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Derivatives and Hedging | 12 Months Ended
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Dec. 31, 2021
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, 2021
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 |  |  | $ | (31,942) |  |  | Other liabilities |  | $ | (56,323) |
|  |  |  |  |  | (21,795) |  |  | Accrued liabilities |  |
Foreign currency forwards (2) |  | 138 |  |  | 533,506 |  |  | (91) |  |  | Accrued liabilities |  | — |
Total |  | 142 |  |  | $ | 1,933,506 |  |  | $ | (53,828) |  |  |  |  | $ | (56,323) |
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) |
(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 over the terms of the hedged forecasted interest payments. 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 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 December 31, 2021 matured before January 31, 2022. (3)See Note 14 — Fair Value Disclosures for the determination of the fair values of these instruments. At December 31, 2021, 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 |  | 2021 |  | 2020 |  | 2019
Interest expense (income), net (1) |  | $ | 29,061 |  |  | $ | 24,880 |  |  | $ | (3,361) |
Other (income) expense, net (2) |  | (18,844) |  |  | 22,300 |  |  | 2,488 |
Total expense (income), net |  | $ | 10,217 |  |  | $ | 47,180 |  |  | $ | (873) |
(1)Consists of interest expense (income) 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. For the year ended December 31, 2020, Other (income) expense, 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 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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