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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Long-Term Debt

The carrying value of our remaining long-term debt reported in the accompanying consolidated balance sheets approximates fair value as substantially all of such debt bears interest based on prevailing variable market rates currently available in the countries in which we have borrowings.

			December 31,
			2020												2019
			Recorded Amount						Fair Value						Recorded Amount						Fair Value
			(In thousands)
Long-term debt			$	3,588,157					$	3,783,225					$	3,069,417					$	3,173,341

Schedule of Derivative Instruments in Statement of Financial Position

The following table summarizes the fair value of our foreign currency forward contracts included in the consolidated balance sheets as of December 31, 2020 and 2019 (in thousands):

			Assets												Liabilities
			December 31,												December 31,
			2020						2019						2020						2019
Designated as hedging instruments(a)			$	7,043					$	5,369					$	—					$	—
Not designated as hedging instruments(b)			6,563						2,032						4,803						3,613
Total			$	13,606					$	7,401					$	4,803					$	3,613

(a)    Included $6.2 million in Other current assets and $0.9 million in Other assets at December 31, 2020 and $3.7 million in Other current assets and $1.7 million in Other assets at December 31, 2019.

(b)    Included $6.6 million in Other current assets and $4.8 million in Accrued expenses at December 31, 2020 and $2.0 million in Other current assets and $3.6 million in Accrued expenses at December 31, 2019.

Derivative Instruments, Gain (Loss)

The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the years ended December 31, 2020, 2019 and 2018 (in thousands):

			Year Ended December 31,
			2020						2019						2018
Designated as hedging instruments:
Gain recognized in Other comprehensive income (loss)			$	1,602					$	4,847					$	—
Not designated as hedging instruments:
Losses recognized in Other expenses, net(a)			$	(7,665)					$	(25,765)					$	(19,851)

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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