Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table summarizes the fair value of the Company's derivative instruments recorded in the consolidated balance sheets as of September 30, 2019 and December 31, 2018 (dollars in thousands):



		Fair Value
	Balance Sheet Location	September 30, 2019		December 31, 2018
Asset Derivatives:
Derivatives designated as cash flow hedges:
British pound forward contracts	Prepaid expenses and other	$	4,535	$	—
British pound forward contracts	Other assets	—		26,011
Derivative designated as a net investment hedge:
Cross-currency swap contract	Other assets	8,039		—
Total derivatives designated as hedges		$	12,574	$	26,011
Derivatives not designated as hedges:
Cross-currency swap contract	Prepaid expenses and other	$	—	$	19,684
Total derivatives not designated as hedges		$	—	$	19,684

Liability Derivatives:
Derivatives designated as cash flow hedges:
Interest rate swap agreements	Accrued expenses	$	8,545	$	1,954
Interest rate swap agreements	Other long-term liabilities	86,483		12,441
British pound forward contracts	Other long-term liabilities	—		59
Derivative designated as a fair value hedge:
Cross-currency swap contract	Other long-term liabilities	4,047		—
Total derivatives designated as hedges		$	99,075	$	14,454

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

The following table shows the effective portion of net changes in the fair value of the Company's derivative instruments designated as hedges recognized in OCI, net of tax for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands):



	Total Derivatives Designated as Hedges OCI Activity, Net of Tax
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Derivatives Designated as Hedges:
Cash Flow Hedges:
Interest rate swap agreements	$	(26,746	)	$	4,816		$	(61,451	)	$	14,396
Foreign currency forward contracts	—			(13		)	—			275
British pound forward contracts, net ^(a)	(12		)	350			1,446			85
	$	(26,758	)	$	5,153		$	(60,005	)	$	14,756
Net Investment Hedge:
Cross-currency swap contract	$	6,821		$	—		$	6,048		$	—

Fair Value Hedge:
Cross-currency swap contract	$	(704	)	$	—		$	(1,134	)	$	—

Total derivatives designated as hedges	$	(20,641	)	$	5,153		$	(55,091	)	$	14,756

(a)

The three months ended September 30, 2019 represented a net loss of $1.0 million for the mark-to-market of the U.K. intercompany loan, partially offset by a net gain of $1.0 million for the mark-to-market of the British pound forward contracts. The nine months ended September 30, 2019 represented a net gain of $18.5 million for the mark-to-market of the U.K. intercompany loan, partially offset by a net loss of $17.0 million for the mark-to-market of the British pound forward contracts.

The three and nine months ended September 30, 2018 represented a net loss of $1.7 million and $5.4 million, respectively, for the mark-to-market of the U.K. intercompany loan, partially offset by a net gain of $2.0 million and $5.5 million, respectively, for the mark-to-market of the British pound forward contracts

Schedule of Derivative Instruments, Gain (Loss) in Consolidated Statement of Operations [Table Text Block]

The following table shows the effect of the Company's derivative instruments not designated as hedges for the three and nine months ended September 30, 2019 and 2018 in the consolidated statements of operations (dollars in thousands):



		Amount Recognized in Earnings
	Location of Amount Recognized in Earnings	Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2019		2018			2019			2018
Derivatives Not Designated as Hedges:
Cross-currency swap agreements, net ^(a)	Other income/(loss), net	$	—	$	(2,410	)	$	(1,770	)	$	(4,900	)


(a)	The nine months ended September 30, 2019 represented a net loss of $1.4 million for the mark-to-market of the GRail Intercompany Loan and a net loss of $0.3 million for the mark-to-market of the swaps. This derivative was settled in June 2019, and the Company received cash proceeds of €17.0 million (or $19.3 million at the exchange rate on June 30, 2019).

The three months ended September 30, 2018 represented a net loss of $3.0 million for the mark-to-market of the GRail Intercompany Loan, partially offset by a net gain of $0.6 million for the mark-to-market of the swaps. The nine months ended September 30, 2018 represented a net loss of $8.1 million for the mark-to-market of the GRail Intercompany Loan, partially offset by a net gain of $3.2 million for the mark-to-market of the swaps.

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

The following table shows the cash flow impacts from the Company's derivatives that settled during the nine months ended September 30, 2019 (dollars in thousands):



	Nine Months Ended
	September 30, 2019
Derivatives designated as hedges:
British pound forward contracts	$	26,088

Derivatives not designated as hedges:
Cross-currency swap contract	19,272
Total cash received from settlement of derivative transactions, investing activities	$	45,360

Interest Rate Swap [Member]

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The following table summarizes the terms of the Company's outstanding interest rate swap agreements entered into to manage the Company's exposure to changes in interest rates on its variable rate debt (amounts in thousands):



Effective Date	Expiration Date	Notional Amount		Pay Fixed Rate	Receive Variable Rate
12/1/2016	12/1/2021	A$	517,500	2.44%	AUD-BBR
8/31/2018	8/31/2021 - 8/31/2048	$	500,000	2.70% - 2.87%	1-month LIBOR