XML 48 R37.htm IDEA: XBRL DOCUMENT v3.26.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notional Amount of Derivatives and Other Financial Instruments
The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands):
 March 31, 2026December 31, 2025
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars$6,251,059 $5,702,699 
Denominated in Pounds Sterling£8,830,708 £8,830,708 
Financial instruments designated as net investment hedges:
Denominated in Canadian Dollars$— $250,000 
Denominated in Pounds Sterling£500,000 £1,050,000 
Derivatives designated as fair value hedges:
     Denominated in Pounds Sterling£550,000 £— 
Interest rate swaps and caps designated as cash flow hedges:
Denominated in Canadian Dollars (1)
$32,000 $32,000 
Interest rate swaps designated as fair value hedges:
Denominated in U.S. Dollars$550,000 $550,000 
Derivative instruments not designated:
Foreign currency exchange contracts denominated in Canadian Dollars$2,827,565 $2,827,565 
(1) At March 31, 2026, the maximum maturity date was May 19, 2027.
Summary of Impact of Derivative Instruments on the Consolidated Statements of Comprehensive Income
The following presents the impact of derivative instruments on the Consolidated Statements of Comprehensive Income for the periods presented (in thousands):
Three Months Ended March 31,
DescriptionLocation20262025
Gain (loss) on derivative instruments designated as hedges recognized in incomeInterest expense$(2,123)$10,891 
Gain (loss) on derivative instruments not designated as hedges recognized in incomeInterest expense$(28,652)$(525)
Gain (loss) on equity warrants recognized in incomeGain (loss) on derivatives and financial instruments, net$— $3,210 
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCIOCI$322,031 $(118,291)