Hedging (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedging Instruments

The following table summarizes the notional amount of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges under GAAP:

	As of June 30, 2019		As of December 31, 2018
Foreign Currency	(in thousands)
Euro	$	448,778	$	335,179
British pound sterling	65,278		73,460
Australian dollar	77,010		52,820
Canadian dollar	47,950		43,759
Total foreign currency forward contracts	$	639,016	$	505,218

Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations

During the three and six months ended June 30, 2019 and 2018, the Company recognized the following related to foreign currency forward contacts in its condensed consolidated statements of operations:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019		2018
	(in thousands)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$	8,238		$	(2,675	)	$	15,077	$	(9,159	)
Not designated as hedging instruments
Other income, net	$	(1,089	)	$	(4,152	)	$	2,062	$	(2,614	)

Schedule of Foreign Exchange Contracts

The following table summarizes the fair value of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges under GAAP included on its condensed consolidated balance sheets:

As of June 30, 2019
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value
(in thousands)
Prepaid expenses and other current assets	$	13,215	Other current liabilities	$	(761	)
Other assets	314		Other long-term liabilities	(207		)
Total assets	$	13,529	Total liabilities	$	(968	)

As of December 31, 2018
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value
(in thousands)
Prepaid expenses and other current assets	$	19,023	Other current liabilities	$	(340	)
Other assets	1,514		Other long-term liabilities	(108		)
Total assets	$	20,537	Total liabilities	$	(448	)

Derivatives Offsetting

The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under GAAP on the Company’s condensed consolidated balance sheets:

	As of June 30, 2019
	Gross Amounts Recognized			Gross Amounts Offset		Gross Amounts Presented			Gross Amounts Not Offset			Legal Offset
Foreign currency forward contracts	(in thousands)
Total assets	$	13,529		$	—	$	13,529		$	(968	)	$	12,561
Total liabilities	$	(968	)	$	—	$	(968	)	$	968		$	—

	As of December 31, 2018
	Gross Amounts Recognized			Gross Amounts Offset		Gross Amounts Presented			Gross Amounts Not Offset			Legal Offset
Foreign currency forward contracts	(in thousands)
Total assets	$	20,537		$	—	$	20,537		$	(448	)	$	20,089
Total liabilities	$	(448	)	$	—	$	(448	)	$	448		$	—