DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company held the following interest rate swaps as of March 31, 2020 (dollar amounts in thousands):



Hedged Item	Current Notional Amount		Designation Date	Effective Date	Termination Date	Fixed Interest Rate		Estimated Fair Value
								Liabilities
3-month USD LIBOR Loan	50,000		February 6, 2017	June 30, 2017	June 30, 2020	1.834	%	$	(48	)
1-month USD LIBOR Loan	100,000		February 6, 2017	June 30, 2017	June 30, 2020	1.652	%	(233		)
1-month USD LIBOR Loan	100,000		March 27, 2017	December 31, 2017	June 30, 2021	1.971	%	(2,024		)
1-month USD LIBOR Loan	150,000		December 13, 2017	January 1, 2018	December 31, 2022	2.201	%	(7,467		)
1-month USD LIBOR Loan	150,000		December 13, 2017	January 1, 2018	December 31, 2022	2.201	%	(7,388		)
1-month USD LIBOR Loan	100,000		December 13, 2017	July 1, 2019	June 30, 2024	2.423	%	(8,475		)
1-month USD LIBOR Loan	50,000		December 13, 2017	July 1, 2019	June 30, 2024	2.423	%	(3,994		)
1-month USD LIBOR Loan	200,000		December 13, 2017	January 1, 2018	December 31, 2024	2.313	%	(16,279		)
1-month USD LIBOR Loan	75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.220	%	(10,186		)
1-month USD LIBOR Loan	75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.199	%	(10,165		)
1-month USD LIBOR Loan	75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.209	%	(10,185		)
1-month USD LIBOR Loan	100,000		December 18, 2018	December 30, 2022	December 31, 2027	2.885	%	(9,453		)
1-month USD LIBOR Loan	100,000		December 18, 2018	December 30, 2022	December 31, 2027	2.867	%	(9,855		)
Total interest rate derivatives designated as cash flow hedge	$	1,325,000						$	(95,752	)

The Company held the following interest rate swaps as of December 31, 2019 (dollar amounts in thousands):



Hedged Item	Current Notional Amount		Designation Date	Effective Date	Termination Date	Fixed Interest Rate		Estimated Fair Value
								Liabilities
3-month USD LIBOR	50,000		February 6, 2017	June 30, 2017	June 30, 2020	1.834	%	(2	)
1-month USD LIBOR	100,000		February 6, 2017	June 30, 2017	June 30, 2020	1.652	%	12
1-month USD LIBOR	100,000		March 27, 2017	December 31, 2017	June 30, 2021	1.971	%	(581	)
1-month USD LIBOR	150,000		December 13, 2017	January 1, 2018	December 31, 2022	2.201	%	(2,880	)
1-month USD LIBOR	150,000		December 13, 2017	January 1, 2018	December 31, 2022	2.201	%	(2,880	)
1-month USD LIBOR	100,000		December 13, 2017	July 1, 2019	June 30, 2024	2.423	%	(3,517	)
1-month USD LIBOR	50,000		December 13, 2017	July 1, 2019	June 30, 2024	2.423	%	(1,778	)
1-month USD LIBOR	200,000		December 13, 2017	January 1, 2018	December 31, 2024	2.313	%	(6,595	)
1-month USD LIBOR	75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.220	%	(5,750	)
1-month USD LIBOR	75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.199	%	(5,747	)
1-month USD LIBOR	75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.209	%	(5,807	)
1-month USD LIBOR	100,000		December 18, 2018	December 30, 2022	December 31, 2027	2.885	%	(4,930	)
1-month USD LIBOR	100,000		December 18, 2018	December 30, 2022	December 31, 2027	2.867	%	(4,691	)
Total interest rate derivatives designated as cash flow hedge	$	1,325,000						(45,145	)

The Company held the following cross-currency rate swaps as of December 31, 2019 (dollar amounts in thousands):



						December 31, 2019
	Effective Date	Termination Date	Fixed Rate	Aggregate Notional Amount		Fair Value Asset (Liability)

Pay CHF	October 2, 2017	October 2, 2020	1.75%	CHF	32,355	$	(101	)
Receive U.S.$	October 2, 2017	October 2, 2020	4.38%	$	33,333	$	(101	)

Pay CHF	October 2, 2017	October 2, 2021	1.85%	CHF	48,533	(119		)
Receive U.S.$	October 2, 2017	October 2, 2021	4.46%	$	50,000	(119		)

Pay CHF	October 2, 2017	October 2, 2022	1.95%	CHF	145,598	(289		)
Receive U.S.$	October 2, 2017	October 2, 2022	4.52%	$	150,000	(289		)

Total						$	(509	)

The Company held the following cross-currency rate swaps designated as net investment hedges as of March 31, 2020 and December 31, 2019, respectively (dollar amounts in thousands):



						March 31, 2020
	Effective Date	Termination Date	Fixed Rate	Aggregate Notional Amount		Fair Value Asset (Liability)

Pay EUR	October 3, 2018	September 30, 2021	—%	EUR	44,859	$	4,082
Receive U.S.$	October 3, 2018	September 30, 2021	3.01%	$	52,000	$	4,082

Pay EUR	October 3, 2018	September 30, 2023	—%	EUR	51,760	6,298
Receive U.S.$	October 3, 2018	September 30, 2023	2.57%	$	60,000	6,298

Pay EUR	October 3, 2018	September 30, 2025	—%	EUR	38,820	5,174
Receive U.S.$	October 3, 2018	September 30, 2025	2.19%	$	45,000	5,174

Pay GBP	October 3, 2018	September 30, 2025	1.67%	GBP	128,284	16,773
Receive U.S.$	October 3, 2018	September 30, 2025	2.71%	$	167,500	16,773

Pay CHF	October 3, 2018	September 30, 2025	—%	CHF	165,172	(6,965		)
Receive GBP	October 3, 2018	September 30, 2025	1.67%	GBP	128,284	(6,965		)

Total						$	25,362



						December 31, 2019
	Effective Date	Termination Date	Fixed Rate	Aggregate Notional Amount		Fair Value Asset (Liability)

Pay EUR	October 3, 2018	September 30, 2021	—%	EUR	44,859	$	2,459
Receive U.S.$	October 3, 2018	September 30, 2021	3.01%	$	52,000	$	2,459

Pay EUR	October 3, 2018	September 30, 2023	—%	EUR	51,760	3,087
Receive U.S.$	October 3, 2018	September 30, 2023	2.57%	$	60,000	3,087

Pay EUR	October 3, 2018	September 30, 2025	—%	EUR	38,820	2,032
Receive U.S.$	October 3, 2018	September 30, 2025	2.19%	$	45,000	2,032

Pay GBP	October 3, 2018	September 30, 2025	1.67%	GBP	128,284	(154		)
Receive U.S.$	October 3, 2018	September 30, 2025	2.71%	$	167,500	(154		)

Pay CHF	October 3, 2018	September 30, 2025	—%	CHF	165,172	1,221
Receive GBP	October 3, 2018	September 30, 2025	1.67%	GBP	128,284	1,221

Total						$	8,645

The Company held the following cross-currency rate swaps as of March 31, 2020 (dollar amounts in thousands):



						March 31, 2020
	Effective Date	Termination Date	Fixed Rate	Aggregate Notional Amount		Fair Value Asset (Liability)

Pay CHF	October 2, 2017	October 2, 2020	1.75%	CHF	32,355	$	(74	)
Receive U.S.$	October 2, 2017	October 2, 2020	4.38%	$	33,333	$	(74	)

Pay CHF	October 2, 2017	October 2, 2021	1.85%	CHF	48,533	531
Receive U.S.$	October 2, 2017	October 2, 2021	4.46%	$	50,000	531

Pay CHF	October 2, 2017	October 2, 2022	1.95%	CHF	145,597	3,416
Receive U.S.$	October 2, 2017	October 2, 2022	4.52%	$	150,000	3,416

Total						$	3,874

Schedule of Fair Value and Presentation of Derivatives

The following table summarizes the fair value for derivatives designated as hedging instruments in the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019:



	Fair Value as of
Location on Balance Sheet ⁽¹⁾:	March 31, 2020		December 31, 2019
	(In thousands)
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap⁽²⁾	$	—	$	12
Cross-currency swap	5,065		5,032
Net Investment Hedges
Cross-currency swap	8,164		7,952
Other assets
Cash Flow Hedges
Interest rate swap⁽²⁾	—		—
Cross-currency swap	—		—
Net Investment Hedges
Cross-currency swap	26,307		3,465
Total derivatives designated as hedges — Assets	$	39,536	$	16,461

Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap⁽²⁾	$	19,793	$	6,635
Cross-currency swap	74		101
Other liabilities
Cash Flow Hedges
Interest rate swap⁽²⁾	75,959		38,522
Cross-currency swap	1,117		5,440
Net Investment Hedges
Cross-currency swap	9,109		2,772
Total derivatives designated as hedges — Liabilities	$	106,052	$	53,470


⁽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 March 31, 2020 and December 31, 2019, the notional amount related to the Company’s interest rate swaps were $1.3 billion and $1.3 billion, respectively.

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 months ended March 31, 2020 and 2019:



	Balance in AOCL Beginning of Quarter			Amount of Gain (Loss) Recognized in AOCL			Amount of Gain (Loss) Reclassified from AOCL into Earnings			Balance in AOCL End of Quarter			Location in Statements of Operations
	(In thousands)
Three Months Ended March 31, 2020
Cash Flow Hedges
Interest rate swap	$	(45,145	)	$	(51,651	)	$	(1,043	)	$	(95,753	)	Interest expense
Cross-currency swap	177			5,907			(182		)	6,266			Other income (expense), net
Net Investment Hedges
Cross-currency swap	10,229			18,897			2,180			26,946			Interest income
	$	(34,739	)	$	(26,847	)	$	955		$	(62,541	)
Three Months Ended March 31, 2019
Cash Flow Hedges
Interest rate swap	$	619		$	(15,891	)	$	1,406		$	(16,678	)	Interest expense
Cross-currency swap	(6,190		)	7,473			5,178			(3,895		)	Other income (expense), net
Net Investment Hedges
Cross-currency swap	(632		)	10,221			2,327			7,262			Interest income
	$	(6,203	)	$	1,803		$	8,911		$	(13,311	)

- 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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