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Derivatives and Hedging (Tables)
 9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of information regarding outstanding derivative contracts The tables below provide information regarding the Company’s outstanding derivative contracts as of the dates indicated (in thousands, except for number of contracts).
September 30, 2019
 
 
 
 
 
 
 
 
 
 
Derivative Contract Type
 
Number of
Contracts
 
Notional
Amounts
 
Fair Value
Asset
(Liability), Net (3)
 
Balance
Sheet
Line Item
 
Unrealized
Loss Recorded
in AOCI/L
Interest rate swaps (1)
 
4

 
$
1,400,000

 
$
(80,233
)
 
Other liabilities
 
$
(58,369
)
Foreign currency forwards (2)
 
40

 
203,351

 
(220
)
 
Accrued liabilities
 
—

Total
 
44

 
$
1,603,351

 
$
(80,453
)
 
 
 
$
(58,369
)

December 31, 2018
 
 
 
 
 
 
 
 
 
 
Derivative Contract Type
 
Number of Contracts
 
Notional
Amounts
 
Fair Value
Asset
(Liability), Net (3)
 
Balance
Sheet
Line Item
 
Unrealized
Loss Recorded
in AOCI/L
Interest rate swaps (1)
 
7

 
$
2,100,000

 
$
(10,681
)
 
Other liabilities
 
$
(7,770
)
Foreign currency forwards (2)
 
135

 
927,375

 
(1,942
)
 
Accrued liabilities
 
—

Total
 
142

 
$
3,027,375

 
$
(12,623
)
 
 
 
$
(7,770
)
 
 
(1)
The interest rate swaps have been designated and are accounted for as cash flow hedges of the forecasted interest payments on borrowings. As a result, changes in the fair values of the swaps are deferred and recorded in AOCI/L, net of tax effect. Note 6 — Debt provides additional information.
(2)
The Company has foreign exchange transaction risk because it typically enters into transactions in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. The Company enters into short-term foreign currency forward exchange contracts to mitigate the cash flow risk associated with changes in foreign currency rates on forecasted foreign currency transactions. These contracts are accounted for at fair value with realized and unrealized gains and losses recognized in Other income (expense), net because the Company does not designate these contracts as hedges for accounting purposes. All of the outstanding foreign currency forward exchange contracts at September 30, 2019 matured before October 31, 2019.
(3)
See Note 10 — Fair Value Disclosures for the determination of the fair values of these instruments.
Schedule of amounts recognized in statement of operations The table below provides information regarding amounts recognized in the accompanying Condensed Consolidated Statements of Operations for derivative contracts for the periods indicated (in thousands).
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
Amount recorded in:
 
2019
 
2018
 
2019
 
2018
Interest (income) expense, net (1)
 
$
(1,504
)
 
$
(851
)
 
$
(6,015
)
 
$
(262
)
Other expense, net (2)
 
4,367

 
1,140

 
5,064

 
2,815

Total expense (income), net
 
$
2,863

 
$
289

 
$
(951
)
 
$
2,553

 
 
(1)
Consists of interest (income) expense from interest rate swap contracts.
(2)
Consists of net realized and unrealized gains and losses on foreign currency forward contracts.