Derivatives and Hedging (Tables)
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6 Months Ended |
Jun. 30, 2020 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| 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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2020 | | | | December 31, 2019 | | | Instrument | | Balance Sheet Location | | Notional | | Balance | | Notional | | Balance | Cash flow hedges: | | | | | | | | | | | | Interest rate swaps | | Other current liabilities | | $ | 800,000 | | | $ | 358 | | | $ | 800,000 | | | $ | 24,792 | | Net investment hedges: | | | | | | | | | | | Forward contracts | | Prepaid expenses and other current assets | | $ | 1,160,990 | | | $ | 76,169 | | | $ | 925,810 | | | $ | 39,965 | | Foreign currency debt | | Long-term debt | | € | 700,000 | | | $ | 786,940 | | | € | 700,000 | | | $ | 784,000 | |
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| Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
The tables below presents gains and losses related to designated cash flow hedges and net investment hedges: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in AOCL Before Reclassifications | | | | Gain Recognized in Interest Expense For Excluded Components | | | | | 2020 | | 2019 | | 2020 | | 2019 | Three Months Ended June 30, | | | | | | | | | Cash flow hedges: | | | | | | | | | Interest rate contracts | | $ | (4,370) | | | $ | (14,121) | | | $ | — | | | $ | — | | Net investment hedges: | | | | | | | | | Forward contracts | | (31,147) | | | (4,300) | | | 7,476 | | | 5,008 | | Foreign currency debt | | (13,720) | | | (10,570) | | | — | | | — | | | Total | | $ | (49,237) | | | $ | (28,991) | | | $ | 7,476 | | | $ | 5,008 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in AOCL Before Reclassifications | | | | Gain Recognized in Interest Expense For Excluded Components | | | | | 2020 | | 2019 | | 2020 | | 2019 | | Six Months Ended June 30, | | | | | | | | | | Cash flow hedges: | | | | | | | | | | Interest rate contracts | | $ | (28,830) | | | $ | (21,567) | | | $ | — | | | $ | — | | | Net investment hedges: | | | | | | | | | | Cross-currency swap | | — | | | 2,936 | | | — | | | 2,294 | | | Forward contracts | | 15,701 | | | 5,641 | | | 13,998 | | | 6,624 | | | Foreign currency debt | | (2,940) | | | 5,110 | | | — | | | — | | | Total | | $ | (16,069) | | | $ | (7,880) | | | $ | 13,998 | | | $ | 8,918 | |
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| Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) |
The tables below presents gains and losses related to designated cash flow hedges and net investment hedges: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in AOCL Before Reclassifications | | | | Gain Recognized in Interest Expense For Excluded Components | | | | | 2020 | | 2019 | | 2020 | | 2019 | Three Months Ended June 30, | | | | | | | | | Cash flow hedges: | | | | | | | | | Interest rate contracts | | $ | (4,370) | | | $ | (14,121) | | | $ | — | | | $ | — | | Net investment hedges: | | | | | | | | | Forward contracts | | (31,147) | | | (4,300) | | | 7,476 | | | 5,008 | | Foreign currency debt | | (13,720) | | | (10,570) | | | — | | | — | | | Total | | $ | (49,237) | | | $ | (28,991) | | | $ | 7,476 | | | $ | 5,008 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in AOCL Before Reclassifications | | | | Gain Recognized in Interest Expense For Excluded Components | | | | | 2020 | | 2019 | | 2020 | | 2019 | | Six Months Ended June 30, | | | | | | | | | | Cash flow hedges: | | | | | | | | | | Interest rate contracts | | $ | (28,830) | | | $ | (21,567) | | | $ | — | | | $ | — | | | Net investment hedges: | | | | | | | | | | Cross-currency swap | | — | | | 2,936 | | | — | | | 2,294 | | | Forward contracts | | 15,701 | | | 5,641 | | | 13,998 | | | 6,624 | | | Foreign currency debt | | (2,940) | | | 5,110 | | | — | | | — | | | Total | | $ | (16,069) | | | $ | (7,880) | | | $ | 13,998 | | | $ | 8,918 | |
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