and other liabilities
Total																		$	702					$	(714)

Net realized gains (losses) on derivative instruments recognized by the Company for the three and nine months ended September 30, 2022 and 2021 is in the following location in the consolidated statements of operations:

						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
Derivative Instrument			Statement Location			2022						2021						2022						2021
Interest rate swap			Net realized gains (losses) from foreign currency and other transactions			$	—					$	—					$	—					$	—
Foreign currency forward contract			Net realized gains (losses) from foreign currency and other transactions			22						17						36						9
Total						$	22					$	17					$	36					$	9

Net unrealized gains (losses) on derivative instruments recognized by the Company for the three and nine months ended September 30, 2022 and 2021 is in the following location in the consolidated statements of operations:

						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
Derivative Instrument			Statement Location			2022						2021						2022						2021
Interest rate swap			Net unrealized gains (losses) from foreign currency and other transactions			$	—					$	—					$	—					$	1
Foreign currency forward contract			Net unrealized gains (losses) from foreign currency and other transactions			31						(2)						52						3
Total						$	31					$	(2)					$	52					$	4

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://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

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration