Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

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 condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022 was as follows (in thousands):

Amount of gain or (loss) recognized in accumulated other comprehensive income:
		Three Months Ended March 31,
		2023		2022
Foreign currency debt		$	(23,610)	$	45,061
Cross-currency interest rate swaps (included component) (1)		(39,911)		122,030
Cross-currency interest rate swaps (excluded component) (2)		23,961		(72,108)
Foreign currency forward contracts (included component) (1)		(1,048)		(2,949)
Foreign currency forward contracts (excluded component) (3)		648		(676)
Total		$	(39,960)	$	91,358
Amount of gain or (loss) recognized in earnings:
	Location of gain or (loss)	Three Months Ended March 31,
		2023		2022
Cross-currency interest rate swaps (excluded component) (2)	Interest expense	$	12,229	$	12,578
Foreign currency forward contracts (excluded component) (3)	Interest expense	(152)		(31)
Total		$	12,077	$	12,547

(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 condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022 was as follows (in thousands):

Amount of gain or (loss) recognized in accumulated other comprehensive income:
		Three Months Ended March 31,
		2023		2022
Foreign currency forward and option contracts (included component) (1)		$	(12,453)	$	18,322
Cross-currency interest rate swaps		(2,396)		—
Interest rate locks		(4,108)		50,442
Total		$	(18,957)	$	68,764
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
		Three Months Ended March 31,
	Location of gain or (loss)	2023		2022
Foreign currency forward contracts	Revenues	$	12,296	$	3,563
Foreign currency forward contracts	Costs and operating expenses	(3,221)		(1,312)
Interest rate locks	Interest Expense	320		(1,076)
Total		$	9,395	$	1,175

(1)Included component represents foreign exchange spot rates.

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 condensed consolidated statements of operations (in thousands):

Amount of gain or (loss) recognized in earnings:
		Three Months Ended March 31,
	Location of gain or (loss)	2023		2022
Embedded derivatives (1)	Revenues	$	—	$	(568)
Economic hedge of embedded derivatives (2)	Revenues	—		(983)
Foreign currency forward contracts	Other income (expense)	10,707		(1,470)
Total		$	10,707	$	(3,021)

(1)Embedded derivatives which are considered foreign currency forward contracts were designated as net investment hedges beginning March 31, 2022.

(2)As of March 31, 2023, we had no economic hedge of embedded derivatives outstanding.

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 condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022 (in thousands):

	March 31, 2023				December 31, 2022
	Assets (1)		Liabilities (2)		Assets (1)		Liabilities (2)
Designated as hedging instruments:
Cash flow hedges
Foreign currency forward and option contracts	$	8,639	$	16,968	$	27,812	$	21,352
Cross-currency interest rate swaps	25,679		—		19,239		—
Net investment hedges
Cross-currency interest rate swaps	258,284		—		274,234		—
Foreign currency forward contracts	25,179		5,468		25,077		4,805
Total designated as hedging	317,781		22,436		346,362		26,157
Not designated as hedging instruments:
Foreign currency forward contracts	27,397		22,009		58,230		7,531
Total not designated as hedging	27,397		22,009		58,230		7,531
Total Derivatives	$	345,178	$	44,445	$	404,592	$	33,688

(1)As presented in our condensed consolidated balance sheets within other current assets and other assets.

(2)As presented in our condensed 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 March 31, 2023 and December 31, 2022 (in thousands):

	Gross Amounts Offset in Consolidated Balance Sheet
	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Net Amounts		Gross Amounts not Offset in the Balance Sheet		Net
March 31, 2023
Derivative assets	$	372,836	$	—	$	372,836	$	(50,820)	$	322,016
Derivative liabilities	59,156		—		59,156		(50,820)		8,336
December 31, 2022
Derivative assets	$	424,516	$	—	$	424,516	$	(34,429)	$	390,087
Derivative liabilities	39,234		—		39,234		(34,429)		4,805

Schedule of Offsetting Derivative Assets and Liabilities

The following table presents information related to these offsetting arrangements as of March 31, 2023 and December 31, 2022 (in thousands):

	Gross Amounts Offset in Consolidated Balance Sheet
	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Net Amounts		Gross Amounts not Offset in the Balance Sheet		Net
March 31, 2023
Derivative assets	$	372,836	$	—	$	372,836	$	(50,820)	$	322,016
Derivative liabilities	59,156		—		59,156		(50,820)		8,336
December 31, 2022
Derivative assets	$	424,516	$	—	$	424,516	$	(34,429)	$	390,087
Derivative liabilities	39,234		—		39,234		(34,429)		4,805