XML 50 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Derivatives and Hedging (Tables)
12 Months Ended
Dec. 31, 2018
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 contracts):
 
December 31, 2018
Derivative Contract Type
 
Number of
Contracts
 

Notional
Amounts
 
Fair Value
Asset
(Liability), Net (3)
 
Balance Sheet
Line Item
 

Unrealized
Loss Recorded in AOCI/L
Interest rate swaps (1)
 
7

 
$
2,100,000

 
$
(10,681
)
 
Other liabilities
 
$
(7,770
)
Foreign currency forwards (2)
 
135

 
927,375

 
(1,942
)
 
Accrued liabilities
 

Total
 
142

 
$
3,027,375

 
$
(12,623
)
 
 
 
$
(7,770
)
 
December 31, 2017
Derivative Contract Type
 
Number of
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 are recorded in AOCI/L, net of tax effect. Note 5 — Debt provides additional information.
(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, net because the Company does not designate these contracts as hedges for accounting purposes. All of the outstanding foreign currency forward exchange contracts at December 31, 2018 matured by the end of January 2019.
(3)
See Note 12 — 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 Consolidated Statements of Operations for derivative contracts for the years ended December 31 (in millions):
Amount recorded in:
 
2018
 
2017
 
2016
Interest (income) expense, net (1)
 
$
(1.9
)
 
$
7.9

 
$
7.6

Other expense (income), net (2)
 
10.4

 
(0.8
)
 
0.3

Total expense, net
 
$
8.5

 
$
7.1

 
$
7.9

 
 
(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.