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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

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.

			September 30, 2021												December 31, 2020
			Recorded Amount						Fair Value						Recorded Amount						Fair Value
			(In thousands)
Long-term debt			$	2,033,469					$	2,235,877					$	3,588,157					$	3,783,225

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the fair value of our foreign currency forward contracts included in the consolidated balance sheets as of September 30, 2021 and December 31, 2020 (in thousands):

			September 30, 2021												December 31, 2020
			Assets						Liabilities						Assets						Liabilities
Designated as hedging instruments(a)			$	1,961					$	93					$	7,043					$	—
Not Designated as hedging instruments(b)			2,675						4,101						6,563						4,803
Total			$	4,636					$	4,194					$	13,606					$	4,803

(a)    Included $2.0 million in Other current assets and $0.1 million in Accrued expenses at September 30, 2021, and $6.2 million in Other current assets and $0.9 million in Other assets at December 31, 2020.

(b)    Included $2.7 million in Other current assets and $4.1 million in Accrued expenses at September 30, 2021 and $6.6 million in Other current assets and $4.8 million in Accrued expenses at December 31, 2020.

Derivative Instruments, Losses

The following table summarizes the net gains (losses) recognized for our foreign currency forward contracts during the three-month and nine-month periods ended September 30, 2021 and 2020 (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Designated as hedging instruments
Income (loss) recognized in Other comprehensive (loss) income			$	214					$	6,993					$	(563)					$	(6,822)
Not designated as hedging instruments
(Loss) income recognized in Other expense, net(a)			$	(1,199)					$	3,102					$	658					$	(5,201)

(a)    Fluctuations in the value of our foreign currency forward contracts not designated as hedging instruments are generally expected to be offset by changes in the value of the underlying exposures being hedged, which are also reported in Other expense, net.

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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.

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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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