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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives | The following table includes the key provisions of the interest rate swaps outstanding as of March 31, 2024 and December 31, 2023 (fair value in thousands):
Notional |  | Fixed Base Interest Rate Swap |  | Effective Date |  | Expiration Date |  | Asset Fair Value as of March 31, 2024 |  | Liability Fair Value as of March 31, 2024
$200 million |  | 3.1% |  | 12/29/2023 |  | 7/30/2027 |  | $ | 6,645 |  |  | $ | — |
$175 million |  | 3.5% |  | 11/30/2022 |  | 7/30/2027 |  | 3,548 |  |  | — |
$270 million |  | 3.1% |  | 11/01/2022 |  | 12/31/2027 |  | 9,461 |  |  | — |
C$250 million |  | 3.6% |  | 9/23/2022 |  | 12/31/2027 |  | 2,428 |  |  | — |
|  |  |  |  |  | Total |  | $ | 22,082 |  |  | $ | — |
Notional |  | Fixed Base Interest Rate Swap |  | Effective Date |  | Expiration Date |  | Asset Fair Value as of December 31, 2023 |  | Liability Fair Value as of December 31, 2023
$200 million |  | 3.1% |  | 12/29/2023 |  | 7/30/2027 |  | $ | 3,687 |  |  | $ | — |
$175 million |  | 3.5% |  | 11/30/2022 |  | 7/30/2027 |  | 788 |  |  | — |
$270 million |  | 3.1% |  | 11/01/2022 |  | 12/31/2027 |  | 5,106 |  |  | — |
C$250 million |  | 3.6% |  | 9/23/2022 |  | 12/31/2027 |  | — |  |  | 330 |
|  |  |  |  |  | Total |  | $ | 9,581 |  |  | $ | 330 |
Summary of Derivative Results | The following table presents the fair value of the derivative financial instruments as of March 31, 2024 and December 31, 2023 (in thousands):
| Derivative Assets |  | Derivative Liabilities
| March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023
| (In thousands)
Designated derivatives |  |  |  |  |  |  |
Foreign exchange contracts | $ | 9,586 |  |  | $ | 5,899 |  |  | $ | — |  |  | $ | — |
Interest rate contracts | 22,082 |  |  | 9,581 |  |  | — |  |  | 330 |
Total fair value of derivatives | $ | 31,668 |  |  | $ | 15,480 |  |  | $ | — |  |  | $ | 330 |
The following tables present the effect of the Company’s derivative financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023, including the impacts to Accumulated Other Comprehensive (Loss) Income (AOCI) (in thousands):
| Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative |  | Location of Gain or (Loss) Reclassified from AOCI into Income |  | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
| Three Months Ended March 31, |  |  | Three Months Ended March 31,
| 2024 |  | 2023 |  |  | 2024 |  | 2023
Interest rate contracts | $ | 17,206 |  |  | $ | (10,247) |  |  | Interest expense |  | $ | 4,375 |  |  | $ | 2,432 |
Interest rate contracts | — |  |  | — |  |  | Loss on debt extinguishment, modifications and termination of derivative instruments(1) |  | (424) |  |  | (620) |
Foreign exchange contracts | 3,832 |  |  | 1,683 |  |  | Foreign currency exchange loss, net |  | 4,242 |  |  | 2,096 |
Foreign exchange contracts | — |  |  | — |  |  | Interest expense |  | 145 |  |  | 92 |
Total designated cash flow hedges | $ | 21,038 |  |  | $ | (8,564) |  |  |  |  | $ | 8,338 |  |  | $ | 4,000 |
(1) In conjunction with the termination of interest rate swaps in 2020, the Company recorded amounts in other comprehensive income that will be reclassified as an adjustment to earnings over the term of the original hedges and respective borrowings. As of March 31, 2024, the Company recorded an increase to “Loss on debt extinguishment, modifications and termination of derivative instruments” related to this transaction.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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