XML 57 R31.htm IDEA: XBRL DOCUMENT v3.20.1
Derivatives and Hedging (Tables)
 3 Months Ended
Mar. 31, 2020
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).
March 31, 2020
Derivative Contract TypeNumber 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  $(126,317) Other liabilities$(91,896) 
Foreign currency forwards (2)43  227,817  (559) Accrued liabilities—  
Total47  $1,627,817  $(126,876)  $(91,896) 

December 31, 2019
Derivative Contract TypeNumber of ContractsNotional
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  $(64,831) Other liabilities$(47,164) 
Foreign currency forwards (2)176  604,858  59  Other current assets—  
Total180  $2,004,858  $(64,772)  $(47,164) 

(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 7 — Debt provides additional information regarding the Company's interest rate swap contracts.
(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 March 31, 2020 matured before April 30, 2020.
(3)See Note 11 — 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
 March 31,
Amount recorded in:20202019
Interest (income) expense, net (1)$3,192  $(2,271) 
Other expense, net (2)12,599  (1,838) 
Total expense (income), net$15,791  $(4,109) 
(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.