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Derivatives and Hedging | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | Derivatives and Hedging The Company enters into a limited number of derivative contracts to mitigate the cash flow risk associated with changes in interest rates on variable-rate debt and changes in foreign exchange rates on forecasted foreign currency transactions. The Company accounts for its outstanding derivative contracts in accordance with FASB ASC Topic 815, which requires all derivatives, including derivatives designated as accounting hedges, to be recorded on the balance sheet at fair value. The tables below provide information regarding the Company’s outstanding derivative contracts as of the dates indicated (in thousands, except for number of contracts). December 31, 2020
Derivative Contract Type |  | Number of Contracts |  | Notional Amounts |  | Fair Value Asset (Liability), Net (3) |  | Balance Sheet Line Item |  | Unrealized Loss Recorded in AOCI/L
Interest rate swaps (1) |  | 4 |  |  | $ | 1,400,000 |  |  | $ | (74,289) |  |  | Other liabilities |  | $ | (78,104) |
|  |  |  |  |  | (34,886) |  |  | Accrued liabilities |  |
Foreign currency forwards (2) |  | 163 |  |  | 430,063 |  |  | (1,514) |  |  | Accrued liabilities |  | — |
Total |  | 167 |  |  | $ | 1,830,063 |  |  | $ | (110,689) |  |  |  |  | $ | (78,104) |
December 31, 2019
Derivative Contract Type |  | Number of Contracts |  | Notional Amounts |  | Fair Value Asset (Liability), Net (3) |  | Balance Sheet Line Item |  | Unrealized Loss Recorded in AOCI/L
Interest rate swaps (1) |  | 4 |  |  | $ | 1,400,000 |  |  | $ | (64,831) |  |  | Other liabilities |  | $ | (47,164) |
Foreign currency forwards (2) |  | 176 |  |  | 604,858 |  |  | 59 |  |  | Other current assets |  | — |
Total |  | 180 |  |  | $ | 2,004,858 |  |  | $ | (64,772) |  |  |  |  | $ | (47,164) |
(1)Prior to June 30, 2020, the interest rate swaps were designated and accounted for as cash flow hedges of the forecasted interest payments on borrowings. As a result, changes in the fair values of the swaps were deferred and recorded in AOCI/L, net of tax effect. Upon the prepayment of $787.9 million under the Company’s Term Loan A facility and repayment of all amounts outstanding under the 2016 Credit Agreement revolving credit facility, the Company determined that it was probable that forecasted interest payments on $200.0 million of variable rate debt would not occur. Additionally, as the variable rate debt under the Term Loan A facility was replaced by $800.0 million of fixed rate debt under the 2028 Notes, the Company de-designated all of its interest rate swaps. Note 6 — Debt provides additional information regarding the Company’s interest rate swap contracts. (2)The Company has foreign exchange transaction risk because it typically enters into transactions in the normal course of business that are denominated in foreign currencies that differ from the local functional currency. The Company enters into short-term foreign currency forward exchange contracts to mitigate the cash flow risk associated with changes in foreign currency rates on forecasted foreign currency transactions. These contracts are accounted for at fair value with realized and unrealized gains and losses recognized in Other (expense) income, net because the Company does not designate these contracts as hedges for accounting purposes. All of the outstanding foreign currency forward exchange contracts at December 31, 2020 matured before January 31, 2021. (3)See Note 14 — Fair Value Disclosures for the determination of the fair values of these instruments. At December 31, 2020, all of the Company’s derivative counterparties were investment grade financial institutions. The Company did not have any collateral arrangements with its derivative counterparties and none of the derivative contracts contained credit-risk related contingent features. The table below provides information regarding amounts recognized in the Consolidated Statements of Operations for derivative contracts for the years ended December 31 (in thousands).
Amount Recorded In |  | 2020 |  | 2019 |  | 2018
Interest expense (income), net (1) |  | $ | 24,880 |  |  | $ | (3,361) |  |  | $ | (1,920) |
Other expense, net (2) |  | 22,300 |  |  | 2,488 |  |  | 10,365 |
Total expense (income), net |  | $ | 47,180 |  |  | $ | (873) |  |  | $ | 8,445 |
(1)Consists of interest (income) expense from interest rate swap contracts. (2)Consists of net realized and unrealized gains and losses on foreign currency forward contracts, gains and losses on de-designated interest rate swaps and $10.3 million of expense during the year ended December 31, 2020 on interest rate swap contracts due to forecasted interest payments no longer being probable as a result of the repayment of all amounts outstanding under the 2016 Credit Agreement revolving credit facility and the prepayment of $787.9 million under the Term Loan A facility and on June 30, 2020. Other expense, net also included a $2.2 million gain on de-designated interest rate swaps during the year ended December 31, 2020, related to fair value adjustments subsequent to de-designation. .

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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