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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative financial instruments
The following table summarizes the terms and fair values of our derivative financial instruments at June 30, 2023 and December 31, 2022 (dollars in millions):
Derivative Type
Number of Instruments(1)
Notional Amount as of
Weighted Average Strike Rate (2)
Maturity Date (3)
Fair Value - asset (liability) as of
Derivatives Designated as Hedging InstrumentsJune 30, 2023December 31, 2022June 30, 2023December 31, 2022
Interest rate swaps
9$1,630.0 $250.04.26%Jan 2024 - Jan 2026$6.4 $5.6 
Interest rate swaptions61,000.0 — (4)Feb 20348.8 — 
Cross-currency swaps
3320.0 320.0(5)Oct 2032(45.6)(33.3)
Foreign currency forwards24144.0 185.5(6)Jul 2023 - Dec 20246.9 16.1 
$3,094.0 $755.5 $(23.5)$(11.6)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps
1$214.9 $2,427.7(7)July 2023$3.5 $58.8 
Cross-currency swaps3280.0 280.0(5)Oct 2032(40.3)(29.5)
$494.9 $2,707.7 $(36.8)$29.3 
Total of all Derivatives$3,588.9 $3,463.2 $(60.3)$17.7 

(1)This column represents the number of instruments outstanding as of June 30, 2023.
(2)Weighted average strike rate is calculated using the notional value as of June 30, 2023.
(3)This column represents maturity dates for instruments outstanding as of June 30, 2023.
(4)Represent purchased payer swaptions with a strike rate of 3.75% and a sold payer swaptions with a strike rate of 4.25%.
(5)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.697%.
(6)Weighted average forward GBP-USD exchange rate of 1.34.
(7)Weighted average EUR-USD exchange rate of 1.07.
Schedule of gain (loss) recognized on derivatives in other comprehensive income
The following table summarizes the amount of unrecognized gain (loss) on derivatives in other comprehensive income (in thousands):
Three months ended
June 30,		Six months ended
June 30,
Derivatives in Cash Flow Hedging Relationships2023202220232022
Cross-currency swaps$— $(6,986)$— $(5,091)
Interest rate swaps3,564 30,386 1,844 69,391 
Foreign currency forwards (4,081)10,054 (9,194)12,844 
  Interest rate swaptions4,840 — 3,553 — 
Total derivatives in cash flow hedging relationships$4,323 $33,454 $(3,797)$77,144 
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps$(10,733)$— $(4,775)$— 
Total derivatives in fair value hedging relationships$(10,733)$— $(4,775)$— 
Total unrealized (loss) gain on derivatives$(6,410)$33,454 $(8,572)$77,144 
Summary of gain (loss) on derivatives reclassified from accumulated other comprehensive income (loss)
The following table summarizes the amount of gain (loss) on derivatives reclassified from AOCI (in thousands):
Three months ended
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June 30,
Derivatives in Cash Flow Hedging RelationshipsLocation of Gain (Loss) Recognized in Income2023202220232022
Cross-currency swapsForeign currency and derivative gain (loss), net$— $21,527 $— $27,641 
Interest rate swapsInterest income3,259 (2,153)4,739 (4,683)
Foreign currency forwardsForeign currency and derivative gain (loss), net892 — 2,323 — 
Interest rate swaptionsInterest expense(2,358)— (2,358)— 
Total derivatives in cash flow hedging relationships$1,793 $19,374 $4,704 $22,958 
Derivatives in Fair Value Hedging Relationships
Cross-currency swapsForeign currency and derivative gain (loss), net$190 $— $484 $— 
Total derivatives in fair value hedging relationships$190 $— $484 $— 
Net increase to net income $1,983 $19,374 $5,188 $22,958 
Schedule of foreign currency and derivative gains (losses)
The following table details our foreign currency and derivative gains (losses), net included in income (in thousands):
Three months ended
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June 30,
2023202220232022
Realized foreign currency and derivative gain (loss), net:
(Loss) gain on the settlement of undesignated derivatives$(981)$79,308 $(1,326)$76,628 
Gain on the settlement of designated derivatives reclassified from AOCI1,082 21,527 2,807 27,641 
(Loss) gain on the settlement of transactions with third parties(51)1,004 1,275 952 
Total realized foreign currency and derivative gain, net$50 $101,839 $2,756 $105,221 
Unrealized foreign currency and derivative gain (loss), net:
(Loss) gain on the change in fair value of undesignated derivatives$(7,394)$37,274 $(8,176)$59,995 
Gain (loss) on remeasurement of certain assets and liabilities4,792 (131,633)13,190 (158,326)
Total unrealized foreign currency and derivative (loss) gain, net$(2,602)$(94,359)$5,014 $(98,331)
Total foreign currency and derivative (losses) gains, net$(2,552)$7,480 $7,770 $6,890