Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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.

	June 30, 2021				December 31, 2020
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt	$	2,056,328	$	2,259,180	$	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 June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021				December 31, 2020
	Assets		Liabilities		Assets		Liabilities
Designated as hedging instruments(a)	$	—	$	1,885	$	7,043	$	—
Not Designated as hedging instruments(b)	7,497		806		6,563		4,803
Total	$	7,497	$	2,691	$	13,606	$	4,803

(a)    Included $1.9 million in Accrued expenses at June 30, 2021 and $6.2 million in Other current assets and $0.9 million in Other assets at December 31, 2020.

(b)    Included $7.4 million in Other current assets, $0.1 million in Other assets and $0.8 million in Accrued expenses at June 30, 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 and six-month periods ended June 30, 2021 and 2020 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Designated as hedging instruments
Income (loss) recognized in Other comprehensive income (loss)	$	823	$	37,645	$	(777)	$	(13,815)
Not designated as hedging instruments
Income (loss) recognized in Other income (expense), net(a)	$	2,048	$	(2,849)	$	1,857	$	(8,303)

(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 (expense), net.