v3.24.1.u1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 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 
March 31,
2024		December 31,
2023
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$9,734,421 $8,783,273 
Derivatives not designated as hedging instruments:
Foreign exchange contracts526,681 — 
Total
$10,261,102 $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 March 31, 2024
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$102,960 $27,812 $41,788 $7,548 
Derivatives not designated as hedging instruments:
Foreign exchange contracts2,975 — 628 — 
Total$105,935 $27,812 $42,416 $7,548 
 As of December 31, 2023
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther 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 March 31, 2024
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$133,747 $— $133,747 $(29,781)$— $103,966 
Derivative liabilities49,964 — 49,964 (29,781)— 20,183 
 As of December 31, 2023
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$30,934 $— $30,934 $(27,246)$— $3,688 
Derivative liabilities186,664 — 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 recognized in AOCI were as follows:
Three Months Ended
March 31,
2024		March 31,
2023
(in thousands)
Cash flow hedges:
Foreign exchange contracts (1)
Amount included in the assessment of effectiveness$229,144 $— 
Total$229,144 $— 
(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 (losses) on derivative instruments recognized in the Consolidated Statement of Operations were as follows:
Three Months Ended
March 31, 2024
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$9,370,440 $4,977,073 $155,359 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(11,241)194 — 
Gains (losses) on derivatives not designated as hedging instruments
Foreign exchange contracts— — 4,266