v3.25.4
Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2025
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 December 31,
20252024
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$21,066,760 $18,508,390 
Fair value hedges2,884,792 3,819,817 
Derivatives not designated as hedging instruments:
Foreign exchange contracts
1,555,502 1,432,136 
Total
$25,507,054 $23,760,343 
Schedule of Fair Value of Derivative Contracts
The fair value of the Company’s outstanding derivative instruments was as follows:

 As of December 31, 2025
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$192,828 $88,985 $426,341 $214,574 
Derivatives not designated as hedging instruments:
Foreign exchange contracts3,463 — 11,704 — 
Total$196,291 $88,985 $438,045 $214,574 
 As of December 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$580,065 $406,677 $303,425 $83 
Derivatives not designated as hedging instruments:
Foreign exchange contracts16,211 — 14,492 — 
Total$596,276 $406,677 $317,917 $83 
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 December 31, 2025
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$285,276 $— $285,276 $(282,469)$— $2,807 
Derivative liabilities652,619 — 652,619 (282,469)— 370,150 

 As of December 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$1,002,953 $— $1,002,953 $(316,320)$(1,800)$684,833 
Derivative liabilities318,000 — 318,000 (316,320)— 1,680 
Schedule of Gains (Losses) on Cash Flow Hedges Recognized in AOCI
The pre-tax gains (losses) on the Company’s cash flow hedges, fair value hedges, and net investment hedges recognized in AOCI were as follows:
Year Ended December 31,
202520242023
(in thousands)
Cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness$(1,393,364)$1,195,738 $(155,730)
Fair value hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness(71,999)(14,334)— 
Net investment hedges:
Foreign currency-denominated debt
Amount included in the assessment of effectiveness(144,656)32,400 — 
Total$(1,610,019)$1,213,804 $(155,730)
Schedule of Gains (Losses) on Hedged Items and Derivative Instruments Recognized in the Consolidated Statement of Operations
The gains (losses) on hedged items and derivative instruments recognized in the Consolidated Statement of Operations were as follows:
Year Ended December 31,
2025
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$45,183,036 $23,275,329 $172,459 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(91,143)1,437 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — (470,441)
Derivatives designated as hedging instruments— — 481,416 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (59,201)
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — (97,865)
Year Ended December 31,
2024
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$39,000,966 $21,038,464 $266,776 
Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI124,010 1,629 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — 196,660 
Derivatives designated as hedging instruments— — (201,239)
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (23,567)
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts— — 63,291