Hedging (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| 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 |
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| 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 | ) |
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| 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 | ) |
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| 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 |
| | — |
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| | | | | | | | | | | | | | | | | | | | | | 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 |
| | — |
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| 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 |
| | — |
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| | | | | | | | | | | | | | | | | | | | | | 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 |
| | — |
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