Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Long-Term Debt

The carrying value of our remaining long-term debt reported in the accompanying condensed 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.

	September 30, 2020				December 31, 2019
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt	$	3,560,816	$	3,649,323	$	3,069,417	$	3,173,341

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the fair value of our foreign currency forward contracts included in the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019 (in thousands):

	September 30, 2020				December 31, 2019
	Assets		Liabilities		Assets		Liabilities
Designated as hedging instruments(a)	$	2,820	$	—	$	5,369	$	—
Not Designated as hedging instruments(b)	1,075		1,834		2,032		3,613
Total	$	3,895	$	1,834	$	7,401	$	3,613

(a)    Included $2.5 million in Other current assets and $0.3 million in Other assets at September 30, 2020 and $3.7 million in Other current assets and $1.7 million in Other assets at December 31, 2019.

(b)    Included $1.1 million in Other current assets and $1.8 million in Accrued expenses at September 30, 2020 and $2.0 million in Other current assets and $3.6 million in Accrued expenses at December 31, 2019.

Derivative Instruments, Losses

The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the three-month and nine-month periods ended September 30, 2020 and 2019 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Designated as hedging instruments
Gains (losses) recognized in Other comprehensive income	$	6,993	$	—	$	(6,822)	$	—
Not designated as hedging instruments
Gains (losses) recognized in Other expenses, net(a)	$	3,102	$	(19,331)	$	(5,201)	$	(27,647)

(a)    Fluctuations in the value of our foreign currency forward contracts not designated as hedging instruments are generally expected to be offset by changes in the value of the underlying exposures being hedged, which are also reported in Other expenses, net.