v3.25.1
HEDGING INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 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
March 31,
20252024
Foreign exchange contractsCost of revenue$375,048 $371,025 
Amount of gain reclassified from accumulated other comprehensive income into net income$3,745 $810 
Interest rate swap contractInterest expense$(7,666)$(7,911)
Amount of gain reclassified from accumulated other comprehensive income into net income$324 $957 
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
 March 31, 2025December 31, 2024
Derivatives and non-derivatives designated as hedging instrumentsBalance Sheet Classification  
Foreign currency exchange contractsOther current assets$7,454 $16,921 
Cross currency swaps Other current assets1,193 1,839 
Interest rate swap contractOther current assets463 710 
Foreign currency exchange contractsOther long-term assets108 — 
Cross currency swapsOther long-term assets— 1,662 
Total derivative instruments presented as hedging instruments on the balance sheet9,218 21,132 
Gross amounts subject to master netting arrangements not offset on the balance sheet(807)— 
Net amount $8,411 $21,132 




(in thousands) Hedging Liabilities
 March 31, 2025December 31, 2024
Derivatives and non-derivatives designated as hedging instrumentsBalance Sheet Classification  
Foreign currency exchange contracts Accrued liabilities$732 $— 
Cross currency swapsOther long-term liabilities2,455 33 
Foreign currency exchange contracts Other long-term liabilities75 — 
Total derivative instruments presented as hedging instruments on the balance sheet3,262 33 
Non-derivative foreign currency denominated debt designated as net investment hedge on the balance sheet (1)
Long-term debt95,940 92,803 
Total hedging instruments presented on the balance sheet99,202 92,836 
Gross amounts subject to master netting arrangements not offset on the balance sheet(807)— 
Net amount $98,395 $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.