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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Non-Designated Foreign Exchange Forwards | The following table summarizes our non-designated Fx forwards and our interest rate cap as of March 31, 2023:
| March 31, 2023
Type of Derivatives | Number of Contracts |  | Aggregate Notional Amount (in thousands) |  | Notional Currency |  | Maturity |  | Weighted-Average Years to Maturity
Fx contracts - GBP | 118 |  | 900,736 |  | GBP |  | April 2023 - February 2027 |  | 1.67
Fx contracts - EUR | 105 |  | 440,260 |  | EUR |  | April 2023 - November 2025 |  | 1.61
Fx contracts - SEK | 18 |  | 716,316 |  | SEK |  | May 2023 - May 2026 |  | 2.75
Interest rate cap | 1 |  | 500,000 |  | USD |  | June 2023 |  | 0.21
The following table summarizes our non-designated Fx forwards and our interest rate cap as of December 31, 2022:
| December 31, 2022
Type of Derivatives | Number of Contracts |  | Aggregate Notional Amount (in thousands) |  | Notional Currency |  | Maturity |  | Weighted-Average Years to Maturity
Fx contracts - GBP | 124 |  | 936,930 |  | GBP |  | January 2023 - February 2027 |  | 1.78
Fx contracts - EUR | 130 |  | 576,240 |  | EUR |  | January 2023 - November 2025 |  | 1.78
Fx contracts - SEK | 19 |  | 730,432 |  | SEK |  | February 2023 - May 2026 |  | 2.95
Interest rate cap | 1 |  | 500,000 |  | USD |  | June 2023 |  | 0.46
Schedule of Amounts Recognized on Consolidated Statements of Operations Related to Company's Derivatives | The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our derivatives for the three months ended March 31, 2023 and 2022 ($ in thousands):
|  |  |  |  |  |  | Amount of gain (loss) recognized in income
|  |  |  |  | Three months ended March 31,
| Location of Gain (Loss) Recognized in Income |  |  |  |  |  | 2023 |  | 2022 |  |
Forward currency contracts | Unrealized gain (loss) on derivative instruments |  |  |  |  |  | $ | (35,851) |  |  | $ | 18,142 |  |  |
Forward currency contracts | Realized gain on derivative instruments |  |  |  |  |  | 21,716 |  |  | 4,620 |  |  |
Total |  |  |  |  |  |  | $ | (14,135) |  |  | $ | 22,762 |  |  |
The following table summarizes the amounts recognized on our condensed consolidated statements of operations related to our interest rate cap for the three months ended March 31, 2023 and 2022 ($ in thousands):
|  |  | Amount of gain (loss) recognized in income
|  |  | Three months ended March 31,
| Location of gain (loss) recognized in income |  | 2023 |  |  | 2022 |  |  |  |
Interest rate cap(1) | Unrealized gain (loss) on interest rate hedging instruments |  | $ | (4,813) |  |  |  | $ | 6,321 |  |  |  |  |
Interest rate cap(1) | Realized gain on interest rate hedging instruments |  | 4,706 |  |  |  | — |  |  |  |  |
Total |  |  | $ | (107) |  |  |  | $ | 6,321 |  |  |  |  |
——————— (1)With a notional amount of $500.0 million at March 31, 2023 and 2022.
Schedule of Gross Asset and Liability Amounts Related to Derivatives | The following tables summarize the gross asset and liability amounts related to our derivatives at March 31, 2023 and December 31, 2022 ($ in thousands):
| March 31, 2023 |  | December 31, 2022
| Gross Amount of Recognized Assets |  | Gross Amounts Offset in our Condensed Consolidated Balance Sheet |  | Net Amounts of Assets Presented in our Condensed Consolidated Balance Sheet |  | Gross Amount of Recognized Assets |  | Gross Amounts Offset in our Consolidated Balance Sheet |  | Net Amounts of Assets Presented in our Consolidated Balance Sheet
Forward currency contracts | $ | 106,825 |  |  | $ | (23,176) |  |  | $ | 83,649 |  |  | $ | 143,285 |  |  | $ | (23,786) |  |  | $ | 119,499 |
Interest rate cap | 5,256 |  |  | — |  |  | 5,256 |  |  | 9,141 |  |  | — |  |  | 9,141 |
Total derivative assets (liabilities) | $ | 112,081 |  |  | $ | (23,176) |  |  | $ | 88,905 |  |  | $ | 152,426 |  |  | $ | (23,786) |  |  | $ | 128,640 |

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