v3.26.3
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2026
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 
September 30,
2026		December 31,
2025
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$22,719,064 $21,066,760 
Fair value hedges
2,926,246 2,884,792 
Interest rate contracts
Fair value hedges
2,400,000 — 
Derivatives not designated as hedging instruments:
Foreign exchange contracts1,556,156 1,555,502 
Total
$29,601,466 $25,507,054 
Schedule of Fair Value of Derivative Contracts
The fair value of the Company’s outstanding derivative instruments was as follows:

As of September 30, 2026
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$372,293 $261,029 $278,754 $78,126 
Interest rate contracts1,123 — — 145,158 
Derivatives not designated as hedging instruments:
Foreign exchange contracts46,915 — 26,964 — 
Total$420,331 $261,029 $305,718 $223,284 
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 
Interest rate contracts— — — — 
Derivatives not designated as hedging instruments:
Foreign exchange contracts3,463 — 11,704 — 
Total$196,291 $88,985 $438,045 $214,574 
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 September 30, 2026
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$681,360 $— $681,360 $(498,881)$— $182,479 
Derivative liabilities529,002 — 529,002 (498,881)— 30,121 

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 
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:
Three Months EndedNine Months Ended
September 30,
2026		September 30,
2025		September 30,
2026		September 30,
2025
(in thousands)
Cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness$74,072 $183,823 $579,440 $(1,525,289)
Fair value hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness(11,545)(18,895)(28,900)(55,025)
Net investment hedges:
Foreign currency-denominated debt
Amount included in the assessment of effectiveness12,157 (2,320)62,743 (140,320)
Total$74,684 $162,608 $613,283 $(1,720,634)
Schedule of Effects of the Company's Derivative Instruments and Related Hedged Items on the Consolidated Statements of Operations
The following tables present the effects of the Company’s derivative instruments and related hedged items on the Consolidated Statements of Operations:
Three Months Ended
September 30, 2026
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$12,874,176 $6,079,016 $(184,701)$43,006 
Losses on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of losses reclassified from AOCI(713)(1,686)— — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — 18,617 
Derivatives designated as hedging instruments— — — (13,909)
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (10,934)
Interest rate contracts
Hedged items— — 131,348 — 
Derivatives designated as hedging instruments— — (131,348)— 
Amount recognized in earnings on net periodic settlements— — 896 — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (19,097)
Three Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$11,510,307 $6,164,250 $(175,294)$36,457 
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI(129,365)1,655 — — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — (4,091)
Derivatives designated as hedging instruments— — — 5,896 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (14,690)
Interest rate contracts
Hedged items— — — — 
Derivatives designated as hedging instruments— — — — 
Amount recognized in earnings on net periodic settlements— — — — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (9,396)
Nine Months Ended
September 30, 2026
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$37,683,871 $18,004,219 $(622,463)$2,946,833 
Losses on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of losses reclassified from AOCI(180,860)(1,673)— — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — 96,085 
Derivatives designated as hedging instruments— — — (90,897)
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (35,581)
Interest rate contracts
Hedged items— — 145,157 — 
Derivatives designated as hedging instruments— — (145,157)— 
Amount recognized in earnings on net periodic settlements— — 1,132 — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (19,416)
Nine Months Ended
September 30, 2025
RevenuesCost of RevenuesInterest ExpenseInterest and Other Income (Expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$33,132,274 $16,752,708 $(542,115)$126,986 
Losses on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of losses reclassified from AOCI(1,954)(340)— — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — — (469,478)
Derivatives designated as hedging instruments— — — 479,523 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — — (44,061)
Interest rate contracts
Hedged items— — — — 
Derivatives designated as hedging instruments— — — — 
Amount recognized in earnings on net periodic settlements— — — — 
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — — (80,367)