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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
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 December 31, 2023 and 2022 (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 Instruments | December 31, 2023 |  | December 31, 2022 |  |  | December 31, 2023 |  | December 31, 2022
Interest rate swaps | 9 |  | $ | 1,630.0 |  |  | $ | 250.0 | 4.26% | Jan 2024 - Jan 2026 | $ | 0.3 |  |  | $ | 5.6 |
Interest rate swaptions | 6 |  | 1,000.0 |  |  | — |  | (4) | Feb 2034 | 2.6 |  |  | — |
Cross-currency swaps - Fair Value (5) | 3 |  | 320.0 |  |  | 320.0 | (6) | Oct 2032 | (59.8) |  |  | (33.3) |
Cross-currency swaps - Net Investment (5) | 3 |  | 280.0 |  |  | — | (7) | Oct 2032 | (53.2) |  |  | — |
Foreign currency forwards | 22 |  | 162.3 |  |  | 185.5 | (8) | Jan 2024 - Dec 2024 | 2.7 |  |  | 16.1 |
|  |  | $ | 3,392.3 |  |  | $ | 755.5 |  |  |  | $ | (107.4) |  |  | $ | (11.6) |
Derivatives not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Currency exchange swaps | 4 |  | $ | 1,810.6 |  |  | $ | 2,427.7 | (9) | Jan 2024 - Feb 2024 | $ | 8.9 |  |  | $ | 58.8 |
Cross-currency swaps (5) | 0 |  | — |  |  | 280.0 | —% | Oct 2032 | — |  |  | (29.5) |
|  |  | $ | 1,810.6 |  |  | $ | 2,707.7 |  |  |  | $ | 8.9 |  |  | $ | 29.3 |
Total of all Derivatives | $ | 5,202.9 |  |  | $ | 3,463.2 |  |  |  | $ | (98.5) |  |  | $ | 17.7 |
(1)This column represents the number of instruments outstanding as of December 31, 2023. (2)Weighted average strike rate is calculated using the notional value as of December 31, 2023. (3)This column represents maturity dates for instruments outstanding as of December 31, 2023. (4)Represent purchased payer swaptions with a strike rate of 3.75% and sold payer swaptions with a strike rate of 4.25%. (5)In October 2022, we entered into six cross-currency swaps to exchange €612 million for $600 million maturing in October 2032. We redesignated $280 million of three cross-currency swaps as net investment hedges in December 2023. (6)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.681%. (7)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.716%. (8)Weighted average forward GBP-USD exchange rate of 1.30. (9)Weighted average exchange rates of 1.27 for GBP-USD and 0.86 for EUR-GBP.
Schedule of Gain (Loss) Recognized 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 Relationships |  |  |  |  | 2023 |  | 2022 |  | 2021
Cross-currency swaps |  |  |  |  | $ | — |  |  | $ | (5,091) |  |  | $ | 8,232 |
Interest rate swaps |  |  |  |  | (11,171) |  |  | 98,310 |  |  | 34,659 |
Foreign currency forwards |  |  |  |  | (13,349) |  |  | 8,540 |  |  | 7,557 |
Interest rate swaptions |  |  |  |  | 1,857 |  |  | — |  |  | — |
Total derivatives in cash flow hedging relationships |  |  |  |  | $ | (22,663) |  |  | $ | 101,759 |  |  | $ | 50,448 |
Derivatives in Fair Value Hedging Relationships |  |  |  |  |  |  |  |  |
Cross-currency swaps - Fair Value |  |  |  |  | $ | (14,602) |  |  | $ | (4,705) |  |  | $ | — |
Total derivatives in fair value hedging relationships |  |  |  |  | $ | (14,602) |  |  | $ | (4,705) |  |  | $ | — |
Total unrealized (loss) gain on derivatives, net |  |  |  |  | $ | (37,265) |  |  | $ | 97,054 |  |  | $ | 50,448 |
Derivatives in Net Investment Hedging Relationships |  |  |  |  |  |  |  |  |
Cross-currency swaps - Net Investment |  |  |  |  | $ | (4,272) |  |  | $ | — |  |  | $ | — |
Total unrealized loss recorded in foreign currency translation adjustment |  |  |  |  | $ | (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 Gain (Loss) Recognized in Income |  |  |  |  | 2023 |  | 2022 |  | 2021
Cross-currency swaps |  | Foreign currency and derivative (loss) gain, net |  |  |  |  | $ | — |  |  | $ | 30,814 |  |  | $ | 3,541 |
Interest rate swaps |  | Interest expense |  |  |  |  | 15,794 |  |  | (4,487) |  |  | (10,343) |
Foreign currency forwards |  | Foreign currency and derivative (loss) gain, net |  |  |  |  | 4,251 |  |  | 2,139 |  |  | — |
Interest rate swaptions |  | Interest expense |  |  |  |  | (6,859) |  |  | — |  |  | — |
Total derivatives in cash flow hedging relationships |  |  |  |  |  |  | $ | 13,186 |  |  | $ | 28,466 |  |  | $ | (6,802) |
Derivatives in Fair Value Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps - Fair Value |  | Foreign currency and derivative (loss) gain, net |  |  |  |  | $ | 1,415 |  |  | $ | (29,708) |  |  | $ | — |
Total derivatives in fair value hedging relationships |  |  |  |  |  |  | $ | 1,415 |  |  | $ | (29,708) |  |  | $ | — |
Derivatives in Net Investment Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps - Net Investment |  | Foreign currency and derivative (loss) gain, net |  |  |  |  | $ | 62 |  |  | $ | — |  |  | $ | — |
Total derivatives in net investment hedging relationships |  |  |  |  |  |  | $ | 62 |  |  | $ | — |  |  | $ | — |
Net increase (decrease) to net income |  |  |  |  |  |  | $ | 14,663 |  |  | $ | (1,242) |  |  | $ | (6,802) |
Schedule of Foreign Currency and Derivative (Loss) Gain | The following table details our foreign currency and derivative gains (losses), net included in income (in thousands):
|  |  | Years ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Realized foreign currency and derivative gain (loss), net: |  |  |  |  |  |  |  |  |
Gain on the settlement of undesignated derivatives |  |  |  |  | $ | 18,051 |  |  | $ | 204,392 |  |  | $ | 24,392 |
Gain on the settlement of designated derivatives reclassified from AOCI |  |  |  |  | 5,728 |  |  | 3,245 |  |  | 3,541 |
Gain (loss) on the settlement of transactions with third parties |  |  |  |  | 583 |  |  | (553) |  |  | (134) |
Total realized foreign currency and derivative gain, net |  |  |  |  | $ | 24,362 |  |  | $ | 207,084 |  |  | $ | 27,799 |
Unrealized foreign currency and derivative gain (loss), net: |  |  |  |  |  |  |  |  |
(Loss) gain on the change in fair value of undesignated derivatives |  |  |  |  | $ | (5,231) |  |  | $ | 29,316 |  |  | $ | (14,714) |
Loss on remeasurement of certain assets and liabilities |  |  |  |  | (32,545) |  |  | (249,711) |  |  | (12,375) |
Total unrealized foreign currency and derivative loss, net |  |  |  |  | $ | (37,776) |  |  | $ | (220,395) |  |  | $ | (27,089) |
Total foreign currency and derivative (loss) gain, net |  |  |  |  | $ | (13,414) |  |  | $ | (13,311) |  |  | $ | 710 |

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