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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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 InstrumentsJune 30, 2025December 31, 2024June 30, 2025December 31, 2024
Interest rate swaps (4)
8$1,680.0 $2,180.03.32%Aug 2025 - Aug 2027$8.8 $24.3 
Cross-currency swaps - Fair Value
3320.0 320.0(5)Oct 2032(80.0)(42.2)
Cross-currency swaps - Net Investment
3280.0 280.0(6)Oct 2032(70.6)(37.6)
Foreign currency forwards
55539.7 349.5(7)Jul 2025 - Jul 2027(26.3)9.3 
$2,819.7 $3,129.5 $(168.1)$(46.2)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps
8$2,314.1 $1,725.3(8)Jul 2025 - Sep 2025$(9.3)$11.8 
$2,314.1 $1,725.3 $(9.3)$11.8 
Total of all Derivatives$5,133.8 $4,854.8 $(177.4)$(34.4)
(1)This column represents the number of instruments outstanding as of June 30, 2025.
(2)Weighted average strike rate is calculated using the notional value as of June 30, 2025.
(3)This column represents maturity dates for instruments outstanding as of June 30, 2025.
(4)We have eight variable-to-fixed interest rate swaps on our term loans that are designated as cash flow hedges.
(5)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.681%.
(6)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.716%.
(7)Weighted average forward GBP-USD exchange rate of 1.31.
(8) Weighted average exchange rates of 0.85 for EUR-GBP, 1.36 for GBP-USD, 3.84 for USD-Polish Zloty ("PLN"), and 4.31 for EUR-PLN.
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
June 30,		Six months ended
 June 30,
Derivatives in Cash Flow Hedging Relationships2025202420252024
Interest rate swaps $(4,777)$1,929 $(12,141)$11,845 
Foreign currency forwards (22,437)37 (35,619)(533)
Interest rate swaptions (1)
(1,597)(73)(2,003)1,644 
Total derivatives in cash flow hedging relationships$(28,811)$1,893 $(49,763)$12,956 
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value$(2,653)$5,431 $7,674 $3,290 
Total derivatives in fair value hedging relationships$(2,653)$5,431 $7,674 $3,290 
Total unrealized (loss) gain on derivatives, net$(31,464)$7,324 $(42,089)$16,246 
Derivatives and Non-derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment$(29,161)$6,748 $(33,987)$11,621 
Foreign currency debt(16,620)— (20,747)— 
Total unrealized (loss) gain recorded in foreign currency translation adjustment$(45,781)$6,748 $(54,734)$11,621 
(1) In March 2025, three swaption collars were executed and designated as cash flow hedges for the anticipated issuance of $600.0 million senior unsecured notes due 2035. These instruments were settled in April 2025 at a loss of $0.9 million. In May and June 2025, eight additional swaption collars were entered into and designated as cash flow hedges related to the planned offering of €650.0 million senior unsecured notes due 2031 and €650.0 million senior unsecured notes due 2035. These instruments were also settled at a loss of $0.9 million. Both losses were deferred in AOCI and will be recognized in interest expense over the terms of the respective notes.
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
June 30,		Six months ended
 June 30,
Derivatives in Cash Flow Hedging Relationships
Location of (Decrease) Recognized in Income
2025202420252024
Interest rate swapsInterest$2,808 $8,588 $6,192 $17,520 
Foreign currency forwards
Foreign currency and derivative (loss) gain, net
(7,040)1,569 (5,722)3,680 
Interest rate swaptionsInterest81 73 185 (909)
Total derivatives in cash flow hedging relationships$(4,151)$10,230 $655 $20,291 
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value
Foreign currency and derivative (loss) gain, net
$(344)$538 $(129)$999 
Total derivatives in fair value hedging relationships$(344)$538 $(129)$999 
Derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment (excluded component)
Foreign currency and derivative (loss) gain, net
$160 $938 $812 $1,807 
Total derivatives in net investment hedging relationships$160 $938 $812 $1,807 
Net (decrease) increase to net income
$(4,335)$11,706 $1,338 $23,097 
Schedule of Foreign Currency and Derivative Gain (Loss), Net
The following table details our foreign currency and derivative (loss) gain, net included in income (in thousands):
Three months ended
June 30,		Six months ended
 June 30,
2025202420252024
Realized foreign currency and derivative loss, net:
Loss on the settlement of undesignated derivatives$(55,181)$(5,119)$(78,585)$(20,384)
(Loss) gain on the settlement of designated derivatives reclassified from AOCI(6,476)3,045 (4,291)6,486 
Loss on the settlement of transactions with third parties(505)(9)(502)(15)
Total realized foreign currency and derivative loss, net$(62,162)$(2,083)$(83,378)$(13,913)
Unrealized foreign currency and derivative gain, net:
(Loss) gain on the change in fair value of undesignated derivatives$(9,301)$3,408 $(13,121)$5,546 
Gain (loss) on remeasurement of certain assets and liabilities67,075 (814)89,566 12,924 
Total unrealized foreign currency and derivative gain, net$57,774 $2,594 $76,445 $18,470 
Total foreign currency and derivative (loss) gain, net$(4,388)$511 $(6,933)$4,557