Derivative Financial Instruments

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

Interest Rate Risk

To manage interest rate risk, the Company enters into interest rate swap contracts to adjust the amount of total debt that is subject to variable interest rates.

As of June 30, 2016, the Company had interest rate swap contracts outstanding with notional amounts aggregating $400,000, which consists of interest rate swap contracts with notional amounts of $200,000 that are designated as cash flow hedges and interest rate swap contracts with notional amounts of $200,000 that are not designated as hedging instruments. The Company’s outstanding interest rate swap contracts have varying maturities ranging from August 2016 to October 2018. At June 30, 2016, the Company’s interest rate swap contracts designated as cash flow hedges were highly effective.

Foreign Currency Exchange Rate Risk

The Company is exposed to foreign currency risk to the extent that the Company enters into transactions denominated in currencies other than its subsidiaries’ respective functional currencies (non-functional currency risk), such as affiliation agreements, programming contracts, certain trade receivables, accounts payable and intercompany amounts that are denominated in a currency other than the applicable functional currency of a subsidiary.

The fair values of the Company’s derivative financial instruments included in the condensed consolidated balance sheets are as follows:

	Balance Sheet  Location	June 30, 2016		December 31, 2015
Derivatives designated as hedging instruments:
Assets:
Interest rate swap contracts	Other assets	$	—	$	1,449
Liabilities:
Interest rate swap contracts	Other liabilities	894		—
Derivatives not designated as hedging instruments:
Assets:
Foreign currency derivatives	Prepaid expenses and other current assets	1,630		1,331
Foreign currency derivatives	Other assets	4,282		3,090
Liabilities:
Interest rate swap contracts	Accrued liabilities	115		660
Interest rate swap contracts	Other liabilities	1,504		2,022
Foreign currency derivatives	Accrued liabilities	1,073		1,429
Foreign currency derivatives	Other liabilities	1,899		1,678

The amounts of gains and losses related to the Company’s derivative financial instruments designated as hedging instruments are as follows:

	Gain or (Loss) on Derivatives  Recognized in OCI						Location of Gain or (Loss) in Earnings	Gain or (Loss) Reclassified  from Accumulated OCI  into Earnings (a)
	Three Months Ended June 30,							Three Months Ended June 30,
	2016			2015				2016			2015
Derivatives in cash flow hedging relationships:
Interest rate swap contracts	$	(934	)	$	(197	)	Interest expense	$	(169	)	$	(871	)

(a) There were no gains or losses recognized in earnings related to any ineffective portion of hedging relationships or related to any amount excluded from the assessment of hedge effectiveness for the three months ended June 30, 2016 and 2015.

	Gain or (Loss) on Derivatives  Recognized in OCI						Location of Gain or (Loss) in Earnings	Gain or (Loss) Reclassified  from Accumulated OCI  into Earnings (a)
	Six Months Ended June 30,							Six Months Ended June 30,
	2016			2015				2016			2015
Derivatives in cash flow hedging relationships:
Interest rate swap contracts	$	(2,675	)	$	(469	)	Interest expense	$	(332	)	$	(1,839	)

(a) There were no gains or losses recognized in earnings related to any ineffective portion of hedging relationships or related to any amount excluded from the assessment of hedge effectiveness for the six months ended June 30, 2016 and 2015.

The amounts of gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments are as follows:

	Location of Gain or (Loss) Recognized in Earnings  on Derivatives	Amount of Gain or (Loss) Recognized in Earnings on Derivatives						Amount of Gain or (Loss) Recognized in Earnings on Derivatives
		Three Months Ended June 30,						Six Months Ended June 30,
		2016			2015			2016			2015
Derivatives not designated as hedging relationships:
Interest rate swap contracts	Interest expense	$	(49	)	$	(74	)	$	(229	)	$	(495	)
Foreign currency derivatives	Miscellaneous, net	2,158			(1,993		)	2,210			(1,500		)
Total		$	2,109		$	(2,067	)	$	1,981		$	(1,995	)