Derivatives and Hedging Activity (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Non-Designated Derivatives

The following table summarizes our non-designated derivatives as of March 31, 2025 (notional amounts in thousands):

Type of Derivative	Number of Contracts	Aggregate Notional Amount	Notional Currency	Maturity
Fx contracts – Buy Euros (“EUR”)	26	466,138	EUR	April 2025 - September 2027
Fx contracts – Buy Pounds Sterling (“GBP”)	11	99,442	GBP	July 2025 - January 2027
Fx contracts – Buy Australian dollar (“AUD”)	2	742,152	AUD	January 2026 - October 2026
Fx contracts – Sell EUR	145	780,589	EUR	April 2025 - July 2028
Fx contracts – Sell GBP	169	622,555	GBP	April 2025 - September 2027
Fx contracts – Sell AUD	74	1,381,072	AUD	April 2025 - July 2027
Fx contracts – Sell Swiss Franc (“CHF”)	31	18,597	CHF	May 2025 - November 2025
Interest rate swaps – Paying fixed rates	36	3,132,242	USD	April 2025 - October 2033
Interest rate swaps – Receiving fixed rates	5	2,038,380	USD	January 2027 - July 2030
Interest rate futures	7	54,800	USD	May 2025
Interest rate caps	3	513,646	USD	April 2025 - May 2026
Credit instruments	2	45,000	USD	January 2030 - July 2034
Interest rate swap guarantees	1	88,496	USD	June 2025
Total	512

Schedule of Fair Value of Derivatives

The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024 (amounts in thousands):

	Fair Value of Derivatives in an Asset Position (1) as of				Fair Value of Derivatives in a Liability Position (2) as of
	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
Foreign exchange contracts	$	82,602	$	137,577	$	52,248	$	67,452
Interest rate contracts	2,370		37,758		20,087		27,292
Credit instruments	—		185		640		146
Total derivatives	$	84,972	$	175,520	$	72,975	$	94,890

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(1)Classified as derivative assets in our condensed consolidated balance sheets.

(2)Classified as derivative liabilities in our condensed consolidated balance sheets.

Schedule of Effect of Derivative Financial Instruments

The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024 (amounts in thousands):

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss)  Recognized in Income	Amount of Gain (Loss) Recognized in Income for the Three Months Ended March 31,
		2025		2024
Foreign exchange contracts	(Loss) gain on derivative financial instruments, net	$	(32,300)	$	48,123
Interest rate contracts	(Loss) gain on derivative financial instruments, net	(7,286)		54,298
Credit instruments	(Loss) gain on derivative financial instruments, net	(103)		(482)
		$	(39,689)	$	101,939