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Hedging (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Cash Flow Hedging Instruments
The following table summarizes the notional amount in U.S. dollars of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges under U.S. GAAP:
As of March 31, 2021As of December 31, 2020
Foreign Currency
(in thousands)
Euro
$892,995 $745,099 
British pound sterling
250,528 160,427 
Australian dollar
100,733 99,922 
Canadian dollar
80,122 86,468 
Total foreign currency forward contracts
$1,324,378 $1,091,916 
Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations
During the three months ended March 31, 2021 and 2020, the Company recognized the following related to foreign currency forward contacts in its condensed consolidated statements of operations:
Three Months Ended March 31,
20212020
(in thousands)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net
$(16,518)$8,922 
Not designated as hedging instruments
Other expense, net
$(7,997)$(16,229)
Total reported in the Condensed Consolidated Statement of Operations
Product revenues, net
$1,723,305 $1,515,107 
Other expense, net
$(52,653)$(61,130)
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 U.S. GAAP included on its condensed consolidated balance sheets:
As of March 31, 2021
AssetsLiabilities
ClassificationFair ValueClassificationFair Value
(in thousands)
Prepaid expenses and other current assets
$7,039 
Other current liabilities
$(28,743)
Other assets
1,944 
Other long-term liabilities
(433)
Total assets
$8,983 
Total liabilities
$(29,176)
As of December 31, 2020
AssetsLiabilities
ClassificationFair ValueClassificationFair Value
(in thousands)
Prepaid expenses and other current assets
$— 
Other current liabilities
$(59,184)
Other assets
— 
Other long-term liabilities
(4,283)
Total assets
$— 
Total liabilities
$(63,467)
Schedule of Offsetting Liabilities
The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under U.S. GAAP on the Company’s condensed consolidated balance sheets:
As of March 31, 2021
Gross Amounts RecognizedGross Amounts OffsetGross Amounts PresentedGross Amounts Not OffsetLegal Offset
Foreign currency forward contracts(in thousands)
Total assets$8,983 $— $8,983 $(8,983)$— 
Total liabilities
(29,176)— (29,176)8,983 (20,193)
As of December 31, 2020
Gross Amounts RecognizedGross Amounts OffsetGross Amounts PresentedGross Amounts Not OffsetLegal Offset
Foreign currency forward contracts(in thousands)
Total assets$— $— $— $— $— 
Total liabilities(63,467)— (63,467)— (63,467)
Schedule of Offsetting Assets
The following table summarizes the potential effect of offsetting derivatives by type of financial instrument designated as cash flow hedges under U.S. GAAP on the Company’s condensed consolidated balance sheets:
As of March 31, 2021
Gross Amounts RecognizedGross Amounts OffsetGross Amounts PresentedGross Amounts Not OffsetLegal Offset
Foreign currency forward contracts(in thousands)
Total assets$8,983 $— $8,983 $(8,983)$— 
Total liabilities
(29,176)— (29,176)8,983 (20,193)
As of December 31, 2020
Gross Amounts RecognizedGross Amounts OffsetGross Amounts PresentedGross Amounts Not OffsetLegal Offset
Foreign currency forward contracts(in thousands)
Total assets$— $— $— $— $— 
Total liabilities(63,467)— (63,467)— (63,467)