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Derivatives and Risk Management (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Derivative Contracts Designated Cash Flow Hedges | The gross notional amounts of open derivative contracts designated as cash flow hedges at March 31, 2021 and December 31, 2020 were as follows (in thousands):
Description of Derivative Contract |  | March 31, 2021 |  | December 31, 2020
FX derivative contracts to be exchanged for British Pounds |  | $ | 10,214 |  |  | $ | 9,545 |
FX derivative contracts to be exchanged for Japanese Yen |  | 16,209 |  |  | 18,637 |
FX derivative contracts to be exchanged for Euros |  | 41,325 |  |  | 47,444 |
|  | $ | 67,748 |  |  | $ | 75,626 |
Schedule of Cash Flow Hedges Included in AOCI | After-tax net loss associated with derivatives designated as cash flow hedges recorded in the ending balance of AOCI and the amount expected to be reclassified to earnings in the next 12 months are as follows (in thousands):
Description of Derivative Contract |  | After-Tax Net Gain in AOCI as of March 31, 2021 |  | After-Tax Net Gain in AOCI as of Amount Expected to be Reclassified to Earnings in Next 12 Months
FX derivative contracts |  | $ | 1,249 |  |  | $ | 1,249 |
Pre-tax gains (losses) for derivative contracts designated as cash flow hedges recognized in other comprehensive income (loss) (“OCI”) and the amount reclassified to earnings from AOCI were as follows (in thousands):
|  |  |  | Three Months Ended March 31,
|  |  |  | 2021 |  | 2020
Description of Derivative Contract |  | Location in Earnings of Reclassified Gain or Loss |  | Losses Recognized in OCI |  | (Losses) Gains Reclassified from AOCI to Earnings |  | Losses Recognized in OCI |  | Losses Reclassified from AOCI to Earnings
FX derivative contracts |  | Foreign exchange and other losses |  | $ | (2,223) |  |  | $ | (1,496) |  |  | $ | (2,080) |  |  | $ | (605) |
FX derivative contracts |  | SG&A |  | — |  |  | 685 |  |  | — |  |  | (91) |
Interest rate swap contracts |  | Interest expense |  | — |  |  | — |  |  | — |  |  | (28) |
|  |  |  | $ | (2,223) |  |  | $ | (811) |  |  | $ | (2,080) |  |  | $ | (724) |
Schedule of Fair Value of Derivative Instruments in Statement of Financial Position | The following tables present the fair value and the location of derivative contracts reported on the condensed consolidated balance sheets (in thousands):
March 31, 2021 |  | Asset Derivatives |  | Liability Derivatives
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value (1) |  | Balance Sheet Location |  | Fair Value (1)
FX derivative contracts |  | Prepaid expenses and other current assets |  | $ | 1,048 |  |  | Accrued liabilities |  | $ | 724 |
FX derivative contracts |  | Accrued liabilities |  | 331 |  |  |  |  |
Total derivatives designated as hedging instruments |  |  |  | 1,379 |  |  |  |  | 724 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Interest rate swap contracts |  |  |  |  |  | Accrued liabilities |  | 36 |
FX derivative contracts |  | Prepaid expenses and other current assets |  | 863 |  |  | Accrued liabilities |  | 705 |
Capped call derivatives |  | Other assets |  | 84,852 |  |  |  |  |
Embedded exchange feature |  |  |  |  |  | Long-term derivative liability |  | 148,091 |
Other derivatives |  |  |  |  |  | Accrued liabilities |  | 931 |
Other derivatives |  |  |  |  |  | Long-term derivative liability |  | 192 |
Total derivatives not designated as hedging instruments |  |  |  | 85,715 |  |  |  |  | 149,955 |
Total derivatives |  |  |  | $ | 87,094 |  |  |  |  | $ | 150,679 |
December 31, 2020 |  | Asset Derivatives |  | Liability Derivatives
Derivatives Designated as Hedging Instruments |  | Balance Sheet Location |  | Fair Value (1) |  | Balance Sheet Location |  | Fair Value (1)
FX derivative contracts |  | Prepaid expenses and other current assets |  | $ | 1,998 |  |  | Accrued liabilities |  | $ | 14 |
FX derivative contracts |  | Accrued liabilities |  | 895 |  |  |  |  |
Total derivatives designated as hedging instruments |  |  |  | 2,893 |  |  |  |  | 14 |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |
Interest rate swap contracts |  |  |  |  |  | Accrued liabilities |  | 74 |
FX derivative contracts |  | Prepaid expenses and other current assets |  | 55 |  |  | Accrued liabilities |  | 4,073 |
Capped call derivatives |  | Long-term derivative assets |  | 72,302 |  |  |  |  |
Embedded exchange feature |  |  |  |  |  | Long-term derivative liability |  | 121,756 |
Other derivatives |  |  |  |  |  | Accrued liabilities |  | 4,106 |
Other derivatives |  |  |  |  |  | Long-term derivative liability |  | 184 |
Total derivatives not designated as hedging instruments |  |  |  | 72,357 |  |  |  |  | 130,193 |
Total derivatives |  |  |  | $ | 75,250 |  |  |  |  | $ | 130,207 |
(1)For the classification of inputs used to evaluate the fair value of our derivatives, refer to “Note 5. Fair Value Measurements.”

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