Hedging (Tables)

9 Months Ended

Sep. 30, 2018

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 September 30, 2018		As of December 31, 2017
Foreign Currency	(in thousands)
Euro	$	324,753	$	257,230
British pound sterling	74,494		77,481
Canadian dollar	37,098		—
Australian dollar	31,279		30,501
Total foreign currency forward contracts	$	467,624	$	365,212

Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations

During the three and nine months ended September 30, 2018 and 2017, the Company recognized the following related to foreign currency forward contacts in its condensed consolidated statements of operations:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2018		2017			2018			2017
	(in thousands)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$	1,721	$	(2,461	)	$	(7,438	)	$	4,291
Not designated as hedging instruments
Other (expense) income, net	$	782	$	4,135		$	(1,832	)	$	12,958

Schedule of Foreign Exchange Contracts

The following table summarizes the fair value of the Company’s outstanding foreign currency forward contracts included on its condensed consolidated balance sheets:

As of September 30, 2018
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value
(in thousands)
Designated as hedging instruments
Prepaid expenses and other current assets	$	13,903	Other liabilities, current portion	$	(505	)
Other assets	713		Other liabilities, excluding current portion	(66		)
Total assets	$	14,616	Total liabilities	$	(571	)

As of December 31, 2017
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value
(in thousands)
Designated as hedging instruments
Prepaid expenses and other current assets	$	13	Other liabilities, current portion	$	(13,642	)
Other assets	—		Other liabilities, excluding current portion	(866		)
Total assets	$	13	Total liabilities	$	(14,508	)

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 September 30, 2018
	Gross Amounts Recognized			Gross Amounts Offset		Gross Amounts Presented			Gross Amounts Not Offset			Legal Offset
Foreign currency forward contracts	(in thousands)
Total assets	$	14,616		$	—	$	14,616		$	(571	)	$	14,045
Total liabilities	$	(571	)	$	—	$	(571	)	$	571		$	—

	As of December 31, 2017
	Gross Amounts Recognized			Gross Amounts Offset		Gross Amounts Presented			Gross Amounts Not Offset			Legal Offset
Foreign currency forward contracts	(in thousands)
Total assets	$	13		$	—	$	13		$	(13	)	$	—
Total liabilities	$	(14,508	)	$	—	$	(14,508	)	$	13		$	(14,495	)