Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional amounts of outstanding derivative positions

The following tables provide information regarding the Company’s outstanding derivatives contracts as of the dates indicated (in thousands, except for number of outstanding contracts):

June 30, 2015
Derivative Contract Type	Number of Outstanding Contracts	Notional Amounts		Fair Value Asset (Liability), Net (3)			Balance Sheet Line Item	Unrealized Loss Recorded in OCI
Interest rate swaps (1)	3	$	700,000	$	(4,018	)	Accrued and Other liabilities	$	(2,410	)
Foreign currency forwards (2)	25	11,000		(9		)	Accrued liabilities	—
Total	28	$	711,000	$	(4,027	)		$	(2,410	)

December 31, 2014
Derivative Contract Type	Number of Outstanding Contracts	Notional Amounts		Fair Value Asset (Liability), Net (3)			Balance Sheet Line Item	Unrealized Loss Recorded in OCI
Interest rate swaps (1)	1	$	200,000	$	(2,900	)	Other liabilities	$	(1,740	)
Foreign currency forwards (2)	77	45,650		238			Accrued liabilities	—
Total	78	$	245,650	$	(2,662	)		$	(1,740	)

(1) The swaps have been designated and are accounted for as cash flow hedges of the forecasted interest payments on borrowings. As a result, changes in fair value of the swaps are deferred and are recorded in AOCL, net of tax effect (see Note 6 — Debt for additional information).

(2) The Company has foreign exchange transaction risk since 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 offset the economic effects of these foreign currency transaction risks. These contracts are accounted for at fair value with realized and unrealized gains and losses recognized in Other expense, net since the Company does not designate these contracts as hedges for accounting purposes. All of the contracts outstanding at June 30, 2015 matured by the end of July 2015.

(3) See Note 10 — Fair Value Disclosures for the determination of the fair value of these instruments.

Schedule of derivative instruments, gain (loss) in statement of financial performance

The following table provides information regarding amounts recognized in the Condensed Consolidated Statements of Operations for derivative contracts for the periods indicated (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Amount recorded in:	2015		2014		2015		2014
Interest expense, net (1)	$	2,084	$	1,022	$	3,338	$	2,026
Other expense (income), net (2)	185		17		442		(98		)
Total expense, net	$	2,269	$	1,039	$	3,780	$	1,928

(1) Consists of interest expense from interest rate swap contracts.

(2) Consists of realized and unrealized gains and losses on foreign currency forward contracts.