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Derivatives and Hedging Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Investment Hedges
The effect of net investment hedges on accumulated other comprehensive income and the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Years Ended December 31,
202020192018
Foreign currency debt$(208,281)$47,033 $218,269 
Cross-currency interest rate swaps (included component) (1)
(218,843)15,514 — 
Cross-currency interest rate swaps (excluded component) (2)
(347)10,737 — 
Foreign currency forward contracts (included component) (1)
(17,115)— — 
Foreign currency forward contracts (excluded component) (3)
32 — — 
Total
$(444,554)$73,284 $218,269 
Amount of gain or (loss) recognized in earnings:
Location of gain or (loss)Years Ended December 31,
202020192018
Cross-currency interest rate swaps (excluded component) (2)
Interest expense
$27,196 $19,261 $— 
Foreign currency forward contracts (excluded component) (3)
Interest expense
42 — — 
Total
$27,238 $19,261 $— 
(1)Included component represents foreign exchange spot rates.
(2)Excluded component represents cross-currency basis spread and interest rates.
(3)Excluded component represents foreign currency forward points.
Summary of Cash Flow Hedge Instruments
The effect of cash flow hedges on accumulated other comprehensive income and the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Years Ended December 31,
202020192018
Foreign currency forward and option contracts (included component) (1)
$(68,573)$(9,945)$58,227 
Foreign currency option contracts (excluded component) (2)
1,655 (1,807)— 
Interest rate locks(30,393)4,972 — 
Total
$(97,311)$(6,780)$58,227 
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
Years Ended December 31,
Location of gain or (loss)202020192018
Foreign currency forward contracts
Revenues
$37,198 $80,046 $(30,603)
Foreign currency forward contracts
Costs and operating expenses
(19,890)(41,262)15,341 
Interest rate locks
Interest Expense
(1,204)79 — 
Total
$16,104 $38,863 $(15,262)
Amount of gain or (loss) excluded from effectiveness testing and included in income:
Years Ended December 31,
Location of gain or (loss)202020192018
Foreign currency forward contracts
Other income (expense)
$— $88 $16,470 
Foreign currency option contracts (excluded component) (2)
Revenues
(1,761)(1,082)— 
Total
$(1,761)$(994)$16,470 
(1)Included component represents foreign exchange spot rates.
(2)Excluded component represents option's time value.
Schedule of Derivatives Not Designated as Hedging Instruments in the Company's Condensed Consolidated Statements of Operations
The following table presents the effect of derivatives not designated as hedging instruments in the Company's consolidated statements of operations (in thousands):
Amount of gain or (loss) recognized in earnings:
Years Ended December 31,
Location of gain or (loss)202020192018
Embedded derivatives
Revenues
$(3,043)$63 $618 
Economic hedge of embedded derivatives
Revenues
2,142 550 (877)
Foreign currency forward contracts
Other income (expense)
(127,648)36,846 91,233 
    Total
$(128,549)$37,459 $90,974 
Schedule of Derivative Instruments Recognized in the Company's Condensed Consolidated Balance Sheets
The following table presents the fair value of derivative instruments recognized in the Company's consolidated balance sheets as of December 31, 2020 and 2019 (in thousands):
December 31, 2020December 31, 2019
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
Designated as hedging instruments:
Cash flow hedges
Foreign currency forward and option contracts
$351 $52,804 $24,853 $5,898 
Net investment hedges
Cross-currency interest rate swaps
— 192,939 26,251 — 
Foreign currency forward contracts— 17,041 — — 
Total designated as hedging
351 262,784 51,104 5,898 
Not designated as hedging instruments:
Embedded derivatives
3,255 3,858 4,595 2,268 
Economic hedges of embedded derivatives
4,372 12 1,367 — 
Foreign currency forward contracts
3,721 133,805 641 27,446 
Total not designated as hedging
11,348 137,675 6,603 29,714 
Total Derivatives$11,699 $400,459 $57,707 $35,612 
(1)As presented in the Company's consolidated balance sheets within other current assets and other assets.
(2)As presented in the Company's consolidated balance sheets within other current liabilities and other liabilities.
Schedule of Offsetting Derivative Assets and Liabilities The following table presents information related to these offsetting arrangements as of December 31, 2020 and 2019 (in thousands):
Gross Amounts Offset in
Consolidated Balance Sheet
Gross AmountsGross Amounts Offset in the Balance SheetNet AmountsGross Amounts not Offset in the Balance SheetNet
December 31, 2020
Derivative assets
$38,447 $— $38,447 $(35,100)$3,347 
Derivative liabilities415,628 — 415,628 (35,100)380,528 
December 31, 2019
Derivative assets
$76,640 $— $76,640 $(37,820)$38,820 
Derivative liabilities45,832 — 45,832 (37,820)8,012 
Schedule of Offsetting Derivative Assets and Liabilities The following table presents information related to these offsetting arrangements as of December 31, 2020 and 2019 (in thousands):
Gross Amounts Offset in
Consolidated Balance Sheet
Gross AmountsGross Amounts Offset in the Balance SheetNet AmountsGross Amounts not Offset in the Balance SheetNet
December 31, 2020
Derivative assets
$38,447 $— $38,447 $(35,100)$3,347 
Derivative liabilities415,628 — 415,628 (35,100)380,528 
December 31, 2019
Derivative assets
$76,640 $— $76,640 $(37,820)$38,820 
Derivative liabilities45,832 — 45,832 (37,820)8,012