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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 (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 InstrumentsMarch 31, 2025December 31, 2024March 31, 2025December 31, 2024
Interest rate swaps (4)
10$2,180.0 $2,180.03.40%Jun 2025 - Aug 2027$15.0 $24.3 
Interest rate swaptions (5)
3250.0 — (6)Apr 2035(0.3)— 
Cross-currency swaps - Fair Value
3320.0 320.0(7)Oct 2032(47.1)(42.2)
Cross-currency swaps - Net Investment
3280.0 280.0(8)Oct 2032(42.0)(37.6)
Foreign currency forwards34436.8 349.5(9)Apr 2025 - Oct 2026(3.9)9.3 
$3,466.8 $3,129.5 $(78.3)$(46.2)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps
5$2,162.6 $1,725.3(10)Apr 2025$(3.8)$11.8 
$2,162.6 $1,725.3 $(3.8)$11.8 
Total of all Derivatives$5,629.4 $4,854.8 $(82.1)$(34.4)
(1)This column represents the number of instruments outstanding as of March 31, 2025.
(2)Weighted average strike rate is calculated using the notional value as of March 31, 2025.
(3)This column represents maturity dates for instruments outstanding as of March 31, 2025.
(4)We have ten variable-to-fixed interest rate swaps on our term loans that are designated as cash flow hedges.
(5)In March 2025, we executed three swaption collars to mitigate the risk associated with interest rate volatility for an anticipated issuance of USD-denominated bonds. In April 2025, these hedging instruments were terminated early upon the pricing of the April 2035 Notes, as discussed in note 21, Subsequent Events.
(6)Weighted average fixed rate of 3.962% for purchased payer swaptions and 3.662% for sold receiver swaptions.
(7)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.681%.
(8)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.716%.
(9)Weighted average forward GBP-USD exchange rate of 1.28.
(10) Weighted average exchange rates of 0.84 for EUR-GBP and 1.29 for GBP-USD.
Schedule of Unrealized Gain (Loss) on Derivatives in Other Comprehensive Income
The following table summarizes the amount of unrealized gain (loss) on derivatives and foreign currency translation adjustments in other comprehensive income (in thousands):
Three months ended March 31,
Derivatives in Cash Flow Hedging Relationships20252024
Interest rate swaps$(7,364)$9,916 
Foreign currency forwards (13,182)(570)
Interest rate swaptions(406)1,717 
Total derivatives in cash flow hedging relationships$(20,952)$11,063 
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value$10,327 $(2,141)
Total derivatives in fair value hedging relationships$10,327 $(2,141)
Total unrealized (loss) gain on derivatives, net$(10,625)$8,922 
Derivatives and Non-derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment$(4,826)$4,873 
Foreign currency debt(4,127)— 
Total unrealized (loss) gain recorded in foreign currency translation adjustment$(8,953)$4,873 
Schedule 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 March 31,
Derivatives in Cash Flow Hedging Relationships
Location of Increase Recognized in Income
20252024
Interest rate swapsInterest$3,384 $8,932 
Foreign currency forwards
Foreign currency and derivative (loss) gain, net
1,318 2,111 
Interest rate swaptionsInterest104 (982)
Total derivatives in cash flow hedging relationships$4,806 $10,061 
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value
Foreign currency and derivative (loss) gain, net
$215 $461 
Total derivatives in fair value hedging relationships$215 $461 
Derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment (excluded component)
Foreign currency and derivative (loss) gain, net
$652 $869 
Total derivatives in net investment hedging relationships$652 $869 
Net increase to net income
$5,673 $11,391 
Schedule of Foreign Currency and Derivative Gain (Loss), Net
The following table details our foreign currency and derivative (loss) gain, net included in income (in thousands):
Three months ended March 31,
20252024
Realized foreign currency and derivative loss, net:
Loss on the settlement of undesignated derivatives$(23,404)$(15,265)
Gain on the settlement of designated derivatives reclassified from AOCI2,185 3,441 
Gain (loss) on the settlement of transactions with third parties3 (6)
Total realized foreign currency and derivative loss, net$(21,216)$(11,830)
Unrealized foreign currency and derivative (loss) gain, net:
(Loss) gain on the change in fair value of undesignated derivatives$(3,820)$2,138 
Gain on remeasurement of certain assets and liabilities22,491 13,738 
Total unrealized foreign currency and derivative gain, net$18,671 $15,876 
Total foreign currency and derivative (loss) gain, net$(2,545)$4,046