Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of the derivative instruments as recorded in the Consolidated Balance Sheets

	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
(in thousands)	Balance Sheet Location	June 30, 2022		December 31, 2021		Balance Sheet Location	June 30, 2022			December 31, 2021
Derivatives not designated as hedging instruments
Foreign currency exchange contracts	Other current assets	$	65,802	$	27,582	Other current liabilities	$	(51,074	)	$	(23,285	)

Schedule of offsetting assets and liabilities

Offsetting of Derivative Assets

							Gross Amounts Not Offset in the Consolidated Balance Sheet
As of June 30, 2022	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Financial Instruments			Cash Collateral Received			Net Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	65,802	$	—	$	65,802	$	(35,062	)	$	(5,914	)	$	24,826

As of December 31, 2021
Derivatives subject to a master netting arrangement or similar agreement	$	27,582	$	—	$	27,582	$	(14,875	)	$	(2,284	)	$	10,423

Offsetting of Derivative Liabilities

									Gross Amounts Not Offset in the Consolidated Balance Sheet
As of June 30, 2022	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet			Financial Instruments		Cash Collateral Paid		Net Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	(51,074	)	$	—	$	(51,074	)	$	35,062	$	1,850	$	(14,162	)

As of December 31, 2021
Derivatives subject to a master netting arrangement or similar agreement	$	(23,285	)	$	—	$	(23,285	)	$	14,875	$	640	$	(7,770	)

Schedule of amount of gains and losses on derivatives in the Consolidated Statements of Income

		Amount of Loss Recognized in Income on Derivative Contracts (a)
	Location of Loss Recognized in Income on Derivative Contracts	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2022		2021			2022		2021
Foreign currency exchange contracts - Ria Operations	Foreign currency exchange loss, net	$	8,064	$	3,915	$	12,369	$	1,447

(a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above.