DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company held the following cross-currency rate swaps as of September 30, 2018 (dollar amounts in thousands):



	Effective Date	Termination Date	Fixed Rate	Aggregate Notional Amount		Fair Value Liability

Pay CHF	October 2, 2017	October 2, 2020	1.75%	CHF	97,065	$	(1,286	)
Receive U.S.$	October 2, 2017	October 2, 2020	4.38%	$	100,000	$	(1,286	)

Pay CHF	October 2, 2017	October 2, 2021	1.85%	CHF	48,533	(1,110		)
Receive U.S.$	October 2, 2017	October 2, 2021	4.46%	$	50,000	(1,110		)

Pay CHF	October 2, 2017	October 2, 2022	1.95%	CHF	145,598	(4,467		)
Receive U.S.$	October 2, 2017	October 2, 2022	4.52%	$	150,000	(4,467		)

Total						$	(6,863	)

The Company held the following interest rate swaps as of September 30, 2018 (amounts in thousands):



Hedged Item	Current Notional Amount		Designation Date	Effective Date	Termination Date	Fixed Interest Rate		Floating Rate	Estimated Fair Value
									Assets (Liabilities)
3-month USD LIBOR Loan	$	50,000	June 22, 2016	December 31, 2016	June 30, 2019	1.062	%	3-month USD LIBOR	$	588
3-month USD LIBOR Loan	50,000		June 22, 2016	December 31, 2016	June 30, 2019	1.062	%	3-month USD LIBOR	924
1-month USD LIBOR Loan	50,000		July 12, 2016	December 31, 2016	June 30, 2019	0.825	%	1-month USD LIBOR	637
3-month USD LIBOR Loan	50,000		February 6, 2017	June 30, 2017	June 30, 2020	1.834	%	3-month USD LIBOR	590
1-month USD LIBOR Loan	100,000		February 6, 2017	June 30, 2017	June 30, 2020	1.652	%	1-month USD LIBOR	1,950
1-month USD LIBOR Loan	100,000		March 27, 2017	December 31, 2017	June 30, 2021	1.971	%	1-month USD LIBOR	2,342
1-month USD LIBOR Loan	150,000		December 13, 2017	January 1, 2018	December 31, 2022	2.201	%	1-month USD LIBOR	4,322
1-month USD LIBOR Loan	150,000		December 13, 2017	January 1, 2018	December 31, 2022	2.201	%	1-month USD LIBOR	4,277
1-month USD LIBOR Loan	100,000		December 13, 2017	July 1, 2019	June 30, 2024	2.423	%	1-month USD LIBOR	2,786
1-month USD LIBOR Loan	50,000		December 13, 2017	July 1, 2019	June 30, 2024	2.423	%	1-month USD LIBOR	1,339
1-month USD LIBOR Loan	200,000		December 13, 2017	January 1, 2018	December 31, 2024	2.313	%	1-month USD LIBOR	7,174
Total interest rate derivatives designated as cash flow hedge	$	1,050,000							$	26,929

Schedule of Fair Value and Presentation of Derivatives

The following table summarizes the fair value and presentation for derivatives designated as hedging instruments in the condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017:



	Fair Value as of
Location on Balance Sheet ⁽¹⁾:	September 30, 2018		December 31, 2017
	(In thousands)
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Interest rate swap⁽²⁾	$	6,682	$	1,521
Cross-currency swap	7,603		7,757
Other assets
Interest rate swap⁽²⁾	20,246		2,491
Total derivatives designated as hedges — Assets	$	34,531	$	11,769

Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Interest rate swap⁽²⁾	$	—	$	1,845
Other liabilities
Interest rate swap⁽²⁾	—		1,575
Cross-currency swap	14,466		11,714
Total derivatives designated as hedges — Liabilities	$	14,466	$	15,134


⁽¹⁾	The Company classifies derivative assets and liabilities as non-current based on the cash flows expected to be incurred within the following 12 months.


⁽²⁾	At September 30, 2018 and December 31, 2017, the notional amount related to the Company’s interest rate swaps was $1.05 billion. The notional amount will be reduced by $150.0 million in June 2019.

Effect of Derivative Instruments Designated as Cash Flow Hedges on Statements of Operations

The following presents the effect of derivative instruments designated as cash flow hedges on the accompanying condensed consolidated statement of operations during the three and nine months ended September 30, 2018 and 2017:



	Balance in AOCI Beginning of Quarter			Amount of Gain (Loss) Recognized in AOCI			Amount of Gain (Loss) Reclassified from AOCI into Earnings			Balance in AOCI End of Quarter			Location in Statements of Operations
	(In thousands)
Three Months Ended September 30, 2018
Interest rate swap	$	22,344		$	5,059		$	473		$	26,930		Interest (expense)
Cross-currency swap	(7,892		)	(3,067		)	(707		)	(10,252		)	Other income (expense)
	$	14,452		$	1,992		$	(234	)	$	16,678
Three Months Ended September 30, 2017
Interest rate swap	$	935		$	297		$	(63	)	$	1,295		Interest (expense)
	$	935		$	297		$	(63	)	$	1,295
	Balance in AOCI Beginning of Year			Amount of Gain (Loss) Recognized in AOCI- Effective Portion			Amount of Gain (Loss) Reclassified from AOCI into Earnings-Effective Portion			Balance in AOCI End of Quarter			Location in Statements of Operations
	(In thousands)
Nine Months Ended September 30, 2018
Interest rate swap	$	592		$	26,307		$	(31	)	$	26,930		Interest (expense)
Cross-currency swap	(5,104		)	3,000			8,148			(10,252		)	Other income (expense)
	$	(4,512	)	$	29,307		$	8,117		$	16,678
Nine Months Ended September 30, 2017
Interest rate swap	$	1,871		$	(618	)	$	(42	)	$	1,295		Interest (expense)
	$	1,871		$	(618	)	$	(42	)	$	1,295

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details