DERIVATIVES AND HEDGING (Tables)

9 Months Ended

Sep. 30, 2025

DERIVATIVES AND HEDGING

Schedule of gross notional amount and fair value of outstanding derivative instruments

			September 30, 2025
	Balance Sheet Location		Notional Amount		Fair Value
Derivative assets designated as hedge accounting instruments:
Interest rate floors		Other Current Assets		Note 1	$	1,291
Foreign currency forwards		Other Current Assets	$	65,229		2,915
Foreign currency net purchased options		Other Current Assets		8,012		857
Total current derivative assets			$	73,241	$	5,063
Interest rate floors		Other Non-Current Assets		Note 1		17,306
Total derivative assets			$	73,241	$	22,369

			December 31, 2024
	Balance Sheet Location		Notional Amount		Fair Value
Derivative assets designated as hedge accounting instruments:
Interest rate floors		Other Current Assets		Note 1	$	739
Foreign currency forwards		Other Current Assets	$	40,330		910
Foreign currency net purchased options		Other Current Assets		15,966		385
Total current derivative assets			$	56,296	$	2,034
Interest rate floors		Other Non-Current Assets		Note 1	$	17,692
Total derivative assets			$	56,296	$	19,726

Note 1: The Company’s investment in interest rate derivative instruments consists of three and five year investments in 3% interest rate floors to hedge interest income on a $1,900,000 notional investment of customer funds in floating rate cash equivalent instruments. The short-term portion of the investments’ fair value shown in the tables above relates to the portion of the hedge expiring within one year of the balance sheet date.