Hedging (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2021		As of December 31, 2020
Foreign Currency	(in thousands)
Euro	$	1,194,338	$	745,099
British pound sterling	277,815		160,427
Australian dollar	95,970		99,922
Canadian dollar	87,259		86,468
Swiss Franc	41,335		—
Total foreign currency forward contracts	$	1,696,717	$	1,091,916

Schedule of Foreign Exchange Contracts, Condensed Consolidated Statements of Operations

During the three and nine months ended September 30, 2021 and 2020, the Company recognized the following related to foreign currency forward contracts in its condensed consolidated statements of operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Designated as hedging instruments - Reclassified from AOCI
Product revenues, net	$	(5,224)	$	(7,249)	$	(39,342)	$	8,039
Not designated as hedging instruments
Other income (expense), net	$	(400)	$	25,897	$	(9,350)	$	15,724
Total reported in the Condensed Consolidated Statement of Operations
Product revenues, net	$	1,984,164	$	1,536,271	$	5,500,839	$	4,575,863
Other income (expense), net	$	42,368	$	84,386	$	(2,234)	$	139,621

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 September 30, 2021
Assets			Liabilities
Classification	Fair Value		Classification	Fair Value
(in thousands)
Prepaid expenses and other current assets	$	34,300	Other current liabilities	$	(4,356)
Other assets	4,781		Other long-term liabilities	(29)
Total assets	$	39,081	Total liabilities	$	(4,385)

As of December 31, 2020
Assets			Liabilities
Classification	Fair Value		Classification	Fair 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 September 30, 2021
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset
Foreign currency forward contracts	(in thousands)
Total assets	$	39,081	$	—	$	39,081	$	(4,385)	$	34,696
Total liabilities	(4,385)		—		(4,385)		4,385		—

	As of December 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	$	—	$	—	$	—	$	—	$	—
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 September 30, 2021
	Gross Amounts Recognized		Gross Amounts Offset		Gross Amounts Presented		Gross Amounts Not Offset		Legal Offset
Foreign currency forward contracts	(in thousands)
Total assets	$	39,081	$	—	$	39,081	$	(4,385)	$	34,696
Total liabilities	(4,385)		—		(4,385)		4,385		—

	As of December 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	$	—	$	—	$	—	$	—	$	—
Total liabilities	(63,467)		—		(63,467)		—		(63,467)