Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 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 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,
	2021				2020
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt	$	2,405,021	$	2,593,590	$	3,588,157	$	3,783,225

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

	Assets				Liabilities
	December 31,				December 31,
	2021		2020		2021		2020
Designated as hedging instruments(a)	$	237	$	7,043	$	57	$	—
Not designated as hedging instruments(b)	2,901		6,563		248		4,803
Total	$	3,138	$	13,606	$	305	$	4,803

(a)    Included $0.2 million in Other current assets and $0.1 million in Accrued expenses at December 31, 2021, and $6.2 million in Other current assets and $0.9 million in Other assets at December 31, 2020.

(b)    Included $2.9 million in Other current assets and $0.2 million in Accrued expenses at December 31, 2021 and $6.6 million in Other current assets and $4.8 million in Accrued expenses at December 31, 2020.

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, 2021, 2020 and 2019 (in thousands):

	Year Ended December 31,
	2021		2020		2019
Designated as hedging instruments:
Gain recognized in Other comprehensive income (loss)	$	174	$	1,602	$	4,847
Not designated as hedging instruments:
Losses recognized in Other expenses, net(a)	$	1,068	$	(7,665)	$	(25,765)