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Derivatives and Hedging Activity (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Non-Designated Derivatives

The following table summarizes our non-designated derivatives as of December 31, 2025 (notional amounts in thousands):

Type of Derivative

Number of Contracts

Aggregate Notional Amount

Notional Currency

Maturity

Fx contracts – Buy Euros (“EUR”)

13

255,758

EUR

January 2026 - September 2027

Fx contracts – Buy Pounds Sterling (“GBP”)

13

57,876

GBP

March 2026 - April 2027

Fx contracts – Buy Australian dollar (“AUD”)

9

751,857

AUD

January 2026 - October 2029

Fx contracts – Buy Swiss Franc (“CHF”)

1

5,584

CHF

February 2026

Fx contracts – Sell EUR

152

659,467

EUR

January 2026 - December 2030

Fx contracts – Sell GBP

256

485,539

GBP

January 2026 - November 2029

Fx contracts – Sell AUD

87

1,471,485

AUD

January 2026 - October 2029

Fx contracts – Sell CHF

7

17,326

CHF

February 2026 - May 2027

Fx contracts – Sell Swedish Kronas (“SEK”)

24

360,609

SEK

February 2026 - February 2029

Interest rate swaps – Paying fixed rates

33

2,497,198

USD

March 2026 - December 2033

Interest rate swaps – Receiving fixed rates

8

3,313,380

USD

January 2027 - January 2031

Interest rate futures

1

27,300

USD

February 2026

Interest rate caps

3

509,000

USD

May 2026 - June 2030

Credit instruments

2

90,000

USD

July 2030 - December 2030

Total

609

Schedule of Fair Value of Derivatives

The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2025 and 2024 (amounts in thousands):

			Fair Value of Derivatives in an Asset Position (1) as of December 31,												Fair Value of Derivatives in a Liability Position (2) as of December 31,
			2025						2024						2025						2024
Foreign exchange contracts			$	26,770					$	137,577					$	72,351					$	67,452
Interest rate contracts			18,657						37,758						10,060						27,292
Credit instruments			386						185						1,572						146
Total derivatives			$	45,813					$	175,520					$	83,983					$	94,890

___________________________________________________

(1)Classified as derivative assets in our consolidated balance sheets.

(2)Classified as derivative liabilities in our consolidated balance sheets.

Schedule of Effect of Derivative Financial Instruments

The table below presents the effect of our derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023 (amounts in thousands):

Derivatives Not Designated as Hedging Instruments						Location of Gain (Loss) Recognized in Income						Amount of Gain (Loss) Recognized in Income for the Year Ended December 31,
												2025						2024						2023
Foreign exchange contracts						(Loss) gain on derivative financial instruments, net						$	(110,461)					$	95,110					$	(65,085)
Interest rate contracts						(Loss) gain on derivative financial instruments, net						(16,303)						64,036						27,293
Credit instruments						(Loss) gain on derivative financial instruments, net						(504)						(1,212)						(813)
												$	(127,268)					$	157,934					$	(38,605)

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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