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Derivative Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative instruments we are party to include: (i) interest rate swap agreements (which are designated as cash flow hedges) and (ii) cross-currency swap agreements (which are designated as net investment hedges).
INTEREST RATE SWAP AGREEMENTS DESIGNATED AS CASH FLOW HEDGES
We utilize interest rate swap agreements designated as cash flow hedges to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. Certain of our interest rate swap agreements have notional amounts that will increase with the underlying hedged transaction. Under our interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon the one-month Secured Overnight Financing Rate, in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements. Our interest rate swap agreements are marked to market at the end of each reporting period, representing the fair values of the interest rate swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities.
As of March 31, 2024 and December 31, 2023, we have approximately $1,104,000 and $520,000, respectively, in notional value outstanding on our interest rate swap agreements, with maturity dates ranging from October 2025 through February 2027.
CROSS-CURRENCY SWAP AGREEMENTS DESIGNATED AS A HEDGE OF NET INVESTMENT
We utilize cross-currency interest rate swaps to hedge the variability of exchange rate impacts between the United States dollar and the Euro. As of both March 31, 2024 and December 31, 2023, we have approximately $509,200 in notional value outstanding on cross-currency interest rate swaps, with maturity dates ranging from August 2024 through February 2026.
We have designated these cross-currency swap agreements as hedges of net investments in certain of our Euro denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at the end of each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis.
The fair values of derivative instruments recognized in our Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, by derivative instrument, are as follows:
MARCH 31, 2024DECEMBER 31, 2023
DERIVATIVE INSTRUMENTS(1)
AssetsLiabilitiesAssetsLiabilities
Cash Flow Hedges(2)
  
Interest rate swap agreements$9,716 $— $1,601 $(3,273)
Net Investment Hedges(3)
Cross-currency swap agreements10,574 — 4,758 (2,496)
(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 March 31, 2024, $1,086 is included within Prepaid expenses and other and $19,204 is included within Other assets. As of December 31, 2023, $6,359 is included within Other assets, $2,496 is included within Accrued expenses and other liabilities and $3,273 is included within Other long-term liabilities.
(2)As of March 31, 2024, cumulative net gains recorded within Accumulated other comprehensive items, net associated with our interest rate swap agreements are $11,332.
(3)As of March 31, 2024, cumulative net gains recorded within Accumulated other comprehensive items, net associated with our cross-currency swap agreements are $44,947, which include $34,373 related to the excluded component of our cross-currency swap agreements.
Unrealized gains (losses) recognized in Accumulated other comprehensive items, net during the three months ended March 31, 2024 and 2023, by derivative instrument, are as follows:
THREE MONTHS ENDED MARCH 31,
DERIVATIVE INSTRUMENTS20242023
Cash Flow Hedges 
Interest rate swap agreements$11,388 $(3,442)
Net Investment Hedges
Cross-currency swap agreements8,312 (8,803)
Cross-currency swap agreements (excluded component)4,176 5,834
Gains (losses) recognized in Net income (loss) during the three months ended March 31, 2024 and 2023, by derivative instrument, are as follows:
THREE MONTHS ENDED MARCH 31,
DERIVATIVE INSTRUMENTSLocation of gain (loss)20242023
Cash Flow Hedges
Interest rate swap agreementsInterest expense$2,528 $— 
Net Investment Hedges
Cross-currency swap agreements (excluded component)Interest expense(4,176)(5,834)