Non-derivative Financial Instrument

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Non-derivative Financial Instrument

Non-derivative Financial Instrument

As of March 31, 2018, the Company had designated €700,000 of the face value of Euro-denominated debt, a non-derivative financial instrument, as a hedge of the foreign currency exchange rate exposure of an equal amount to the Company's euro-denominated net investment in certain European subsidiaries. As of March 31, 2018, the euro-denominated debt has a total carrying value of $862,750, which is included in long-term debt in the Company’s condensed consolidated balance sheet. For the three months ended March 31, 2018, the Company recorded a loss, net of tax, of approximately $16,710 in the net investment hedge section of the accumulated other comprehensive loss in the Company’s condensed consolidated balance sheet and statement of income and comprehensive income. No hedge ineffectiveness was recognized in income.