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Derivatives and Hedging (Tables) | 9 Months Ended
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Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of information regarding outstanding derivative contracts | The tables below provide information regarding the Company’s outstanding derivative contracts as of the dates indicated (in thousands, except for number of contracts).
September 30, 2021 |  |  |  |  |  |  |  |  |  |
Derivative Contract Type |  | Number of Contracts |  | Notional Amounts |  | Fair Value Asset (Liability), Net (3) |  | Balance Sheet Line Item |  | Unrealized Loss Recorded in AOCL, net of tax
Interest rate swaps (1) |  | 4 |  |  | $ | 1,400,000 |  |  | $ | (42,906) |  |  | Other liabilities |  | $ | (61,848) |
|  |  |  |  |  | (27,823) |  |  | Accrued liabilities |  |
Foreign currency forwards (2) |  | 27 |  |  | 63,990 |  |  | (144) |  |  | Accrued liabilities |  | — |
Total |  | 31 |  |  | $ | 1,463,990 |  |  | $ | (70,873) |  |  |  |  | $ | (61,848) |
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 AOCL, net of tax
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) |
(1)As a result of the payment under the then outstanding 2016 Credit Agreement term loan and revolving credit facility, the Company de-designated all of its interest rate swaps effective June 30, 2020. Accordingly, hedge accounting is not applicable, and subsequent changes to fair value of the interest rate swaps are recorded in Other income (expense), net. The amounts previously recorded in Accumulated other comprehensive loss are amortized into Interest expense, net over the terms of the hedged forecasted interest payments. See Note 8 — 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 income (expense), net because the Company does not designate these contracts as hedges for accounting purposes. All of the outstanding foreign currency forward exchange contracts at September 30, 2021 matured before October 31, 2021. (3)See Note 12 — Fair Value Disclosures for the determination of the fair values of these instruments.
Schedule of amounts recognized in statement of operations | The table below provides information regarding amounts recognized in the accompanying Condensed Consolidated Statements of Operations for derivative contracts for the periods indicated (in thousands).
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
Amount recorded in: |  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest expense, net (1) |  | $ | 7,380 |  |  | $ | 7,165 |  |  | $ | 21,695 |  |  | $ | 17,679 |
Other expense (income), net (2) |  | 2,558 |  |  | 179 |  |  | (11,771) |  |  | 22,494 |
Total expense, net |  | $ | 9,938 |  |  | $ | 7,344 |  |  | $ | 9,924 |  |  | $ | 40,173 |
(1)Consists of interest expense from interest rate swap contracts. (2)Consists of net realized and unrealized gains and losses on foreign currency forward contracts and gains and losses on de-designated interest rate swaps. For the nine months ended September 30, 2020, Other expense (income), net included $10.3 million expense on interest rate swap contracts due to forecasted interest payments no longer being probable as a result of the payment under the then outstanding 2016 Credit Agreement term loan and revolving credit facility on June 30, 2020.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
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