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Derivatives and Hedging (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the location and carrying amounts of the derivative instruments and the foreign currency denominated debt, a non-derivative financial instrument, that are designated and qualify as part of hedging relationships (in thousands):
March 31, 2022December 31, 2021
InstrumentBalance Sheet LocationNotionalBalanceNotionalBalance
Net investment hedges:
Forward contractsPrepaid expenses and other current assets$1,406,950$97,842$925,810$73,819
Forward contractsOther current liabilities$—$—$235,180$2,935
Foreign currency debt Long-term debt€700,000$781,060€700,000$792,820
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The tables below presents gains related to designated net investment hedges:
Gain Recognized in AOCL before ReclassificationsGain Recognized in Interest Expense for Excluded Components
(in thousands)2022202120222021
Three Months Ended March 31,
Net investment hedges:
Forward contracts$19,393 $37,515 $7,565 $6,574 
Foreign currency debt 11,760 40,950 — — 
Total$31,153 $78,465 $7,565 $6,574 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The tables below presents gains related to designated net investment hedges:
Gain Recognized in AOCL before ReclassificationsGain Recognized in Interest Expense for Excluded Components
(in thousands)2022202120222021
Three Months Ended March 31,
Net investment hedges:
Forward contracts$19,393 $37,515 $7,565 $6,574 
Foreign currency debt 11,760 40,950 — — 
Total$31,153 $78,465 $7,565 $6,574