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Derivative Financial Instruments (Tables)

3 Months Ended

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

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-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

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-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

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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.

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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