Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of information regarding outstanding derivative contracts

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):

March 31, 2018
Derivative Contract Type	Number of Outstanding Contracts	Notional Amounts		Fair Value Asset (Liability), Net (3)			Balance Sheet Line Item	Unrealized Gain Recorded in AOCI/L
Interest rate swaps (1)	5	$	1,400,000	$	17,314		Other assets	$	12,597
Foreign currency forwards (2)	46	313,425		(495		)	Accrued liabilities	—
Total	51	$	1,713,425	$	16,819			$	12,597

December 31, 2017
Derivative Contract Type	Number of Outstanding Contracts	Notional Amounts		Fair Value Asset (Liability), Net (3)		Balance Sheet Line Item	Unrealized Gain Recorded in AOCI/L
Interest rate swaps (1)	5	$	1,400,000	$	3,412	Other assets	$	2,483
Foreign currency forwards (2)	137	686,764		448		Other current assets	—
Total	142	$	2,086,764	$	3,860		$	2,483

(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 the fair value of the swaps are deferred and recorded in AOCI/L, net of tax effect (see Note 7 — 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 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, net since the Company does not designate these contracts as hedges for accounting purposes. All of the outstanding contracts at March 31, 2018 matured by the end of April 2018.

(3) See Note 11 — Fair Value Disclosures for the determination of the fair value of these instruments.

Schedule of amounts recognized in statement of operations

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
	March 31,
Amount recorded in:	2018			2017
Interest expense (1)	$	945		$	1,375
Other (gain) loss, net (2)	(7,232		)	219
Total (income) expense, net	$	(6,287	)	$	1,594

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

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