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v3.26.1

Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2026
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
| March 31, 2026 |  | December 31, 2025
| (in thousands)
Derivatives designated as hedging instruments: |  |  |
Foreign exchange contracts |  |  |
Cash flow hedges | $ | 20,900,610 |  |  | $ | 21,066,760 |
Fair value hedges | 2,931,522 |  |  | 2,884,792 |
Derivatives not designated as hedging instruments: |  |  |
Foreign exchange contracts | 1,481,615 |  |  | 1,555,502 |
Total | $ | 25,313,747 |  |  | $ | 25,507,054 |
Schedule of Fair Value of Derivative Contracts | The fair value of the Company’s outstanding derivative instruments was as follows:
| As of March 31, 2026
| 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 | $ | 254,144 |  |  | $ | 244,483 |  |  | $ | 344,764 |  |  | $ | 106,143 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | 32,061 |  |  | — |  |  | 15,325 |  |  | — |
Total | $ | 286,205 |  |  | $ | 244,483 |  |  | $ | 360,089 |  |  | $ | 106,143 |
| As of December 31, 2025
| 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 | $ | 192,828 |  |  | $ | 88,985 |  |  | $ | 426,341 |  |  | $ | 214,574 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange contracts | 3,463 |  |  | — |  |  | 11,704 |  |  | — |
Total | $ | 196,291 |  |  | $ | 88,985 |  |  | $ | 438,045 |  |  | $ | 214,574 |
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 March 31, 2026
|  |  |  |  |  |  | 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 | $ | 530,688 |  |  | $ | — |  |  | $ | 530,688 |  |  | $ | (413,631) |  |  | $ | — |  |  | $ | 117,057 |
Derivative liabilities | 466,232 |  |  | — |  |  | 466,232 |  |  | (413,631) |  |  | — |  |  | 52,601 |
| As of December 31, 2025
|  |  |  |  |  |  | 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 | $ | 285,276 |  |  | $ | — |  |  | $ | 285,276 |  |  | $ | (282,469) |  |  | $ | — |  |  | $ | 2,807 |
Derivative liabilities | 652,619 |  |  | — |  |  | 652,619 |  |  | (282,469) |  |  | — |  |  | 370,150 |
Schedule of Gains (Losses) on Cash Flow Hedges Recognized in AOCI | The pre-tax gains (losses) on the Company’s cash flow hedges, fair value hedges, and net investment hedges recognized in AOCI were as follows:
| Three Months Ended |  |
| March 31, 2026 |  | March 31, 2025 |  |  |  |
| (in thousands)
Cash flow hedges: |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |
Amount included in the assessment of effectiveness | $ | 385,230 |  |  | $ | (486,967) |  |  |  |  |
Fair value hedges: |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |
Amount excluded from the assessment of effectiveness | (12,094) |  |  | (18,031) |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Foreign currency-denominated debt |  |  |  |  |  |  |
Amount included in the assessment of effectiveness | 36,503 |  |  | (44,600) |  |  |  |  |
Total | $ | 409,639 |  |  | $ | (549,598) |  |  |  |  |
Schedule of Gains (Losses) on Hedged Items and Derivative Instruments Recognized in the Consolidated Statement of Operations | The gains (losses) on hedged items and derivative instruments recognized in the Consolidated Statement of Operations were as follows:
| Three Months Ended
| March 31, 2026 |  | March 31, 2025
| Revenues |  | Cost of Revenues |  | Interest and Other Income (Expense) |  | Revenues |  | Cost of Revenues |  | Interest and Other Income (Expense)
| (in thousands)
Total amounts presented in the Consolidated Statements of Operations | $ | 12,249,757 |  |  | $ | 5,888,238 |  |  | $ | 2,852,166 |  |  | $ | 10,542,801 |  |  | $ | 5,263,147 |  |  | $ | 50,899 |
Gains (losses) on derivatives in cash flow hedging relationship |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |
Amount of gains (losses) reclassified from AOCI | (132,517) |  |  | 904 |  |  | — |  |  | 164,796 |  |  | (2,339) |  |  | — |
Gains (losses) on derivatives in fair value hedging relationship |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |
Hedged items | — |  |  | — |  |  | 55,901 |  |  | — |  |  | — |  |  | (153,825) |
Derivatives designated as hedging instruments | — |  |  | — |  |  | (59,085) |  |  | — |  |  | — |  |  | 157,435 |
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach | — |  |  | — |  |  | (13,263) |  |  | — |  |  | — |  |  | (14,569) |
Gains (losses) on derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | — |  |  | — |  |  | 8,135 |  |  | — |  |  | — |  |  | (20,950) |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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