v3.26.1
Derivatives and Hedging Activity (Tables)
3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Non-Designated Derivatives
The following table summarizes our non-designated derivatives as of March 31, 2026 (notional amounts in thousands):

Type of DerivativeNumber of ContractsAggregate Notional AmountNotional CurrencyMaturity
Fx contracts – Buy Euros (“EUR”)1168,640 EURApril 2026 - September 2027
Fx contracts – Buy Pounds Sterling (“GBP”)53,922 GBPApril 2026 - September 2027
Fx contracts – Buy Australian dollar (“AUD”)7407,563 AUDApril 2026 - October 2029
Fx contracts – Sell EUR151496,588 EURApril 2026 - December 2030
Fx contracts – Sell GBP234437,146 GBPApril 2026 - November 2029
Fx contracts – Sell AUD751,111,559 AUDApril 2026 - October 2029
Fx contracts – Sell Swiss Franc (“CHF”)511,443 CHFMay 2026 - May 2027
Fx contracts – Sell Swedish Kronas (“SEK”)
35364,058 SEKMay 2026 - February 2029
Interest rate swaps – Paying fixed rates241,580,284 USDJuly 2026 - December 2033
Interest rate swaps – Receiving fixed rates83,313,380 USDJanuary 2027 - January 2031
Interest rate futures
8128,000 USDMay 2026
Interest rate caps3509,000 USDMay 2026 - June 2030
Credit instruments290,000 USDJuly 2030 - December 2030
Total568
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, 2026 and December 31, 2025 (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,
2026
December 31, 2025
March 31,
2026
December 31, 2025
Foreign exchange contracts$23,454 $26,770 $63,970 $72,351 
Interest rate contracts8,176 18,657 14,211 10,060 
Credit instruments621 386 1,249 1,572 
Total derivatives$32,251 $45,813 $79,430 $83,983 
___________________________________________________
(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, 2026 and 2025 (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,
20262025
Foreign exchange contractsLoss on derivative financial instruments, net$6,819 $(32,300)
Interest rate contractsLoss on derivative financial instruments, net(9,626)(7,286)
Credit instrumentsLoss on derivative financial instruments, net344 (103)
$(2,463)$(39,689)