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Derivatives and Hedging Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Investment Hedges
The effect of net investment hedges on accumulated other comprehensive income and the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Years Ended December 31,
202220212020
Foreign currency debt$160,286 $93,945 $(208,281)
Cross-currency interest rate swaps (included component) (1)
276,350 282,935 (218,843)
Cross-currency interest rate swaps (excluded component) (2)
(35,723)(52,517)(347)
Foreign currency forward contracts (included component) (1)
27,323 2,621 (17,115)
Foreign currency forward contracts (excluded component) (3)
(2,535)(2)32 
Total$425,701 $326,982 $(444,554)
Amount of gain or (loss) recognized in earnings:
Location of gain or (loss)Years Ended December 31,
202220212020
Cross-currency interest rate swaps (excluded component) (2)
Interest expense$50,188 $44,933 $27,196 
Foreign currency forward contracts (excluded component) (3)
Interest expense(469)242 42 
Total$49,719 $45,175 $27,238 
(1)Included component represents foreign exchange spot rates.
(2)Excluded component represents cross-currency basis spread and interest rates.
(3)Excluded component represents foreign currency forward points.
Schedule of Cash Flow Hedges
The effect of cash flow hedges on accumulated other comprehensive income and the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Years Ended December 31,
202220212020
Foreign currency forward and option contracts (included component) (1)
$(8,711)$67,767 $(68,573)
Foreign currency option contracts (excluded component) (2)
— 151 1,655 
Cross-currency interest rate swaps(2,386)— — 
Interest rate locks49,392 9,624 (30,393)
Total
$38,295 $77,542 $(97,311)
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
Years Ended December 31,
Location of gain or (loss)202220212020
Foreign currency forward contracts
Revenues
$148,100 $(39,297)$37,198 
Foreign currency forward contracts
Costs and operating expenses
(71,968)20,496 (19,890)
Interest rate locks
Interest Expense
(26)(4,056)(1,204)
Total
$76,106 $(22,857)$16,104 
Amount of gain or (loss) excluded from effectiveness testing and included in income:
Years Ended December 31,
Location of gain or (loss)202220212020
Foreign currency option contracts (excluded component) (2)
Revenues
$— $(244)$(1,761)
Total
$— $(244)$(1,761)
(1)Included component represents foreign exchange spot rates.
(2)Excluded component represents option's time value.
Schedule of Derivatives not Designated as Hedging Instruments in the Company's Condensed Consolidated Statements of Operations
The following table presents the effect of derivatives not designated as hedging instruments in our consolidated statements of operations (in thousands):
Amount of gain or (loss) recognized in earnings:
Years Ended December 31,
Location of gain or (loss)202220212020
Embedded derivatives
Revenues
$(568)$3,503 $(3,043)
Economic hedge of embedded derivatives
Revenues
(984)(5,937)2,142 
Foreign currency forward contracts
Other income (expense)
137,633 129,496 (127,648)
    Total
$136,081 $127,062 $(128,549)
Schedule of Derivative Instruments Recognized in the Company's Condensed Consolidated Balance Sheets
The following table presents the fair value of derivative instruments recognized in our consolidated balance sheets as of December 31, 2022 and 2021 (in thousands):
December 31, 2022December 31, 2021
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
Designated as hedging instruments:
Cash flow hedges
Foreign currency forward and option contracts
$27,812 $21,352 $22,866 $7,618 
Cross-currency interest rate swaps19,239 — — — 
Interest rate locks— — 8,662 — 
Net investment hedges
Cross-currency interest rate swaps
274,234 — 56,921 19,441 
Foreign currency forward contracts25,077 4,805 156 70 
Total designated as hedging
346,362 26,157 88,605 27,129 
Not designated as hedging instruments:
Embedded derivatives
— — 3,247 652 
Economic hedges of embedded derivatives
— — 2,232 637 
Foreign currency forward contracts
58,230 7,531 83,265 5,854 
Total not designated as hedging
58,230 7,531 88,744 7,143 
Total Derivatives$404,592 $33,688 $177,349 $34,272 
(1)As presented in our consolidated balance sheets within other current assets and other assets.
(2)As presented in our consolidated balance sheets within other current liabilities and other liabilities.
Schedule of Offsetting Derivative Assets and Liabilities The following table presents information related to these offsetting arrangements as of December 31, 2022 and 2021 (in thousands):
Gross Amounts Offset in
Consolidated Balance Sheet
Gross AmountsGross Amounts Offset in the Balance SheetNet AmountsGross Amounts not Offset in the Balance SheetNet
December 31, 2022
Derivative assets
$424,516 $— $424,516 $(34,429)$390,087 
Derivative liabilities39,234 — 39,234 (34,429)4,805 
December 31, 2021
Derivative assets
$207,037 $— $207,037 $(47,538)$159,499 
Derivative liabilities49,326 — 49,326 (47,538)1,788 
Schedule of Offsetting Derivative Assets and Liabilities The following table presents information related to these offsetting arrangements as of December 31, 2022 and 2021 (in thousands):
Gross Amounts Offset in
Consolidated Balance Sheet
Gross AmountsGross Amounts Offset in the Balance SheetNet AmountsGross Amounts not Offset in the Balance SheetNet
December 31, 2022
Derivative assets
$424,516 $— $424,516 $(34,429)$390,087 
Derivative liabilities39,234 — 39,234 (34,429)4,805 
December 31, 2021
Derivative assets
$207,037 $— $207,037 $(47,538)$159,499 
Derivative liabilities49,326 — 49,326 (47,538)1,788