v3.26.1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 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):
 June 30, 2026December 31, 2025
Derivatives designated as net investment hedges:
Denominated in Canadian DollarsC$7,051,059 C$5,702,699 
Denominated in Pounds Sterling£8,850,708 £8,830,708 
Financial instruments designated as net investment hedges:
Denominated in Canadian DollarsC$— C$250,000 
Denominated in Pounds Sterling£— £1,050,000 
Derivatives designated as fair value hedges:
     Denominated in Pounds Sterling£1,050,000 £— 
Interest rate swaps and caps designated as cash flow hedges:
Denominated in Canadian Dollars (1)
C$74,188 C$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 DollarsC$2,827,565 C$2,827,565 
(1) At June 30, 2026, the maximum maturity date was July 25, 2033.
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 June 30,
Six Months Ended
June 30,
DescriptionLocation2026202520262025
Gain (loss) on derivative instruments designated as hedges recognized in incomeInterest expense$30,263 $15,669 $28,140 $26,560 
Gain (loss) on derivative instruments not designated as hedges recognized in incomeInterest expense(69,642)(3,158)(98,294)(3,683)
Gain (loss) on equity warrants recognized in incomeGain (loss) on derivatives and financial instruments, net— 409 — 3,619 
Gain (loss) on derivative and financial instruments designated as hedges recognized in OCIOCI(69,956)(413,839)252,075 (532,130)