Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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 December 31,
	2023		2022
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges	$	8,783,273	$	—
Total	$	8,783,273	$	—

Schedule of Fair Value of Derivative Contracts

The fair value of the Company’s outstanding derivative instruments were as follows:

	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
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 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 recognized in AOCI were as follows:

	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Cash flow hedges:
Foreign exchange contracts (1)
Amount included in the assessment of effectiveness	$	(155,730)	$	—	$	—
Total	$	(155,730)	$	—	$	—

(1) No amounts were excluded from the assessment of effectiveness.