v3.24.1.u1
Derivatives and Hedging Activity (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Non-Designated Derivatives
The following table summarizes our non-designated derivatives as of March 31, 2024 (notional amounts in thousands):

Type of DerivativeNumber of ContractsAggregate Notional AmountNotional CurrencyMaturity
Fx contracts – Buy Euros (“EUR”)26399,300 EURApril 2024 - April 2026
Fx contracts – Buy Pounds Sterling (“GBP”)1568,963 GBPApril 2024 - January 2027
Fx contracts – Buy Australian dollar (“AUD”)10819,763 AUDApril 2024 - October 2026
Fx contracts – Sell EUR162838,898 EURApril 2024 - February 2027
Fx contracts – Sell GBP209552,574 GBPApril 2024 - April 2027
Fx contracts – Sell AUD1401,620,052 AUDApril 2024 - July 2027
Fx contracts – Sell Swiss Franc (“CHF”)6520,900 CHFApril 2024 - November 2025
Interest rate swaps – Paying fixed rates604,524,605 USDApril 2024 - March 2034
Interest rate swaps – Receiving fixed rates41,592,500 USDMarch 2025 - February 2030
Interest rate caps4624,332 USDNovember 2024 - April 2025
Interest rate caps161,000 GBPApril 2024
Credit instruments349,000 USDSeptember 2058 - August 2061
Interest rate swap guarantees198,925 USDJune 2025
Total700
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, 2024 and December 31, 2023 (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,
2024
December 31, 2023
March 31,
2024
December 31, 2023
Interest rate contracts$24,367 $8,899 $52,312 $48,401 
Foreign exchange contracts58,196 53,979 22,074 54,066 
Credit instruments353 559 261 — 
Total derivatives$82,916 $63,437 $74,647 $102,467 
___________________________________________________
(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, 2024 and 2023 (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,
20242023
Interest rate contractsGain (loss) on derivative financial instruments, net$54,298 $(22,950)
Foreign exchange contractsGain (loss) on derivative financial instruments, net48,123 (10,344)
Credit instrumentsGain (loss) on derivative financial instruments, net(482)466 
$101,939 $(32,828)