DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company held the following cross-currency rate swaps designated as net investment hedges as of March 31, 2019 and December 31, 2018, respectively (dollar amounts in thousands):



						March 31, 2019			December 31, 2018
	Effective Date	Termination Date	Fixed Rate	Aggregate Notional Amount		Fair Value Asset (Liability)			Fair Value Asset (Liability)

Pay EUR	October 3, 2018	September 30, 2021	—	EUR	70,738	$	3,343		$	1,359
Receive U.S.$	October 3, 2018	September 30, 2021	3.01%	$	82,000	$	3,343		$	1,359

Pay EUR	October 3, 2018	September 30, 2023	—	EUR	51,760	2,175			(421		)
Receive U.S.$	October 3, 2018	September 30, 2023	2.57%	$	60,000	2,175			(421		)

Pay EUR	October 3, 2018	September 30, 2025	—	EUR	38,820	1,037			(150		)
Receive U.S.$	October 3, 2018	September 30, 2025	2.19%	$	45,000	1,037			(150		)

Pay GBP	October 3, 2018	September 30, 2025	1.67%	GBP	128,284	(1,026		)	2,360
Receive U.S.$	October 3, 2018	September 30, 2025	2.71%	$	167,500	(1,026		)	2,360

Pay CHF	October 3, 2018	September 30, 2025	—	CHF	165,172	1,731			(3,780		)
Receive GBP	October 3, 2018	September 30, 2025	1.67%	GBP	128,284	1,731			(3,780		)

Total						$	7,260		$	(632	)

The Company held the following interest rate swaps as of March 31, 2019 and December 31, 2018 (amounts in thousands):



								March 31, 2019			December 31, 2018
Hedged Item	Current Notional Amount		Designation Date	Effective Date	Termination Date	Fixed Interest Rate		Estimated Fair Value			Estimated Fair Value
								Assets (Liabilities)			Assets (Liabilities)
3-month USD LIBOR Loan	$	50,000	June 22, 2016	December 31, 2016	June 30, 2019	1.062	%	$	193		$	410
3-month USD LIBOR Loan	50,000		June 22, 2016	December 31, 2016	June 30, 2019	1.062	%	193			415
1-month USD LIBOR Loan	50,000		July 12, 2016	December 31, 2016	June 30, 2019	0.825	%	210			418
3-month USD LIBOR Loan	50,000		February 6, 2017	June 30, 2017	June 30, 2020	1.834	%	393			619
1-month USD LIBOR Loan	100,000		February 6, 2017	June 30, 2017	June 30, 2020	1.652	%	866			1,287
1-month USD LIBOR Loan	100,000		March 27, 2017	December 31, 2017	June 30, 2021	1.971	%	552			1,246
1-month USD LIBOR Loan	150,000		December 13, 2017	January 1, 2018	December 31, 2022	2.201	%	(136		)	1,491
1-month USD LIBOR Loan	150,000		December 13, 2017	January 1, 2018	December 31, 2022	2.201	%	(168		)	1,460
1-month USD LIBOR Loan	100,000		December 13, 2017	July 1, 2019	June 30, 2024	2.423	%	(1,059		)	418
1-month USD LIBOR Loan	50,000		December 13, 2017	July 1, 2019	June 30, 2024	2.423	%	(572		)	162
1-month USD LIBOR Loan	200,000		December 13, 2017	January 1, 2018	December 31, 2024	2.313	%	(1,226		)	2,076
1-month USD LIBOR Loan	75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.220	%	(3,726		)	(2,594		)
1-month USD LIBOR Loan	75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.199	%	(3,698		)	(2,551		)
1-month USD LIBOR Loan	75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.209	%	(3,735		)	(2,568		)
1-month USD LIBOR Loan	100,000		December 18, 2018	December 30, 2022	December 31, 2027	2.885	%	(2,426		)	(797		)
1-month USD LIBOR Loan	100,000		December 18, 2018	December 30, 2022	December 31, 2027	2.867	%	(2,337		)	(873		)
Total interest rate derivatives designated as cash flow hedge	$	1,475,000						$	(16,676	)	$	619

The Company held the following cross-currency rate swaps as of March 31, 2019 (dollar amounts in thousands):



						March 31, 2019
	Effective Date	Termination Date	Fixed Rate	Aggregate Notional Amount		Fair Value Asset (Liability)

Pay CHF	October 2, 2017	October 2, 2020	1.75%	CHF	64,710	$	1,062
Receive U.S.$	October 2, 2017	October 2, 2020	4.38%	$	66,667	$	1,062

Pay CHF	October 2, 2017	October 2, 2021	1.85%	CHF	48,533	575
Receive U.S.$	October 2, 2017	October 2, 2021	4.46%	$	50,000	575

Pay CHF	October 2, 2017	October 2, 2022	1.95%	CHF	145,598	1,078
Receive U.S.$	October 2, 2017	October 2, 2022	4.52%	$	150,000	1,078

Total						$	2,715

Schedule of Fair Value and Presentation of Derivatives

The following table summarizes the fair value and presentation for derivatives designated as hedging instruments in the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018:



	Fair Value as of
Location on Balance Sheet ⁽¹⁾:	March 31, 2019		December 31, 2018
	(In thousands)
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap⁽²⁾	$	2,738	$	4,654
Cross-currency swap	6,849		7,615
Net Investment Hedges
Cross-currency swap	8,910		8,888
Other assets
Cash Flow Hedges
Interest rate swap⁽²⁾	346		5,350
Net Investment Hedges
Cross-currency swap	1,532		1,774
Total derivatives designated as hedges — Assets	$	20,375	$	28,281

Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap⁽²⁾	$	87	$	—
Other liabilities
Cash Flow Hedges
Interest rate swap⁽²⁾	19,672		9,385
Cross-currency swap	4,134		10,445
Net Investment Hedges
Cross-currency swap	3,181		11,294
Total derivatives designated as hedges — Liabilities	$	27,074	$	31,124


⁽¹⁾	The Company classifies derivative assets and liabilities as non-current based on the cash flows expected to be incurred within the following 12 months.


⁽²⁾	At March 31, 2019 and December 31, 2018, the notional amount related to the Company’s interest rate swaps were $1.5 billion.

Effect of Derivative Instruments Designated as Cash Flow Hedges on Statements of Operations

The following presents the effect of derivative instruments designated as cash flow hedges on the accompanying condensed consolidated statement of operations during the three months ended March 31, 2019 and 2018:



	Balance in AOCI Beginning of Quarter			Amount of Gain (Loss) Recognized in AOCI			Amount of Gain (Loss) Reclassified from AOCI into Earnings			Balance in AOCI End of Quarter			Location in Statements of Operations
	(In thousands)
Three Months Ended March 31, 2019
Cash Flow Hedges
Interest rate swap	$	619		$	(15,891	)	$	1,406		$	(16,678	)	Interest income
Cross-currency swap	(6,190		)	7,473			5,178			(3,895		)	Other income, net
Net Investment Hedges
Cross-currency swap	(632		)	10,221			2,327			7,262			Interest income
	$	(6,203	)	$	1,803		$	8,911		$	(13,311	)
Three Months Ended March 31, 2018
Cash Flow Hedges
Interest rate swap	$	592		$	14,940		$	(656	)	$	16,188		Interest expense
Cross-currency swap	(5,104		)	(7,027		)	(4,454		)	(7,677		)	Other income, net
	$	(4,512	)	$	7,913		$	(5,110	)	$	8,511

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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