Hedging (Tables)

12 Months Ended

Dec. 31, 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 December 31,
	2019		2018
Foreign Currency	(in thousands)
Euro	$	501,197	$	335,179
Australian dollar	89,705		52,820
British pound sterling	87,032		73,460
Canadian dollar	50,452		43,759
Total foreign currency forward contracts	$	728,386	$	505,218

Derivative Instruments, Gain (Loss)

During the three years ended December 31, 2019, the Company recognized the following related to foreign currency forward contacts in its consolidated statements of operations:

	December 31,
	2019		2018			2017
	(in thousands)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$	32,546	$	(1,252	)	$	768
Not designated as hedging instruments
Other income (expense), net	$	4,838	$	623		$	14,129
Total reported in the Consolidated Statement of Operations
Product revenues, net	$	4,160,726	$	3,038,325		$	2,165,480
Other income (expense), net	$	192,177	$	(790	)	$	(81,382	)

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 consolidated balance sheets:

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	)

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 consolidated balance sheets:

	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			—

	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			—

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 consolidated balance sheets:

	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			—

	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			—