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Derivatives and Hedging Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary 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, 2021, 2020 and 2019 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Years Ended December 31,
202120202019
Foreign currency debt$93,945 $(208,281)$47,033 
Cross-currency interest rate swaps (included component) (1)
282,935 (218,843)15,514 
Cross-currency interest rate swaps (excluded component) (2)
(52,517)(347)10,737 
Foreign currency forward contracts (included component) (1)
2,621 (17,115)— 
Foreign currency forward contracts (excluded component) (3)
(2)32 — 
Total
$326,982 $(444,554)$73,284 
Amount of gain or (loss) recognized in earnings:
Location of gain or (loss)Years Ended December 31,
202120202019
Cross-currency interest rate swaps (excluded component) (2)
Interest expense
$44,933 $27,196 $19,261 
Foreign currency forward contracts (excluded component) (3)
Interest expense
242 42 — 
Total
$45,175 $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 hedges
The effect of cash flow hedges on accumulated other comprehensive income and the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Years Ended December 31,
202120202019
Foreign currency forward and option contracts (included component) (1)
$67,767 $(68,573)$(9,945)
Foreign currency option contracts (excluded component) (2)
151 1,655 (1,807)
Interest rate locks9,624 (30,393)4,972 
Total
$77,542 $(97,311)$(6,780)
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
Years Ended December 31,
Location of gain or (loss)202120202019
Foreign currency forward contracts
Revenues
$(39,297)$37,198 $80,046 
Foreign currency forward contracts
Costs and operating expenses
20,496 (19,890)(41,262)
Interest rate locks
Interest Expense
(4,056)(1,204)79 
Total
$(22,857)$16,104 $38,863 
Amount of gain or (loss) excluded from effectiveness testing and included in income:
Years Ended December 31,
Location of gain or (loss)202120202019
Foreign currency forward contracts
Other income (expense)
$— $— $88 
Foreign currency option contracts (excluded component) (2)
Revenues
(244)(1,761)(1,082)
Total
$(244)$(1,761)$(994)
(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 our consolidated statements of operations (in thousands):
Amount of gain or (loss) recognized in earnings:
Years Ended December 31,
Location of gain or (loss)202120202019
Embedded derivatives
Revenues
$3,503 $(3,043)$63 
Economic hedge of embedded derivatives
Revenues
(5,937)2,142 550 
Foreign currency forward contracts
Other income (expense)
129,496 (127,648)36,846 
    Total
$127,062 $(128,549)$37,459 
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 our consolidated balance sheets as of December 31, 2021 and 2020 (in thousands):
December 31, 2021December 31, 2020
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
Designated as hedging instruments:
Cash flow hedges
Foreign currency forward and option contracts
$22,866 $7,618 $351 $52,804 
Interest rate locks8,662 — — — 
Net investment hedges
Cross-currency interest rate swaps
56,921 19,441 — 192,939 
Foreign currency forward contracts156 70 — 17,041 
Total designated as hedging
88,605 27,129 351 262,784 
Not designated as hedging instruments:
Embedded derivatives
3,247 652 3,255 3,858 
Economic hedges of embedded derivatives
2,232 637 4,372 12 
Foreign currency forward contracts
83,265 5,854 3,721 133,805 
Total not designated as hedging
88,744 7,143 11,348 137,675 
Total Derivatives$177,349 $34,272 $11,699 $400,459 
(1)As presented in our consolidated balance sheets within other current assets and other assets.
(2)As presented in our 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, 2021 and 2020 (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, 2021
Derivative assets
$207,037 $— $207,037 $(47,538)$159,499 
Derivative liabilities49,326 — 49,326 (47,538)1,788 
December 31, 2020
Derivative assets
$38,447 $— $38,447 $(35,100)$3,347 
Derivative liabilities415,628 — 415,628 (35,100)380,528 
Schedule of offsetting derivative assets and liabilities The following table presents information related to these offsetting arrangements as of December 31, 2021 and 2020 (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, 2021
Derivative assets
$207,037 $— $207,037 $(47,538)$159,499 
Derivative liabilities49,326 — 49,326 (47,538)1,788 
December 31, 2020
Derivative assets
$38,447 $— $38,447 $(35,100)$3,347 
Derivative liabilities415,628 — 415,628 (35,100)380,528