Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

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.

	March 31, 2021				December 31, 2020
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt	$	2,042,936	$	2,203,416	$	3,588,157	$	3,783,225

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 March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021				December 31, 2020
	Assets		Liabilities		Assets		Liabilities
Designated as hedging instruments(a)	$	—	$	3,735	$	7,043	$	—
Not Designated as hedging instruments(b)	16,123		182		6,563		4,803
Total	$	16,123	$	3,917	$	13,606	$	4,803

(a)    Included $3.7 million in Accrued expenses at March 31, 2021 and $6.2 million in Other current assets and $0.9 million in Other assets at December 31, 2020.

(b)    Included $15.8 million in Other current assets, $0.3 million in Other assets and $0.2 million in Accrued expenses at March 31, 2021 and $6.6 million in Other current assets and $4.8 million in Accrued expenses at December 31, 2020.

Derivative Instruments, Losses

The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the three-month periods ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended March 31,
	2021		2020
Designated as hedging instruments
Losses recognized in Other comprehensive income	$	(1,600)	$	(51,460)
Not designated as hedging instruments
Losses recognized in Other income, net(a)	$	(191)	$	(5,454)

(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 income, net.