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Derivative financial instruments (Tables)
9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Aggregate Notional Principal Amounts of Outstanding Derivative Financial Instruments
The following table presents the aggregate notional principal amounts of outstanding derivative financial instruments together with the related balance sheet exposure:
 
Notional principal amounts (Note a)Balance sheet exposure asset (liability) (Note b)
As of December 31, 2024As of September 30, 2025As of December 31, 2024As of September 30, 2025
Foreign exchange forward contracts denominated in:
United States Dollars (sell) Indian Rupees (buy)$2,413,000 $2,470,754 $(36,478)$(64,005)
United States Dollars (sell) Mexican Peso (buy)71,000 66,000 (8,188)1,081 
United States Dollars (sell) Philippines Peso (buy)161,400 181,800 (3,274)(3,941)
Euro (sell) United States Dollars (buy)219,706 339,202 10,282 (12,963)
Singapore Dollar (buy) United States Dollars (sell)12,000 12,000 (407)588 
Euro (sell) Romanian Leu (buy)67,144 28,166 (156)240 
Japanese Yen (sell) Chinese Renminbi (buy)34,507 45,570 3,402 981 
United States Dollars (sell) Chinese Renminbi (buy)46,800 79,500 (1,883)(947)
Pound Sterling (sell) United States Dollars (buy)15,507 71,191 463 (198)
United States Dollars (sell) Hungarian Font (buy)21,000 41,250 (1,611)2,630 
Australian Dollars (sell) Indian Rupees (buy)109,490 145,431 3,556 (5,212)
United States Dollars (sell) Polish Zloty (buy)39,000 21,000 (1,190)2,199 
Japanese Yen (sell) United States Dollars (buy)7,000 7,000 366 221 
Israeli Shekel (buy) United States Dollars (sell)20,000 30,000 454 2,690 
South African Rand (sell) United States Dollars (buy)32,000 22,000 1,725 (1,633)
United States Dollars (sell) Brazilian Real (buy)4,000 4,000 (314)760 
United States Dollars (sell) Costa Rica Colon (buy)13,000 15,000 231 316 
United States Dollars (sell) Canadian Dollar (buy)9,000 9,000 (352)(168)
United States Dollars (sell) Malaysian Ringgit (buy)5,000 17,750 (169)239 
Interest rate swaps (floating to fixed)234,375 225,000 (3,155)(5,190)
$(36,698)$(82,312)

(a)Notional amounts are key elements of derivative financial instrument agreements but do not represent the amount exchanged by counterparties and do not measure the Company’s exposure to credit, foreign exchange, interest rate or market risks. However, the amounts exchanged are based on the notional amounts and other provisions of the underlying derivative financial instrument agreements. Notional amounts are denominated in U.S. dollars.

(b)Balance sheet exposure is denominated in U.S. dollars and denotes the mark-to-market impact of the derivative financial instruments on the reporting date.
Schedule of Fair Value of the Company’s Derivative Instruments and Their Location in the Company’s Financial Statements
The fair value of the Company’s derivative instruments and their location in the Company’s financial statements are summarized in the table below: 
Cash flow hedgesNon-designated
As of December 31, 2024As of September 30, 2025As of December 31, 2024As of September 30, 2025
Assets
Prepaid expenses and other current assets$11,855 $6,738 $5,419 $5,160 
Other assets$4,727 $1,859 $— $— 
Liabilities
Accrued expenses and other current liabilities$24,436 $37,076 $12,990 $20,643 
Other liabilities$21,273 $38,350 $— $— 
Schedule of Gains (Losses) Recorded as a Component of Other Comprehensive Income (Loss)
In connection with cash flow hedges, the gains (losses) recorded as a component of other comprehensive income (loss) (“OCI”), and the related tax effects are summarized below: 

Three months ended September 30,
20242025
Before 
tax
Amount
Tax 
(Expense)
 or Benefit
Net of 
tax
Amount
Before 
tax
Amount
Tax 
(Expense)
or Benefit
Net of 
tax
Amount
Opening balance$11,651 $(3,927)$7,724 $(9,293)$3,215 $(6,078)
Net gains (losses) reclassified into statement of income on completion of hedged transactions2,696 (755)1,941 (4,202)1,211 (2,991)
Changes in fair value of effective portion of outstanding derivatives, net(24,537)7,895 (16,642)(61,945)14,814 (47,131)
Gain (loss) on cash flow hedging derivatives, net(27,233)8,650 (18,583)(57,743)13,603 (44,140)
Closing balance$(15,582)$4,723 $(10,859)$(67,036)$16,818 $(50,218)


Nine months ended September 30,
20242025
Before 
tax
Amount
Tax 
(Expense)
 or Benefit
Net of 
tax
Amount
Before 
tax
Amount
Tax 
(Expense)
or Benefit
Net of 
tax
Amount
Opening balance$805 $146 $951 $(29,271)$6,809 $(22,462)
Net gains (losses) reclassified into statement of income on completion of hedged transactions9,241 (2,527)6,714 (10,123)2,732 (7,391)
Changes in fair value of effective portion of outstanding derivatives, net(7,146)2,050 (5,096)(47,888)12,741 (35,147)
Gain (loss) on cash flow hedging derivatives, net(16,387)4,577 (11,810)(37,765)10,009 (27,756)
Closing balance$(15,582)$4,723 $(10,859)$(67,036)$16,818 $(50,218)
Schedule of Gains or Losses Recognized in Other Comprehensive Income (Loss)
The gains or losses recognized in other comprehensive income (loss) and their effects on financial performance are summarized below: 
Derivatives in Cash Flow Hedging RelationshipsAmount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion)Location of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion)Amount of Gain (Loss) reclassified from OCI into Statement of Income (Effective Portion)
Three months ended September 30,Nine months ended September 30,Three months ended September 30,Nine months ended September 30,
20242025202420252024202520242025
Forward foreign exchange contracts$(22,556)$(62,013)$(7,666)$(45,461)Revenue$414 $(613)$1,326 $231 
Interest rate swaps(1,981)68 917 (2,427)Cost of revenue1,569 (3,052)5,617 (8,771)
Treasury rate lock— — (397)— Selling, general and administrative expenses214 (430)1,054 (1,252)
Interest expense499 (107)1,244 (331)
$(24,537)$(61,945)$(7,146)$(47,888)$2,696 $(4,202)$9,241 $(10,123)
Amount of Gain (Loss) recognized in Statement of Income on Derivatives
Three months ended September 30,Nine months ended September 30,
Derivatives not designated as hedging instrumentsLocation of Gain (Loss)  recognized in Statement of Income on Derivatives2024202520242025
Forward foreign exchange contracts (Note a)Foreign exchange gains (losses), net$(3,473)$(21,770)$(3,908)$(13,294)
$(3,473)$(21,770)$(3,908)$(13,294)

(a)These forward foreign exchange contracts were entered into to hedge fluctuations in foreign exchange rates for recognized balance sheet items such as receivables and intercompany borrowings and were not originally designated as hedges under FASB guidance on derivatives and hedging. Realized gains (losses) and changes in the fair value of these derivatives are recorded in foreign exchange gains, net in the consolidated statements of income.