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v3.25.1

Derivative Instruments (Tables) | 3 Months Ended
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Mar. 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 at March 31, 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 Instruments | March 31, 2025 |  | December 31, 2024 |  |  | March 31, 2025 |  | December 31, 2024
Interest rate swaps (4) | 10 |  | $ | 2,180.0 |  |  | $ | 2,180.0 | 3.40% | Jun 2025 - Aug 2027 | $ | 15.0 |  |  | $ | 24.3 |
Interest rate swaptions (5) | 3 |  | 250.0 |  |  | — |  | (6) | Apr 2035 | (0.3) |  |  | — |
Cross-currency swaps - Fair Value | 3 |  | 320.0 |  |  | 320.0 | (7) | Oct 2032 | (47.1) |  |  | (42.2) |
Cross-currency swaps - Net Investment | 3 |  | 280.0 |  |  | 280.0 | (8) | Oct 2032 | (42.0) |  |  | (37.6) |
Foreign currency forwards | 34 |  | 436.8 |  |  | 349.5 | (9) | Apr 2025 - Oct 2026 | (3.9) |  |  | 9.3 |
|  |  | $ | 3,466.8 |  |  | $ | 3,129.5 |  |  |  | $ | (78.3) |  |  | $ | (46.2) |
Derivatives not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Currency exchange swaps | 5 |  | $ | 2,162.6 |  |  | $ | 1,725.3 | (10) | Apr 2025 | $ | (3.8) |  |  | $ | 11.8 |
|  |  | $ | 2,162.6 |  |  | $ | 1,725.3 |  |  |  | $ | (3.8) |  |  | $ | 11.8 |
Total of all Derivatives | $ | 5,629.4 |  |  | $ | 4,854.8 |  |  |  | $ | (82.1) |  |  | $ | (34.4) |
(1)This column represents the number of instruments outstanding as of March 31, 2025. (2)Weighted average strike rate is calculated using the notional value as of March 31, 2025. (3)This column represents maturity dates for instruments outstanding as of March 31, 2025. (4)We have ten variable-to-fixed interest rate swaps on our term loans that are designated as cash flow hedges. (5)In March 2025, we executed three swaption collars to mitigate the risk associated with interest rate volatility for an anticipated issuance of USD-denominated bonds. In April 2025, these hedging instruments were terminated early upon the pricing of the April 2035 Notes, as discussed in note 21, Subsequent Events. (6)Weighted average fixed rate of 3.962% for purchased payer swaptions and 3.662% for sold receiver swaptions. (7)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.681%. (8)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.716%. (9)Weighted average forward GBP-USD exchange rate of 1.28. (10) Weighted average exchange rates of 0.84 for EUR-GBP and 1.29 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):
| Three months ended March 31, |  |
Derivatives in Cash Flow Hedging Relationships | 2025 |  | 2024 |  |  |  |  |  |
Interest rate swaps | $ | (7,364) |  |  | $ | 9,916 |  |  |  |  |  |  |
Foreign currency forwards | (13,182) |  |  | (570) |  |  |  |  |  |  |
Interest rate swaptions | (406) |  |  | 1,717 |  |  |  |  |  |  |
Total derivatives in cash flow hedging relationships | $ | (20,952) |  |  | $ | 11,063 |  |  |  |  |  |  |
Derivatives in Fair Value Hedging Relationships |  |  |  |  |  |  |  |  |
Cross-currency swaps - Fair Value | $ | 10,327 |  |  | $ | (2,141) |  |  |  |  |  |  |
Total derivatives in fair value hedging relationships | $ | 10,327 |  |  | $ | (2,141) |  |  |  |  |  |  |
Total unrealized (loss) gain on derivatives, net | $ | (10,625) |  |  | $ | 8,922 |  |  |  |  |  |  |
Derivatives and Non-derivatives in Net Investment Hedging Relationships |  |  |  |  |  |  |  |  |
Cross-currency swaps - Net Investment | $ | (4,826) |  |  | $ | 4,873 |  |  |  |  |  |  |
Foreign currency debt | (4,127) |  |  | — |  |  |  |  |  |  |
Total unrealized (loss) gain recorded in foreign currency translation adjustment | $ | (8,953) |  |  | $ | 4,873 |  |  |  |  |  |  |
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 Increase Recognized in Income | 2025 |  | 2024 |  |  |  |  |  |
Interest rate swaps |  | Interest | $ | 3,384 |  |  | $ | 8,932 |  |  |  |  |  |  |
Foreign currency forwards |  | Foreign currency and derivative (loss) gain, net | 1,318 |  |  | 2,111 |  |  |  |  |  |  |
Interest rate swaptions |  | Interest | 104 |  |  | (982) |  |  |  |  |  |  |
Total derivatives in cash flow hedging relationships |  |  | $ | 4,806 |  |  | $ | 10,061 |  |  |  |  |  |  |
Derivatives in Fair Value Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps - Fair Value |  | Foreign currency and derivative (loss) gain, net | $ | 215 |  |  | $ | 461 |  |  |  |  |  |  |
Total derivatives in fair value hedging relationships |  |  | $ | 215 |  |  | $ | 461 |  |  |  |  |  |  |
Derivatives in Net Investment Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps - Net Investment (excluded component) |  | Foreign currency and derivative (loss) gain, net | $ | 652 |  |  | $ | 869 |  |  |  |  |  |  |
Total derivatives in net investment hedging relationships |  |  | $ | 652 |  |  | $ | 869 |  |  |  |  |  |  |
Net increase to net income |  |  | $ | 5,673 |  |  | $ | 11,391 |  |  |  |  |  |  |
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 March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Realized foreign currency and derivative loss, net: |  |  |  |  |  |  |  |  |
Loss on the settlement of undesignated derivatives | $ | (23,404) |  |  | $ | (15,265) |  |  |  |  |  |  |
Gain on the settlement of designated derivatives reclassified from AOCI | 2,185 |  |  | 3,441 |  |  |  |  |  |  |
Gain (loss) on the settlement of transactions with third parties | 3 |  |  | (6) |  |  |  |  |  |  |
Total realized foreign currency and derivative loss, net | $ | (21,216) |  |  | $ | (11,830) |  |  |  |  |  |  |
Unrealized foreign currency and derivative (loss) gain, net: |  |  |  |  |  |  |  |  |
(Loss) gain on the change in fair value of undesignated derivatives | $ | (3,820) |  |  | $ | 2,138 |  |  |  |  |  |  |
Gain on remeasurement of certain assets and liabilities | 22,491 |  |  | 13,738 |  |  |  |  |  |  |
Total unrealized foreign currency and derivative gain, net | $ | 18,671 |  |  | $ | 15,876 |  |  |  |  |  |  |
Total foreign currency and derivative (loss) gain, net | $ | (2,545) |  |  | $ | 4,046 |  |  |  |  |  |  |

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