DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The Company held the following cross-currency rate swaps designated as net investment hedges as of September 30, 2020 and December 31, 2019, respectively (dollar amounts in thousands):

						September 30, 2020			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	$	589		$	2,459
Receive U.S.$			3.01%	$	52,000
Pay EUR	October 3, 2018	September 30, 2023	—%	EUR	51,760	2,443			3,087
Receive U.S.$			2.57%	$	60,000
Pay EUR	October 3, 2018	September 30, 2025	—%	EUR	38,820	2,398			2,032
Receive U.S.$			2.19%	$	45,000
Pay GBP	October 3, 2018	September 30, 2025	1.67%	GBP	128,284	8,580			(154		)
Receive U.S.$			2.71%	$	167,500
Pay CHF	October 3, 2018	September 30, 2025	—%	CHF	165,172	(6,828		)	1,221
Receive GBP			1.67%	GBP	128,284
Total						$	7,182		$	8,645

The Company held the following cross-currency rate swaps as of September 30, 2020 and December 31, 2019 (dollar amounts in thousands):

						September 30, 2020			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	$	(1,565	)	$	(101	)
Receive U.S.$			4.38%	$	33,333
Pay CHF	October 2, 2017	October 2, 2021	1.85%	CHF	48,533	(2,003		)	(119		)
Receive U.S.$			4.46%	$	50,000
Pay CHF	October 2, 2017	October 2, 2022	1.95%	CHF	145,598	(4,167		)	(289		)
Receive U.S.$			4.52%	$	150,000
Total						$	(7,735	)	$	(509	)

The Company held the following interest rate swaps as of September 30, 2020 and December 31, 2019 (dollar amounts in thousands):

	September 30, 2020		December 31, 2019							September 30, 2020			December 31, 2019
Hedged Item	Notional Amount		Notional Amount		Designation Date	Effective Date	Termination Date	Fixed Interest Rate		Estimated Fair Value
										Asset (Liability)
3-month USD LIBOR Loan	—		50,000		February 6, 2017	June 30, 2017	June 30, 2020	1.834	%	$	—		$	(2	)
1-month USD LIBOR Loan	—		100,000		February 6, 2017	June 30, 2017	June 30, 2020	1.652	%	—			12
1-month USD LIBOR Loan	100,000		100,000		March 27, 2017	December 31, 2017	June 30, 2021	1.971	%	(1,377		)	(581		)
1-month USD LIBOR Loan	150,000		150,000		December 13, 2017	January 1, 2018	December 31, 2022	2.201	%	(6,901		)	(2,880		)
1-month USD LIBOR Loan	150,000		150,000		December 13, 2017	January 1, 2018	December 31, 2022	2.201	%	(6,922		)	(2,880		)
1-month USD LIBOR Loan	100,000		100,000		December 13, 2017	July 1, 2019	June 30, 2024	2.423	%	(8,454		)	(3,517		)
1-month USD LIBOR Loan	50,000		50,000		December 13, 2017	July 1, 2019	June 30, 2024	2.423	%	(4,064		)	(1,778		)
1-month USD LIBOR Loan	200,000		200,000		December 13, 2017	January 1, 2018	December 31, 2024	2.313	%	(18,188		)	(6,595		)
1-month USD LIBOR Loan	75,000		75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.220	%	(10,608		)	(5,750		)
1-month USD LIBOR Loan	75,000		75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.199	%	(10,871		)	(5,747		)
1-month USD LIBOR Loan	75,000		75,000		October 10, 2018	July 1, 2020	June 30, 2025	3.209	%	(10,586		)	(5,807		)
1-month USD LIBOR Loan	100,000		100,000		December 18, 2018	December 30, 2022	December 31, 2027	2.885	%	(11,282		)	(4,930		)
1-month USD LIBOR Loan	100,000		100,000		December 18, 2018	December 30, 2022	December 31, 2027	2.867	%	(11,127		)	(4,691		)
Total interest rate derivatives designated as cash flow hedge	$	1,175,000	$	1,325,000						$	(100,380	)	$	(45,145	)

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 September 30, 2020 and December 31, 2019:

	Fair Value as of
Location on Balance Sheet (1):	September 30, 2020		December 31, 2019
	(In thousands)
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Interest rate swap	$	—	$	12
Cross-currency swap	4,608		5,032
Net Investment Hedges
Cross-currency swap	7,717		7,952
Other assets
Net Investment Hedges
Cross-currency swap	9,071		3,465
Total derivatives designated as hedges — Assets	$	21,396	$	16,461
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap	$	22,324	$	6,635
Cross-currency swap	1,565		101
Other liabilities
Cash Flow Hedges
Interest rate swap	78,056		38,522
Cross-currency swap	10,777		5,440
Net Investment Hedges
Cross-currency swap	9,605		2,772
Total derivatives designated as hedges — Liabilities	$	122,327	$	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.

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, 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 September 30, 2020
Cash Flow Hedges
Interest rate swap	$	(102,128	)	$	(3,971	)	$	(5,718	)	$	(100,381	)	Interest expense
Cross-currency swap	5,843			(6,272		)	(5,353		)	4,924			Other income (expense),net
Net Investment Hedges
Cross-currency swap	22,223			(11,254		)	2,202			8,767			Interest income
	$	(74,062	)	$	(21,497	)	$	(8,869	)	$	(86,690	)
Three Months Ended September 30, 2019
Cash Flow Hedges
Interest rate swap	$	(43,161	)	$	(13,788	)	$	237		$	(57,186	)	Interest expense
Cross-currency swap	(2,284		)	9,661			7,520			(143		)	Other income (expense),net
Net Investment Hedges
Cross-currency swap	4,054			17,136			2,489			18,701			Interest income
	$	(41,391	)	$	13,009		$	10,246		$	(38,628	)
	Balance in AOCL Beginning of Year			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)
Nine Months Ended September 30, 2020
Cash Flow Hedges
Interest rate swap	$	(45,146	)	$	(65,608	)	$	(10,373	)	$	(100,381	)	Interest expense
Cross-currency swap	177			(2,688		)	(7,435		)	4,924			Other income (expense),net
Net Investment Hedges
Cross-currency swap	10,229			5,102			6,564			8,767			Interest income
	$	(34,740	)	$	(63,194	)	$	(11,244	)	$	(86,690	)
Nine months ended September 30, 2019
Cash Flow Hedges
Interest rate swap	$	619		$	(54,841	)	$	2,964		$	(57,186	)	Interest expense
Cross-currency swap	(6,190		)	15,418			9,371			(143		)	Other income (expense), net
Net Investment Hedges
Cross-currency swap	(632		)	26,558			7,225			18,701			Interest income
	$	(6,203	)	$	(12,865	)	$	19,560		$	(38,628	)