Derivatives and Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedge Instruments

As ofDecember 31, 2018, the Company's cash flow hedge instruments had maturity dates ranging from January 2019 to December 2020 as follows (in thousands):

	Notional Amount		Fair Value (1)			Accumulated Other Comprehensive Income (Loss) (2)(3)
Derivative assets	$	642,542	$	38,606		$	27,968
Derivative liabilities	118,324		(865		)	(1,997		)
	$	760,866	$	37,741		$	25,971

⁽¹⁾  All derivative assets related to cash flow hedges are included in the consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.

⁽²⁾ Included in the consolidated balance sheets within accumulated other comprehensive income (loss).

⁽³⁾ The Company recorded a net gain of $21.4 million within accumulated other comprehensive income (loss) relating to cash flow hedges that will be reclassified to revenue and expenses as they mature over the next 12 months.

As ofDecember 31, 2017, the Company's cash flow hedge instruments had maturity dates ranging from January 2018 to October 2019 as follows(in thousands):

	Notional Amount		Fair Value (1)			Accumulated Other Comprehensive Income (Loss) (2)(3)
Derivative assets	$	72,262	$	2,379		$	2,055
Derivative liabilities	440,637		(29,777		)	(34,311		)
	$	512,899	$	(27,398	)	$	(32,256	)

⁽¹⁾ All derivative assets related to cash flow hedges are included in the consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.

⁽²⁾ Included in the consolidated balance sheets within accumulated other comprehensive income (loss).

⁽³⁾ The Company recorded a net loss of $26.7 million within accumulated other comprehensive income (loss) relating to cash flow hedges that will be reclassified to revenue and expenses as they mature over the next 12 months.

Schedule of Fair Value of Derivative Instruments

The following table presents the fair value of derivative instruments recognized in the Company's consolidated balance sheets as of December 31, 2018 (in thousands):

	Gross Amounts		Gross Amounts Offset in the Consolidated Balance Sheet		Net Consolidated Balance Sheet Amounts(1)		Gross Amounts not Offset in the Consolidated Balance Sheet (2)			Net
Assets:
Designated as hedging instruments:
Foreign currency forward contracts designated as cash flow hedges	$	38,606	$	—	$	38,606	$	(865	)	$	37,741
Not designated as hedging instruments:
Embedded derivatives	4,656		—		4,656		—			4,656
Economic hedges of embedded derivatives	525		—		525		(104		)	421
Foreign currency forward contracts	29,287		—		29,287		(2,941		)	26,346
	34,468		—		34,468		(3,045		)	31,423
Additional netting benefit	—		—		—		(2,607		)	(2,607		)
	$	73,074	$	—	$	73,074	$	(6,517	)	$	66,557
Liabilities:
Designated as hedging instruments:
Foreign currency forward contracts designated as cash flow hedges	$	865	$	—	$	865	$	(865	)	$	—
Not designated as hedging instruments:
Embedded derivatives	2,426		—		2,426		—			2,426
Economic hedges of embedded derivatives	180		—		180		(104		)	76
Foreign currency forward contracts	6,269		—		6,269		(2,941		)	3,328
	8,875		—		8,875		(3,045		)	5,830
Additional netting benefit	—		—		—		(2,607		)	(2,607		)
	$	9,740	$	—	$	9,740	$	(6,517	)	$	3,223

⁽¹⁾  As presented in the Company's consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.

⁽²⁾ The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation on the consolidated balance sheets, the Company elects not to offset fair value amounts recognized for derivative instruments under master netting arrangements.

The following table presents the fair value of derivative instruments recognized in the Company's consolidated balance sheets as of December 31, 2017 (in thousands):

	Gross Amounts		Gross Amounts Offset in the Consolidated Balance Sheet		Net Consolidated Balance Sheet Amounts(1)		Gross Amounts not Offset in the Consolidated Balance Sheet (2)			Net
Assets:
Designated as hedging instruments:
Foreign currency forward contracts designated as cash flow hedges	$	2,379	$	—	$	2,379	$	(2,379	)	$	—
Not designated as hedging instruments:
Embedded derivatives	5,076		—		5,076		—			5,076
Economic hedges of embedded derivatives	325		—		325		—			325
Foreign currency forward contracts	505		—		505		(340		)	165
	5,906		—		5,906		(340		)	5,566
Additional netting benefit	—		—		—		(490		)	(490		)
	$	8,285	$	—	$	8,285	$	(3,209	)	$	5,076
Liabilities:
Designated as hedging instruments:
Foreign currency forward contracts designated as cash flow hedges	$	29,777	$	—	$	29,777	$	(2,379	)	$	27,398
Not designated as hedging instruments:
Embedded derivatives	3,503		—		3,503		—			3,503
Economic hedges of embedded derivatives	20		—		20		—			20
Foreign currency forward contracts	7,547		—		7,547		(340		)	7,207
	11,070		—		11,070		(340		)	10,730
Additional netting benefit	—		—		—		(490		)	(490		)
	$	40,847	$	—	$	40,847	$	(3,209	)	$	37,638

⁽¹⁾ As presented in the Company's consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.

⁽²⁾ The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation on the consolidated balance sheets, the Company elects not to offset fair value amounts recognized for derivative instruments under master netting arrangements.