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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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 |  | June 30, 2025 |  | December 31, 2024 |  |  | June 30, 2025 |  | December 31, 2024
Interest rate swaps (4) | 8 |  | $ | 1,680.0 |  |  | $ | 2,180.0 | 3.32% | Aug 2025 - Aug 2027 | $ | 8.8 |  |  | $ | 24.3 |
Cross-currency swaps - Fair Value | 3 |  | 320.0 |  |  | 320.0 | (5) | Oct 2032 | (80.0) |  |  | (42.2) |
Cross-currency swaps - Net Investment | 3 |  | 280.0 |  |  | 280.0 | (6) | Oct 2032 | (70.6) |  |  | (37.6) |
Foreign currency forwards | 55 |  | 539.7 |  |  | 349.5 | (7) | Jul 2025 - Jul 2027 | (26.3) |  |  | 9.3 |
|  |  | $ | 2,819.7 |  |  | $ | 3,129.5 |  |  |  | $ | (168.1) |  |  | $ | (46.2) |
Derivatives not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Currency exchange swaps | 8 |  | $ | 2,314.1 |  |  | $ | 1,725.3 | (8) | Jul 2025 - Sep 2025 | $ | (9.3) |  |  | $ | 11.8 |
|  |  | $ | 2,314.1 |  |  | $ | 1,725.3 |  |  |  | $ | (9.3) |  |  | $ | 11.8 |
Total of all Derivatives | $ | 5,133.8 |  |  | $ | 4,854.8 |  |  |  | $ | (177.4) |  |  | $ | (34.4) |
(1)This column represents the number of instruments outstanding as of June 30, 2025. (2)Weighted average strike rate is calculated using the notional value as of June 30, 2025. (3)This column represents maturity dates for instruments outstanding as of June 30, 2025. (4)We have eight variable-to-fixed interest rate swaps on our term loans that are designated as cash flow hedges. (5)USD fixed rate of 5.625% and EUR weighted average fixed rate of 4.681%. (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 1.31. (8) Weighted average exchange rates of 0.85 for EUR-GBP, 1.36 for GBP-USD, 3.84 for USD-Polish Zloty ("PLN"), and 4.31 for EUR-PLN.
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 June 30, |  | Six months ended June 30,
Derivatives in Cash Flow Hedging Relationships | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest rate swaps | $ | (4,777) |  |  | $ | 1,929 |  |  | $ | (12,141) |  |  | $ | 11,845 |  |  |
Foreign currency forwards | (22,437) |  |  | 37 |  |  | (35,619) |  |  | (533) |  |  |
Interest rate swaptions (1) | (1,597) |  |  | (73) |  |  | (2,003) |  |  | 1,644 |  |  |
Total derivatives in cash flow hedging relationships | $ | (28,811) |  |  | $ | 1,893 |  |  | $ | (49,763) |  |  | $ | 12,956 |  |  |
Derivatives in Fair Value Hedging Relationships |  |  |  |  |  |  |  |  |
Cross-currency swaps - Fair Value | $ | (2,653) |  |  | $ | 5,431 |  |  | $ | 7,674 |  |  | $ | 3,290 |  |  |
Total derivatives in fair value hedging relationships | $ | (2,653) |  |  | $ | 5,431 |  |  | $ | 7,674 |  |  | $ | 3,290 |  |  |
Total unrealized (loss) gain on derivatives, net | $ | (31,464) |  |  | $ | 7,324 |  |  | $ | (42,089) |  |  | $ | 16,246 |  |  |
Derivatives and Non-derivatives in Net Investment Hedging Relationships |  |  |  |  |  |  |  |  |
Cross-currency swaps - Net Investment | $ | (29,161) |  |  | $ | 6,748 |  |  | $ | (33,987) |  |  | $ | 11,621 |  |  |
Foreign currency debt | (16,620) |  |  | — |  |  | (20,747) |  |  | — |  |  |
Total unrealized (loss) gain recorded in foreign currency translation adjustment | $ | (45,781) |  |  | $ | 6,748 |  |  | $ | (54,734) |  |  | $ | 11,621 |  |  |
(1) In March 2025, three swaption collars were executed and designated as cash flow hedges for the anticipated issuance of $600.0 million senior unsecured notes due 2035. These instruments were settled in April 2025 at a loss of $0.9 million. In May and June 2025, eight additional swaption collars were entered into and designated as cash flow hedges related to the planned offering of €650.0 million senior unsecured notes due 2031 and €650.0 million senior unsecured notes due 2035. These instruments were also settled at a loss of $0.9 million. Both losses were deferred in AOCI and will be recognized in interest expense over the terms of the respective notes.
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 June 30, |  | Six months ended June 30,
Derivatives in Cash Flow Hedging Relationships |  | Location of (Decrease) Recognized in Income | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Interest rate swaps |  | Interest | $ | 2,808 |  |  | $ | 8,588 |  |  | $ | 6,192 |  |  | $ | 17,520 |  |  |
Foreign currency forwards |  | Foreign currency and derivative (loss) gain, net | (7,040) |  |  | 1,569 |  |  | (5,722) |  |  | 3,680 |  |  |
Interest rate swaptions |  | Interest | 81 |  |  | 73 |  |  | 185 |  |  | (909) |  |  |
Total derivatives in cash flow hedging relationships |  |  | $ | (4,151) |  |  | $ | 10,230 |  |  | $ | 655 |  |  | $ | 20,291 |  |  |
Derivatives in Fair Value Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps - Fair Value |  | Foreign currency and derivative (loss) gain, net | $ | (344) |  |  | $ | 538 |  |  | $ | (129) |  |  | $ | 999 |  |  |
Total derivatives in fair value hedging relationships |  |  | $ | (344) |  |  | $ | 538 |  |  | $ | (129) |  |  | $ | 999 |  |  |
Derivatives in Net Investment Hedging Relationships |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps - Net Investment (excluded component) |  | Foreign currency and derivative (loss) gain, net | $ | 160 |  |  | $ | 938 |  |  | $ | 812 |  |  | $ | 1,807 |  |  |
Total derivatives in net investment hedging relationships |  |  | $ | 160 |  |  | $ | 938 |  |  | $ | 812 |  |  | $ | 1,807 |  |  |
Net (decrease) increase to net income |  |  | $ | (4,335) |  |  | $ | 11,706 |  |  | $ | 1,338 |  |  | $ | 23,097 |  |  |
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 June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Realized foreign currency and derivative loss, net: |  |  |  |  |  |  |  |  |
Loss on the settlement of undesignated derivatives | $ | (55,181) |  |  | $ | (5,119) |  |  | $ | (78,585) |  |  | $ | (20,384) |  |  |
(Loss) gain on the settlement of designated derivatives reclassified from AOCI | (6,476) |  |  | 3,045 |  |  | (4,291) |  |  | 6,486 |  |  |
Loss on the settlement of transactions with third parties | (505) |  |  | (9) |  |  | (502) |  |  | (15) |  |  |
Total realized foreign currency and derivative loss, net | $ | (62,162) |  |  | $ | (2,083) |  |  | $ | (83,378) |  |  | $ | (13,913) |  |  |
Unrealized foreign currency and derivative gain, net: |  |  |  |  |  |  |  |  |
(Loss) gain on the change in fair value of undesignated derivatives | $ | (9,301) |  |  | $ | 3,408 |  |  | $ | (13,121) |  |  | $ | 5,546 |  |  |
Gain (loss) on remeasurement of certain assets and liabilities | 67,075 |  |  | (814) |  |  | 89,566 |  |  | 12,924 |  |  |
Total unrealized foreign currency and derivative gain, net | $ | 57,774 |  |  | $ | 2,594 |  |  | $ | 76,445 |  |  | $ | 18,470 |  |  |
Total foreign currency and derivative (loss) gain, net | $ | (4,388) |  |  | $ | 511 |  |  | $ | (6,933) |  |  | $ | 4,557 |  |  |

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