Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value of Long-Term Debt

The carrying value of our remaining long-term debt reported in the accompanying consolidated balance sheets approximates fair value as substantially all of such debt bears interest based on prevailing variable market rates currently available in the countries in which we have borrowings.

	December 31,
	2019				2018
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt	$	3,069,417	$	3,173,341	$	1,712,003	$	1,731,271

Schedule of Derivative Instruments in Statement of Financial Position

The following table summarizes the fair value of our foreign currency forward contracts included in the consolidated balance sheets as of December 31, 2019 and 2018 (in thousands):

	Assets				Liabilities
	December 31,				December 31,
	2019		2018		2019		2018
Designated as hedging instruments(a)	$	5,369	$	—	$	—	$	—
Not designated as hedging instruments(b)	2,032		431		3,613		—
Total	$	7,401	$	431	$	3,613	$	—

(a) Included $3.7 million in Other current assets and $1.7 million in Other assets at December 31, 2019.

(b)

Included $2.0 million in Other current assets and $3.6 million in Accrued expenses at December 31, 2019 and $0.4 million in Other accounts receivable at December 31, 2018.

Derivative Instruments, Gain (Loss)

The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the years ended December 31, 2019, 2018 and 2017 (in thousands):

	Year Ended December 31,
	2019			2018			2017
Designated as hedging instruments:
Gain recognized in Other comprehensive (loss) income	$	4,847		$	—		$	—
Not designated as hedging instruments:
(Losses) gains recognized in Other expenses, net(a)	$	(25,765	)	$	(19,851	)	$	4,588