v3.25.4
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Our Derivative Instrument Assets and Liabilities
The following table provides details of the fair values of our derivative instrument assets and liabilities:
 December 31, 2025December 31, 2024
 Current (a)Long-term (a)TotalCurrent (a)Long-term (a)Total
 in millions
Assets — interest rate derivative contracts (b)$44.2 $28.2 $72.4 $81.3 $109.2 $190.5 
Liabilities (b):
Interest rate derivative contracts$7.2 $46.8 $54.0 $38.0 $8.5 $46.5 
Foreign currency forward contracts5.1 — 5.1 10.6 — 10.6 
Total$12.3 $46.8 $59.1 $48.6 $8.5 $57.1 
(a)Our current derivative assets, long-term derivative assets, current derivative liabilities and long-term derivative liabilities are included in other current assets, net, other assets, net, other accrued and current liabilities and other long-term liabilities, respectively, in our consolidated balance sheets.
(b)We consider credit risk relating to our nonperformance and the nonperformance of our counterparties in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 9) and are recorded in realized and unrealized gains or
losses on derivative instruments, net, in our consolidated statements of operations. For further information regarding our fair value measurements, see note 4.
Schedule of Realized and Unrealized Gains (Losses) on Derivative Instruments, Net
The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:
Year ended December 31,
 202520242023
 in millions
Interest rate and cross-currency derivative contracts$(63.4)$76.7 $27.3 
Foreign currency forward contracts and other(7.1)(7.6)(30.6)
Weather Derivatives50.5 13.0 (30.9)
Total$(20.0)$82.1 $(34.2)
Schedule of Classification of the Net Cash Inflows (Outflows) of Our Derivative Instruments
The following table sets forth the classification of the net cash inflows of our derivative instruments:
 Year ended December 31,
 202520242023
 in millions
Operating activities (a)$81.7 $94.2 $35.6 
Investing activities(1.9)(1.3)— 
Financing activities18.8 43.2 9.8 
Total$98.6 $136.1 $45.4 
(a)The 2025 amount primarily relates to (i) $81 million in net proceeds in connection with the settlement of certain Hurricane Melissa claims under our Weather Derivatives and (ii) cash outflow of $6 million related to the Liberty Puerto Rico cash-settlement of all outstanding interest rate derivative instruments. The 2024 amount primarily includes $44 million of net proceeds in connection with the settlement of certain Hurricane Beryl claims under our Weather Derivatives.