Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The fair value of derivative instruments recognized in our Condensed Consolidated Balance Sheets at June 30, 2023 and December 31, 2022, by derivative instrument, are as follows:

	JUNE 30, 2023				DECEMBER 31, 2022
DERIVATIVE INSTRUMENTS(1)	Assets		Liabilities		Assets		Liabilities
Cash Flow Hedges(2)
Interest rate swap agreements	$	6,852	$	—	$	12,995	$	489
Net Investment Hedges(3)
Cross-currency swap agreements	21,434		4,540		38,401		—

(1)Our derivative assets are included as a component of (i) Prepaid expenses and other or (ii) Other within Other assets, net and our derivative liabilities are included as a component of (i) Accrued expenses and other current liabilities or (ii) Other long-term liabilities in our Condensed Consolidated Balance Sheets. As of June 30, 2023, $1,459 is included within Prepaid expenses and other, $26,827 is included within Other assets and $4,540 is included within Accrued expense and other current liabilities. As of December 31, 2022, $2,606 is included within Prepaid expenses and other, $48,790 is included within Other assets and $489 is included within Other long-term liabilities.

(2)As of June 30, 2023, cumulative net gains recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $14,433, which include $7,581 related to our terminated interest rate swap agreements.

(3)As of June 30, 2023, cumulative net gains recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $37,645, which include $20,751 related to the excluded component of our cross-currency swap agreements.

Schedule of (Losses) Gains for Derivative Instruments

Unrealized gains (losses) recognized in Accumulated other comprehensive income during the three and six months ended June 30, 2023 and 2022, by derivative instrument, are as follows:

	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
DERIVATIVE INSTRUMENTS	2023		2022		2023		2022
Cash Flow Hedges
Interest rate swap agreements	$	7,896	$	3,932	$	4,454	$	15,402
Net Investment Hedges
Cross-currency swap agreements	(12,704)		30,279		(21,507)		35,575
Cross-currency swap agreements (excluded component)	5,817		—		11,651		—

Gains (losses) recognized in Net income during the three and six months ended June 30, 2023 and 2022, by derivative instrument, are as follows:

		THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
DERIVATIVE INSTRUMENTS	Location of gain (loss)	2023		2022		2023		2022
Cash Flow Hedges
Interest rate swap agreements	Interest expense	$	2,527	$	—	$	2,527	$	—
Net Investment Hedges
Cross-currency swap agreements (excluded component)	Interest expense	(5,817)		—		(11,651)		—