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Derivative Instruments (Tables)
 12 Months Ended
Dec. 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 as of December 31, 2025 and 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 InstrumentsDecember 31, 2025December 31, 2024December 31, 2025December 31, 2024
Interest rate swaps (4)
10$2,105.0 $2,180.03.47%Jan 2026 - Jan 2028$5.1 $24.3 
Cross-currency swaps - Fair Value
8720.0 320.0(5)Feb 2029 - Oct 2032(81.0)(42.2)
Cross-currency swaps - Net Investment
3280.0 280.0(6)Oct 2032(66.1)(37.6)
Foreign currency forwards
54519.7 349.5(7)Jan 2026 - Jul 2027(8.7)9.3 
$3,624.7 $3,129.5 $(150.7)$(46.2)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps
5$2,972.8 $1,725.3 (8)Jan 2026$(47.0)$11.8 
$2,972.8 $1,725.3 $(47.0)$11.8 
Total of all Derivatives$6,597.5 $4,854.8 $(197.7)$(34.4)
(1)This column represents the number of instruments outstanding as of December 31, 2025.
(2)Weighted average strike rate is calculated using the notional value as of December 31, 2025.
(3)This column represents maturity dates for instruments outstanding as of December 31, 2025.
(4)During the year ended December 31, 2025, we entered into five variable-to-fixed interest rate swaps in connection with our GBP-denominated term loan maturing in 2028 and designated these derivatives as cash flow hedges of the underlying interest rate risk. In addition, five other variable-to-fixed interest rate swaps, which were assumed in connection with the Merger, continue to be designated as cash flow hedges of the related assumed term loans .
(5)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.520%.
(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 0.88 for EUR-GBP and 1.32 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):
Years ended December 31,
Derivatives in Cash Flow Hedging Relationships202520242023
Interest rate swaps $(15,627)$(5,575)$(11,171)
Foreign currency forwards (17,973)6,546 $(13,349)
Interest rate swaptions (1,955)1,471 $1,858 
Total derivatives in cash flow hedging relationships$(35,555)$2,442 $(22,662)
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value$10,404 $(5,224)$(14,602)
Total derivatives in fair value hedging relationships$10,404 $(5,224)$(14,602)
Total unrealized loss on derivatives, net$(25,151)$(2,782)$(37,264)
Derivatives and Non-derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment$(30,390)$13,569 $(4,272)
Foreign currency debt(9,369)2,315 $— 
Total unrealized (loss) gain recorded in foreign currency translation adjustment$(39,759)$15,884 $(4,272)
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):
Years ended December 31,
Derivatives in Cash Flow Hedging Relationships
Location of (Decrease) Increase Recognized in Income
202520242023
Interest rate swapsInterest$10,053 $31,385 $15,794 
Foreign currency forwards
Foreign currency and derivative (loss) gain, net
(12,542)3,831 4,251 
Interest rate swaptionsInterest296 (13)(6,859)
Total derivatives in cash flow hedging relationships$(2,193)$35,203 $13,186 
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value
Foreign currency and derivative (loss) gain, net
$(404)$1,806 $1,415 
Total derivatives in fair value hedging relationships$(404)$1,806 $1,415 
Derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment (excluded component)
Foreign currency and derivative (loss) gain, net
$1,873 $3,444 $62 
Total derivatives in net investment hedging relationships$1,873 $3,444 $62 
Net (decrease) increase to net income
$(724)$40,453 $14,663 
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):
Years ended December 31,
202520242023
Realized foreign currency and derivative (loss) gain, net:
(Loss) gain on the settlement of undesignated derivatives$12,142 $(33,053)$18,051 
(Loss) gain on the settlement of designated derivatives reclassified from AOCI(10,882)9,082 5,728 
Gain on the settlement of transactions with third parties3,492 1,498 583 
Total realized foreign currency and derivative (loss) gain, net$4,752 $(22,473)$24,362 
Unrealized foreign currency and derivative (loss) gain, net:
(Loss) gain on the change in fair value of undesignated derivatives$(63,430)$11,893 $(5,231)
Gain (loss) on remeasurement of certain assets and liabilities30,025 14,000 (32,545)
Total unrealized foreign currency and derivative (loss) gain, net$(33,405)$25,893 $(37,776)
Total foreign currency and derivative (loss) gain, net$(28,653)$3,420 $(13,414)