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Derivative Financial Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Foreign Currency Cash Flow Hedges | The net notional amounts of the Company’s outstanding derivative instruments were as follows:
| As of
| June 30, 2024 |  | December 31, 2023
| (in thousands)
Derivatives designated as hedging instruments: |  |  |
Foreign exchange contracts |  |  |
Cash flow hedges | $ | 9,549,472 |  |  | $ | 8,783,273 |
Derivatives not designated as hedging instruments: |  |  |
Foreign exchange contracts | 808,357 |  |  | — |
Total | $ | 10,357,829 |  |  | $ | 8,783,273 |
Schedule of Fair Value of Derivative Contracts | The fair value of the Company’s outstanding derivative instruments was as follows:
| As of June 30, 2024
| Derivative Assets |  | Derivative Liabilities
| Other current assets |  | Other non-current assets |  | Accrued expenses and other liabilities |  | Other non-current liabilities
| (in thousands)
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 197,119 |  |  | $ | 41,085 |  |  | $ | 26,586 |  |  | $ | 3,176 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | 2,625 |  |  | — |  |  | 2,371 |  |  | — |
Total | $ | 199,744 |  |  | $ | 41,085 |  |  | $ | 28,957 |  |  | $ | 3,176 |
| As of December 31, 2023
| Derivative Assets |  | Derivative Liabilities
| Other current assets |  | Other non-current assets |  | Accrued expenses and other liabilities |  | Other non-current liabilities
| (in thousands)
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | $ | 26,416 |  |  | $ | 4,518 |  |  | $ | 140,089 |  |  | $ | 46,575 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | — |  |  | — |  |  | — |  |  | — |
Total | $ | 26,416 |  |  | $ | 4,518 |  |  | $ | 140,089 |  |  | $ | 46,575 |
Schedule of Offsetting Derivative Assets and Liabilities | The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:
| As of June 30, 2024
|  |  |  |  |  |  | Gross Amount Not Offset in the Consolidated Balance Sheets |  |
| Gross Amount Recognized in the Consolidated Balance Sheets |  | Gross Amount Offset in the Consolidated Balance Sheets |  | Net Amount Presented in the Consolidated Balance Sheets |  | Financial Instruments |  | Collateral Received and Posted |  | Net Amount
| (in thousands)
Derivative assets | $ | 240,829 |  |  | $ | — |  |  | $ | 240,829 |  |  | $ | (32,133) |  |  | $ | — |  |  | $ | 208,696 |
Derivative liabilities | 32,133 |  |  | — |  |  | 32,133 |  |  | (32,133) |  |  | — |  |  | — |
| As of December 31, 2023
|  |  |  |  |  |  | Gross Amount Not Offset in the Consolidated Balance Sheets |  |
| Gross Amount Recognized in the Consolidated Balance Sheets |  | Gross Amount Offset in the Consolidated Balance Sheets |  | Net Amount Presented in the Consolidated Balance Sheets |  | Financial Instruments |  | Collateral Received and Posted |  | Net Amount
| (in thousands)
Derivative assets | $ | 30,934 |  |  | $ | — |  |  | $ | 30,934 |  |  | $ | (27,246) |  |  | $ | — |  |  | $ | 3,688 |
Derivative liabilities | 186,664 |  |  | — |  |  | 186,664 |  |  | (27,246) |  |  | — |  |  | 159,418 |
Schedule of Gains (Losses) on Cash Flow Hedges Recognized in AOCI | The pre-tax gains (losses) on the Company’s cash flow hedges and net investment hedges recognized in AOCI were as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
| (in thousands)
Cash flow hedges: |  |  |  |  |  |  |
Foreign exchange contracts (1) |  |  |  |  |  |  |
Amount included in the assessment of effectiveness | $ | 160,544 |  |  | $ | — |  |  | $ | 389,688 |  |  | $ | — |
Net investment hedges: |  |  |  |  |  |  |
Foreign currency-denominated debt | (3,400) |  |  | — |  |  | (3,400) |  |  | — |
Total | $ | 157,144 |  |  | $ | — |  |  | $ | 386,288 |  |  | $ | — |
(1) No amounts were excluded from the assessment of effectiveness.
Schedule of Gains (Losses) on Derivative Instruments Recognized in the Consolidated Statement of Operations | The gains on derivative instruments recognized in the Consolidated Statement of Operations were as follows:
| Three Months Ended
| June 30, 2024
| Revenues |  | Cost of Revenues |  | Interest and other income (expense)
| (in thousands)
Total amounts presented in the Consolidated Statements of Operations | $ | 9,559,310 |  |  | $ | 5,174,143 |  |  | $ | 79,005 |
Gains on derivatives in cash flow hedging relationship |  |  |  |  |
Foreign exchange contracts |  |  |  |  |
Amount of gains reclassified from AOCI | 33,301 |  |  | 73 |  |  | — |
Gains on derivatives not designated as hedging instruments |  |  |  |  |
Foreign exchange contracts | — |  |  | — |  |  | 9,797 |
| Six Months Ended
| June 30, 2024
| Revenues |  | Cost of Revenues |  | Interest and other income (expense)
| (in thousands)
Total amounts presented in the Consolidated Statements of Operations | $ | 18,929,750 |  |  | $ | 10,151,216 |  |  | $ | 234,364 |
Gains on derivatives in cash flow hedging relationship |  |  |  |  |
Foreign exchange contracts |  |  |  |  |
Amount of gains reclassified from AOCI | 22,060 |  |  | 267 |  |  | — |
Gains on derivatives not designated as hedging instruments |  |  |  |  |
Foreign exchange contracts | — |  |  | — |  |  | 14,063 |

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