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Derivatives | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives Interest-Rate Derivatives Outstanding Derivatives The following tables detail our outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2024. There were no derivative instruments outstanding as of September 30, 2025.
($ In thousands) |  | December 31, 2024
Instrument |  | Number of Instruments |  | Fixed Rate |  | Notional |  | Index |  | Maturity
Forward-starting interest rate swap |  | 4 |  | 3.5880% |  | $ | 200,000 |  |  | USD-SOFR-OIS COMPOUND |  | March 27, 2035
Settled Derivatives We have entered into, and subsequently settled, the following forward-starting interest rate swap agreements and U.S. Treasury Rate Lock agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance of the respective senior unsecured notes. In each case, the derivatives were designated as cash-flow hedges and, accordingly, the unrealized gain in Accumulated other comprehensive income is amortized over the term of the respective derivative instruments, which matches that of the underlying note, as a reduction in interest expense.
($ In thousands) |  |  |  |  |  |  |  |  |  |
Notes Offering |  | Settlement Period |  | Instrument |  | Number of Instruments |  | Notional Amount |  | Total Net Proceeds/(Payments)
April 2025 Notes |  | March 2025 |  | Forward-starting interest rate swap |  | 12 |  | $ | 600,000 |  |  | $ | 192 |
April 2025 Notes |  | March 2025 |  | U.S. Treasury Rate Lock |  | 3 |  | 150,000 |  |  | 1,575 |
December 2024 Notes |  | December 2024 |  | Forward-starting interest rate swap |  | 7 |  | 350,000 |  |  | 7,173 |
December 2024 Notes |  | December 2024 |  | U.S. Treasury Rate Lock |  | 5 |  | 300,000 |  |  | (398) |
March 2024 Notes |  | March 2024 |  | Forward-starting interest rate swap |  | 7 |  | 500,000 |  |  | 2,543 |
April 2022 Notes |  | April 2022 |  | Forward-starting interest rate swap |  | 5 |  | 2,500,000 |  |  | 202,289 |
April 2022 Notes |  | April 2022 |  | U.S. Treasury Rate Lock |  | 2 |  | 500,000 |  |  | 4,549 |
The following table presents the effect of our forward-starting derivative financial instruments on our Statement of Operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Unrealized (loss) gain recorded in other comprehensive income | $ | — |  |  | $ | (2,714) |  |  | $ | (5,949) |  |  | $ | 9,768 |
Reduction in interest expense related to the amortization of the forward-starting interest rate swaps and treasury locks | (6,389) |  |  | (6,100) |  |  | (19,120) |  |  | (18,530) |
Net Investment Hedges In connection with our foreign transactions in Canada and the United Kingdom, we currently have C$175.0 million and £16.5 million, respectively, outstanding on the Revolving Credit Facility, which funds were used to reduce the impact of exchange rate variations associated with our investments, and, accordingly, have been designated as a hedge of the net investment in such entities. As non-derivative net investment hedges, the impact of changes in foreign currency exchange rates on the principal balances are recognized as a cumulative translation adjustment within accumulated other comprehensive income. For the three and nine months ended September 30, 2025, we recognized $3.3 million in unrealized gains and $5.7 million in unrealized losses, respectively, related to such net investment hedges, and for the three and nine months ended September 30, 2024, we recognized $2.4 million in unrealized losses and $2.4 million in unrealized gains, respectively, related to such net investment hedges, which were recorded as a component of Foreign currency translation adjustments in the Statement of Operations.

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