Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 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 December 31,
	2024		2023
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges	$	18,508,390	$	8,783,273
Fair value hedges	3,819,817		—
Derivatives not designated as hedging instruments:
Foreign exchange contracts	1,432,136		—
Total	$	23,760,343	$	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 December 31, 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	$	580,065	$	406,677	$	303,425	$	83
Derivatives not designated as hedging instruments:
Foreign exchange contracts	16,211		—		14,492		—
Total	$	596,276	$	406,677	$	317,917	$	83

	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 December 31, 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	$	1,002,953	$	—	$	1,002,953	$	(316,320)	$	(1,800)	$	684,833
Derivative liabilities	318,000		—		318,000		(316,320)		—		$	1,680

	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, fair value hedges, and net investment hedges recognized in AOCI were as follows:

	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness	$	1,195,738	$	(155,730)	$	—
Fair value hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness	(14,334)		—		—
Net investment hedges:
Foreign currency-denominated debt
Amount included in the assessment of effectiveness	32,400		—		—
Total	$	1,213,804	$	(155,730)	$	—

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

The gains (losses) on hedged items and derivative instruments recognized in the Consolidated Statement of Operations were as follows:

	Year Ended December 31,
	2024
	Revenues		Cost of Revenues		Interest and other income (expense)
	(in thousands)
Total amounts presented in the Consolidated Statements of Operations	$	39,000,966	$	21,038,464	$	266,776
Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI	124,010		1,629		—
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items	—		—		196,660
Derivatives designated as hedging instruments	—		—		(201,239)
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach	—		—		(23,567)
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts	—		—		63,291