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Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the fair value of derivative instruments as of September 30, 2023 and December 31, 2022 (amounts in thousands):

September 30, 2023

December 31, 2022

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate contracts

Other assets

$

32,482

Other assets

$

37,305

Interest rate contracts

Other liabilities

3,195

Other liabilities

—

Derivatives not designated as hedging instruments:

Foreign currency contracts

Other assets

10,380

Other assets

487

Foreign currency contracts

Other liabilities

206

Other liabilities

19,120

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables summarize the effects of derivatives designated as cash flow hedging instruments on the Company's Consolidated Financial Statements for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands):

						Gain/(loss) recognized in OCI, net of tax
						Three Months Ended September 30,												Nine Months Ended September 30,
Derivatives designated as cash flow hedging instruments						2023						2022						2023						2022
Interest rate contracts						$	(2,712)					$	19,983					$	7,430					$	41,106
						Gain/(loss) reclassified from OCI into income
						Three Months Ended September 30,												Nine Months Ended September 30,
Location of gain/(loss) reclassified from OCI into income						2023						2022						2023						2022
Interest expense, net						$	6,498					$	383					$	18,666					$	(3,819)

Schedule of derivative instruments not designated as hedging instruments

The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's Consolidated Income Statements for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands):

												Gain/(loss) recognized in income
												Three Months Ended September 30,
Derivatives not designated as hedging instruments						Location of gain/(loss) recognized in income						2023						2022
Foreign currency contracts						Foreign exchange gain, net						$	8,137					$	33,019
Foreign currency contracts						Interest expense, net						204						313
												Gain/(loss) recognized in income
												Nine Months Ended September 30,
Derivatives not designated as hedging instruments						Location of gain/(loss) recognized in income						2023						2022
Foreign currency contracts						Foreign exchange gain/(loss), net						$	(7,149)					$	72,371
Foreign currency contracts						Interest expense, net						1,357						(638)

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Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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