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Derivatives and Hedging Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Years Ended December 31,
202320222021
Foreign currency debt$(54,120)$160,286 $93,945 
Foreign currency forward contracts (included component) (1)
(9,442)27,323 2,621 
Foreign currency forward contracts (excluded component) (2)
2,683 (2,535)(2)
Cross-currency interest rate swaps (included component) (1)
(72,049)276,350 282,935 
Cross-currency interest rate swaps (excluded component) (3)
1,045 (35,723)(52,517)
Total$(131,883)$425,701 $326,982 
Amount of gain or (loss) recognized in earnings:
Location of gain or (loss)Years Ended December 31,
202320222021
Foreign currency forward contracts (excluded component) (2)
Interest expense$1,920 $(469)$242 
Cross-currency interest rate swaps (excluded component) (3)
Interest expense45,469 50,188 44,933 
Total$47,389 $49,719 $45,175 
(1)Included component represents foreign exchange spot rates.
(2)Excluded component represents foreign currency forward points.
(3)Excluded component represents cross-currency basis spread and interest rates.
Schedule 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, 2023, 2022 and 2021 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Years Ended December 31,
202320222021
Foreign currency forward and option contracts (included component) (1)
$(15,956)$(8,711)$67,767 
Foreign currency option contracts (excluded component) (2)
— — 151 
Cross-currency interest rate swaps(2,175)(2,386)— 
Interest rate locks(4,971)49,392 9,624 
Total
$(23,102)$38,295 $77,542 
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
Years Ended December 31,
Location of gain or (loss)202320222021
Foreign currency forward contracts
Revenues
$(9,760)$148,100 $(39,297)
Foreign currency forward contracts
Costs and operating expenses
15,425 (71,968)20,496 
Interest rate locks
Interest Expense
1,183 (26)(4,056)
Total
$6,848 $76,106 $(22,857)
(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)202320222021
Embedded derivatives (1)
Revenues
$— $(568)$3,503 
Economic hedge of embedded derivatives (2)
Revenues
— (984)(5,937)
Foreign currency forward contracts
Other income (expense)
(20,191)137,633 129,496 
Cross-currency interest rate swaps
Other income (expense)
6,534 — — 
    Total
$(13,657)$136,081 $127,062 
(1)Embedded derivatives which are considered foreign currency forward contracts were designated as net investment hedges beginning March 31, 2022.
(2)As of December 31, 2023, we had no economic hedge of embedded derivatives outstanding.
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 , excluding accrued interest, as of December 31, 2023 and 2022 (in thousands):
December 31, 2023December 31, 2022
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
Designated as hedging instruments:
Cash flow hedges
Foreign currency forward and option contracts
$2,493 $14,327 $27,812 $21,352 
Cross-currency interest rate swaps35,950 — 19,239 — 
Net investment hedges
Foreign currency forward contracts2,981 16,668 25,077 4,805 
Cross-currency interest rate swaps
131,583 — 274,234 — 
Total designated as hedging
173,007 30,995 346,362 26,157 
Not designated as hedging instruments:
Foreign currency forward contracts
3,662 70,340 58,230 7,531 
Cross-currency interest rate swaps
80,350 — — — 
Total not designated as hedging
84,012 70,340 58,230 7,531 
Total Derivatives$257,019 $101,335 $404,592 $33,688 
(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, inclusive of accrued interest, as of December 31, 2023 and 2022 (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, 2023
Derivative assets
$282,316 $— $282,316 $(56,341)$225,975 
Derivative liabilities111,860 — 111,860 (56,341)55,519 
December 31, 2022
Derivative assets
$424,516 $— $424,516 $(34,429)$390,087 
Derivative liabilities39,234 — 39,234 (34,429)4,805 
Schedule of Offsetting Derivative Assets and Liabilities The following table presents information related to these offsetting arrangements, inclusive of accrued interest, as of December 31, 2023 and 2022 (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, 2023
Derivative assets
$282,316 $— $282,316 $(56,341)$225,975 
Derivative liabilities111,860 — 111,860 (56,341)55,519 
December 31, 2022
Derivative assets
$424,516 $— $424,516 $(34,429)$390,087 
Derivative liabilities39,234 — 39,234 (34,429)4,805