Derivative Financial Instruments

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 September 30, 2019, the Company had interest rate swap contracts outstanding with notional amounts aggregating $100.0 million that are designated as hedging instruments. The Company's outstanding interest rate swap contracts mature in December 2021.

Foreign Currency Exchange Rate Risk

We are exposed to foreign currency risk to the extent that we enter into transactions denominated in currencies other than our or our subsidiaries' respective functional currencies (non-functional currency risk), such as affiliation agreements, programming contracts, certain accounts payable and trade receivables (including intercompany amounts) that are denominated in a currency other than the applicable functional currency.

The fair values of the Company's derivative financial instruments not designated as hedging instruments included in the condensed consolidated balance sheets are as follows:


(In thousands)	Balance Sheet Location	September 30, 2019		December 31, 2018
Derivatives designated as hedging instruments:


Liabilities:
Interest rate swap contracts	Accrued liabilities	$	2,433	$	356
Derivatives not designated as hedging instruments:
Assets:
Foreign currency derivatives	Prepaid expenses and other current assets	$	1,508	$	1,452
Foreign currency derivatives	Other assets	1,351		2,057


Liabilities:


Foreign currency derivatives	Accrued liabilities	$	743	$	700
Foreign currency derivatives	Other liabilities	1,729		2,421

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


(In thousands)	Gain or (Loss) on Derivatives Recognized in OCI							Location of Gain or (Loss) in Earnings			Gain or (Loss) Reclassified from Accumulated OCI into Earnings
			Three Months Ended September 30,										Three Months Ended September 30,
			2019			2018				2019			2018
Derivatives in cash flow hedging relationships:
Interest rate swap contracts	$	(265)		$	—		Interest expense	$	78		$	—


(In thousands)	Gain or (Loss) on Derivatives Recognized in OCI							Location of Gain or (Loss) in Earnings			Gain or (Loss) Reclassified from Accumulated OCI into Earnings
			Nine Months Ended September 30,										Nine Months Ended September 30,
			2019			2018				2019			2018
Derivatives in cash flow hedging relationships:
Interest rate swap contracts	$	(2,190)		$	—		Interest expense	$	113		$	—

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


(In thousands)	Location of Gain or (Loss) Recognized in Earnings on Derivatives	Amount of Gain or (Loss) Recognized in Earnings on Derivatives
				Three Months Ended September 30,									Nine Months Ended September 30,
				2019			2018			2019			2018
Interest rate swap contracts	Interest expense	$	—		$	(700)		$	—		$	(1,384)
Foreign currency derivatives	Miscellaneous, net	510			250			556			430
Other derivatives	Miscellaneous, net	—			27,175			—			39,464
Total		$	510		$	26,725		$	556		$	38,510