Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

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
	June 30, 2024		December 31, 2023
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges	$	9,549,472	$	8,783,273
Derivatives not designated as hedging instruments:
Foreign exchange contracts	808,357		—
Total	$	10,357,829	$	8,783,273

Schedule of Fair Value of Derivative Contracts

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

	As of June 30, 2024
	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	$	197,119	$	41,085	$	26,586	$	3,176
Derivatives not designated as hedging instruments:
Foreign exchange contracts	2,625		—		2,371		—
Total	$	199,744	$	41,085	$	28,957	$	3,176

	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
Derivatives not designated as hedging instruments:
Foreign exchange contracts	—		—		—		—
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 June 30, 2024
							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	$	240,829	$	—	$	240,829	$	(32,133)	$	—	$	208,696
Derivative liabilities	32,133		—		32,133		(32,133)		—		—

	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 and net investment hedges recognized in AOCI were as follows:

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Cash flow hedges:
Foreign exchange contracts (1)
Amount included in the assessment of effectiveness	$	160,544	$	—	$	389,688	$	—
Net investment hedges:
Foreign currency-denominated debt	(3,400)		—		(3,400)		—
Total	$	157,144	$	—	$	386,288	$	—

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

Schedule of Gains (Losses) on Derivative Instruments Recognized in the Consolidated Statement of Operations

The gains on derivative instruments recognized in the Consolidated Statement of Operations were as follows:

	Three Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Interest and other income (expense)
	(in thousands)
Total amounts presented in the Consolidated Statements of Operations	$	9,559,310	$	5,174,143	$	79,005
Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI	33,301		73		—
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts	—		—		9,797

	Six Months Ended
	June 30, 2024
	Revenues		Cost of Revenues		Interest and other income (expense)
	(in thousands)
Total amounts presented in the Consolidated Statements of Operations	$	18,929,750	$	10,151,216	$	234,364
Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI	22,060		267		—
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts	—		—		14,063