Hedging (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020		As of December 31, 2019
Foreign Currency	(in thousands)
Euro	$	581,764	$	501,197
British pound sterling	124,160		87,032
Australian dollar	74,643		89,705
Canadian dollar	46,390		50,452
Total foreign currency forward contracts	$	826,957	$	728,386

Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations

During the three months ended March 31, 2020 and 2019, the Company recognized the following related to foreign currency forward contacts in its condensed consolidated statements of operations:

	Three Months Ended March 31,
	2020			2019
	(in thousands)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$	8,922		$	6,839
Not designated as hedging instruments
Other (expense) income, net	$	16,229		$	3,151
Total reported in the Condensed Consolidated Statement of Operations
Product revenues, net	$	1,515,107		$	857,253
Other (expense) income, net	$	(61,130	)	$	42,610

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 March 31, 2020
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value
(in thousands)
Prepaid expenses and other current assets	$	25,434	Other current liabilities	$	(459	)
Other assets	1,798		Other long-term liabilities	(637		)
Total assets	$	27,232	Total liabilities	$	(1,096	)

As of December 31, 2019
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value
(in thousands)
Prepaid expenses and other current assets	$	9,725	Other current liabilities	$	(5,533	)
Other assets	—		Other long-term liabilities	(1,821		)
Total assets	$	9,725	Total liabilities	$	(7,354	)

Offsetting liabilities

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 March 31, 2020
	Gross Amounts Recognized			Gross Amounts Offset		Gross Amounts Presented			Gross Amounts Not Offset			Legal Offset
Foreign currency forward contracts	(in thousands)
Total assets	$	27,232		$	—	$	27,232		$	(1,096	)	$	26,136
Total liabilities	(1,096		)	—		(1,096		)	1,096			—

	As of December 31, 2019
	Gross Amounts Recognized			Gross Amounts Offset		Gross Amounts Presented			Gross Amounts Not Offset			Legal Offset
Foreign currency forward contracts	(in thousands)
Total assets	$	9,725		$	—	$	9,725		$	(7,354	)	$	2,371
Total liabilities	(7,354		)	—		(7,354		)	7,354			—

Offsetting assets

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 March 31, 2020
	Gross Amounts Recognized			Gross Amounts Offset		Gross Amounts Presented			Gross Amounts Not Offset			Legal Offset
Foreign currency forward contracts	(in thousands)
Total assets	$	27,232		$	—	$	27,232		$	(1,096	)	$	26,136
Total liabilities	(1,096		)	—		(1,096		)	1,096			—

	As of December 31, 2019
	Gross Amounts Recognized			Gross Amounts Offset		Gross Amounts Presented			Gross Amounts Not Offset			Legal Offset
Foreign currency forward contracts	(in thousands)
Total assets	$	9,725		$	—	$	9,725		$	(7,354	)	$	2,371
Total liabilities	(7,354		)	—		(7,354		)	7,354			—