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Derivative Instruments (Tables)
 9 Months Ended
Sep. 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 as of September 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 InstrumentsSeptember 30, 2025December 31, 2024September 30, 2025December 31, 2024
Interest rate swaps (4)
7$1,380.0 $2,180.03.46%Jan 2026 - Aug 2027$7.1 $24.3 
Cross-currency swaps - Fair Value
3320.0 320.0(5)Oct 2032(77.2)(42.2)
Cross-currency swaps - Net Investment
3280.0 280.0(6)Oct 2032(68.4)(37.6)
Foreign currency forwards
54484.8 349.5(7)Oct 2025 - Jul 2027(9.1)9.3 
$2,464.8 $3,129.5 $(147.6)$(46.2)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps
8$2,984.5 $1,725.3(8)Oct 2025 - Dec 2025$25.5 $11.8 
Cross-currency swaps
5400.0 –(9)Feb 2029$(0.3)$— 
$3,384.5 $1,725.3 $25.2 $11.8 
Total of all Derivatives$5,849.3 $4,854.8 $(122.4)$(34.4)
(1)This column represents the number of instruments outstanding as of September 30, 2025.
(2)Weighted average strike rate is calculated using the notional value as of September 30, 2025.
(3)This column represents maturity dates for instruments outstanding as of September 30, 2025.
(4)We have seven 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 1.32.
(8) Weighted average exchange rates of 0.87 for EUR-GBP, 1.36 for GBP-USD, and 4.29 for EUR-Polish Zloty.
(9) USD fixed rate of 3.950% and GBP weighted average fixed rate of 4.392%.
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
September 30,		Nine months ended
 September 30,
Derivatives in Cash Flow Hedging Relationships2025202420252024
Interest rate swaps $(1,172)$(30,051)$(13,313)$(18,206)
Foreign currency forwards 17,226 (17,414)(18,393)(17,947)
Interest rate swaptions 108 640 (1,895)2,284 
Total derivatives in cash flow hedging relationships$16,162 $(46,825)$(33,601)$(33,869)
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value$2,331 $351 $10,005 $3,641 
Total derivatives in fair value hedging relationships$2,331 $351 $10,005 $3,641 
Total unrealized gain (loss) on derivatives, net$18,493 $(46,474)$(23,596)$(30,228)
Derivatives and Non-derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment$1,748 $(12,715)$(32,239)$(1,094)
Foreign currency debt219 (2,232)(20,528)(2,232)
Total unrealized loss recorded in foreign currency translation adjustment$1,967 $(14,947)$(52,767)$(3,326)
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
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 September 30,
Derivatives in Cash Flow Hedging Relationships
Location of (Decrease) Increase Recognized in Income
2025202420252024
Interest rate swapsInterest$2,262 $8,316 $8,454 $25,836 
Foreign currency forwards
Foreign currency and derivative (loss) gain, net
(4,758)739 (10,480)4,419 
Interest rate swaptionsInterest51 82 236 (827)
Total derivatives in cash flow hedging relationships$(2,445)$9,137 $(1,790)$29,428 
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value
Foreign currency and derivative (loss) gain, net
$22 $98 $(107)$1,097 
Total derivatives in fair value hedging relationships$22 $98 $(107)$1,097 
Derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment (excluded component)
Foreign currency and derivative (loss) gain, net
$482 $549 $1,294 $2,356 
Total derivatives in net investment hedging relationships$482 $549 $1,294 $2,356 
Net (decrease) increase to net income
$(1,941)$9,784 $(603)$32,881 
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
September 30,		Nine months ended
 September 30,
2025202420252024
Realized foreign currency and derivative gain (loss), net:
Gain (loss) on the settlement of undesignated derivatives$11,138 $(34,164)$(67,447)$(54,548)
(Loss) gain on the settlement of designated derivatives reclassified from AOCI(4,759)1,386 (9,050)7,872 
Gain (loss) on the settlement of transactions with third parties3,310 (18)2,808 (33)
Total realized foreign currency and derivative gain (loss), net$9,689 $(32,796)$(73,689)$(46,709)
Unrealized foreign currency and derivative (loss) gain, net:
Gain (loss) on the change in fair value of undesignated derivatives$26,523 $(28,915)$13,402 $(23,369)
(Loss) gain on remeasurement of certain assets and liabilities(39,030)60,039 50,536 72,963 
Total unrealized foreign currency and derivative (loss) gain, net$(12,507)$31,124 $63,938 $49,594 
Total foreign currency and derivative (loss) gain, net$(2,818)$(1,672)$(9,751)$2,885