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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025 (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, 2026December 31, 2025March 31, 2026December 31, 2025
Interest rate swaps (4)
7$1,400.0 $2,105.03.13%Aug 2027 - Jan 2028$22.2 $5.1 
Cross-currency swaps - Fair Value
111,220.0 720.0(5)Feb 2029 - Jan 2036(64.8)(81.0)
Cross-currency swaps - Net Investment
3280.0 280.0(6)Oct 2032(55.7)(66.1)
Foreign currency forwards
65708.2 519.7(7)Apr 2026 - Dec 202814.6 (8.7)
$3,608.2 $3,624.7 $(83.7)$(150.7)
Derivatives not Designated as Hedging Instruments
Currency exchange swaps
7$3,789.9 $2,972.8 (8)Apr 2026$23.5 $(47.0)
Cross-currency swaps - Mark to Market
4500.0 — (9)Apr 2033(4.5)— 
$4,289.9 $2,972.8 $19.0 $(47.0)
Total of all Derivatives$7,898.1 $6,597.5 $(64.7)$(197.7)
(1)This column represents the number of instruments outstanding as of March 31, 2026.
(2)Weighted average strike rate is calculated using the notional value as of March 31, 2026.
(3)This column represents maturity dates for instruments outstanding as of March 31, 2026.
(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, two 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 4.681%. USD fixed rate of 3.950% and GBP weighted average fixed rate of 4.392%. USD fixed rate of 4.910% and EUR weighted average fixed rate of 4.122%.
(6)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.716%.
(7)Weighted average exchange rates of 1.34 for GBP-USD and 1.21 EUR-USD.
(8) Weighted average exchange rates of 0.87 for EUR-GBP and 1.33 for GBP-USD.
(9) USD fixed rate of 4.750% and EUR weighted average fixed rate of 3.806%.
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 Relationships20262025
Interest rate swaps $16,836 $(7,364)
Foreign currency forwards 23,246 (13,182)
Interest rate swaptions (210)(406)
Total derivatives in cash flow hedging relationships$39,872 $(20,952)
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value$8,460 $10,327 
Total derivatives in fair value hedging relationships$8,460 $10,327 
Total unrealized gain (loss) on derivatives, net$48,332 $(10,625)
Derivatives and Non-derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment$9,888 $(4,826)
Foreign currency debt11,126 (4,127)
Total unrealized gain (loss) recorded in foreign currency translation adjustment$21,014 $(8,953)
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 (Decrease) Increase Recognized in Income
20262025
Interest rate swapsInterest$2,400 $3,384 
Foreign currency forwards
Foreign currency and derivative loss, net
(8,432)1,318 
Interest rate swaptionsInterest60 104 
Total derivatives in cash flow hedging relationships$(5,972)$4,806 
Derivatives in Fair Value Hedging Relationships
Cross-currency swaps - Fair Value
Foreign currency and derivative loss, net
$(122)$215 
Total derivatives in fair value hedging relationships$(122)$215 
Derivatives in Net Investment Hedging Relationships
Cross-currency swaps - Net Investment (excluded component)
Foreign currency and derivative loss, net
$628 $652 
Total derivatives in net investment hedging relationships$628 $652 
Net (decrease) increase to net income
$(5,466)$5,673 
Schedule of Foreign Currency and Derivative Gain (Loss), Net
The following table details our foreign currency and derivative loss, net included in income (in thousands):
Three months ended March 31,
20262025
Realized foreign currency and derivative loss, net:
(Loss) gain on the settlement of undesignated derivatives$(25,407)$(23,404)
(Loss) gain on the settlement of designated derivatives reclassified from AOCI(8,432)2,185 
(Loss) gain on the settlement of transactions with third parties(3,656)3 
Total realized foreign currency and derivative loss, net$(37,495)$(21,216)
Unrealized foreign currency and derivative loss, net:
Gain (loss) on the change in fair value of undesignated derivatives$54,139 $(3,820)
(Loss) gain on remeasurement of certain assets and liabilities(33,664)22,491 
Total unrealized foreign currency and derivative gain, net$20,475 $18,671 
Total foreign currency and derivative loss, net$(17,020)$(2,545)