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HEDGING INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Investment Hedges and Income Statement Impact of Hedging Instruments
The following table presents the effect of cash flow hedge accounting on our unaudited condensed consolidated statements of income and comprehensive income, and provides information regarding the location and amounts of pretax gains or losses of derivatives:
(in thousands)Financial statement line items in which effects of cash flow hedges are recordedThree Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Foreign exchange contractsCost of revenue$414,725 $384,419 $789,773 $755,444 
Amount of gain reclassified from accumulated other comprehensive income into net income$(1,180)$1,721 $2,565 $2,531 
Interest rate swap contractInterest expense$(11,321)$(8,099)$(18,987)$(16,010)
Amount of gain reclassified from accumulated other comprehensive income into net income$337 $979 $661 $1,936 
Schedule of Hedging Instruments
The fair values of hedging instruments and their respective classification on our unaudited condensed consolidated balance sheets and amounts subject to offset under master netting arrangements consisted of the following:
(in thousands) Hedging Assets
 June 30, 2025December 31, 2024
Derivatives and non-derivatives designated as hedging instrumentsBalance Sheet Classification  
Foreign currency exchange contractsOther current assets$698 $16,921 
Cross currency swaps Other current assets— 1,839 
Interest rate swap contractOther current assets356 710 
Cross currency swapsOther long-term assets— 1,662 
Total derivative instruments presented as hedging instruments on the balance sheet1,054 21,132 
Gross amounts subject to master netting arrangements not offset on the balance sheet(698)— 
Net amount $356 $21,132 




(in thousands) Hedging Liabilities
 June 30, 2025December 31, 2024
Derivatives and non-derivatives designated as hedging instrumentsBalance Sheet Classification  
Foreign currency exchange contracts Accrued liabilities$9,663 $— 
Cross currency swapsOther long-term liabilities15,019 33 
Foreign currency exchange contracts Other long-term liabilities2,692 — 
Total derivative instruments presented as hedging instruments on the balance sheet27,374 33 
Non-derivative foreign currency denominated debt designated as net investment hedge on the balance sheet (1)
Short-term debt— 92,803 
Total hedging instruments presented on the balance sheet27,374 92,836 
Gross amounts subject to master netting arrangements not offset on the balance sheet(698)— 
Net amount $26,676 $92,836 
(1) Amounts represent reported carrying amounts of our foreign currency-denominated debt. Refer to “Note 18. Fair Value Measurements” for information regarding the fair value of our long-term debt.