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DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The Company held the following cross-currency rate swaps designated as net investment hedges as of December 31, 2019 and December 31, 2018, respectively (dollar amounts in thousands):
|  |  |  |  |  |  |  |  |  |  | December 31, 2019
|  | Effective Date |  | Termination Date |  | Fixed Rate |  | Aggregate Notional Amount |  | Fair Value Asset (Liability)
Pay EUR |  | October 3, 2018 |  | September 30, 2021 |  | — |  | EUR | 44,859 |  |  | 2,459 |
Receive U.S.$ |  |  |  | 3.01% |  | $ | 52,000 |  |
Pay EUR |  | October 3, 2018 |  | September 30, 2023 |  | — |  | EUR | 51,760 |  |  | 3,087 |
Receive U.S.$ |  |  |  | 2.57% |  | $ | 60,000 |  |
Pay EUR |  | October 3, 2018 |  | September 30, 2025 |  | — |  | EUR | 38,820 |  |  | 2,032 |
Receive U.S.$ |  |  |  | 2.19% |  | $ | 45,000 |  |
Pay GBP |  | October 3, 2018 |  | September 30, 2025 |  | 1.67% |  | GBP | 128,284 |  |  | (154 | )
Receive U.S.$ |  |  |  | 2.71% |  | $ | 167,500 |  |
Pay CHF |  | October 3, 2018 |  | September 30, 2025 |  | — |  | CHF | 165,172 |  |  | 1,221 |
Receive GBP |  |  |  | 1.67% |  | GBP | 128,284 |  |
Total |  |  |  |  |  |  |  |  |  |  | $ | 8,645 |
|  |  |  |  |  |  |  |  |  |  | December 31, 2018
|  | Effective Date |  | Termination Date |  | Fixed Rate |  | Aggregate Notional Amount |  | Fair Value Asset (Liability)
Pay EUR |  | October 3, 2018 |  | September 30, 2021 |  | — |  | EUR | 70,738 |  |  | 1,359 |
Receive U.S.$ |  |  |  | 3.01% |  | $ | 82,000 |  |
Pay EUR |  | October 3, 2018 |  | September 30, 2023 |  | — |  | EUR | 51,760 |  |  | (421 | )
Receive U.S.$ |  |  |  | 2.57% |  | $ | 60,000 |  |
Pay EUR |  | October 3, 2018 |  | September 30, 2025 |  | — |  | EUR | 38,820 |  |  | (150 | )
Receive U.S.$ |  |  |  | 2.19% |  | $ | 45,000 |  |
Pay GBP |  | October 3, 2018 |  | September 30, 2025 |  | 1.67% |  | GBP | 128,284 |  |  | 2,360 |
Receive U.S.$ |  |  |  | 2.71% |  | $ | 167,500 |  |
Pay CHF |  | October 3, 2018 |  | September 30, 2025 |  | — |  | CHF | 165,172 |  |  | (3,780 | )
Receive GBP |  |  |  | 1.67% |  | GBP | 128,284 |  |
Total |  |  |  |  |  |  |  |  |  |  | $ | (632 | )
The Company held the following interest rate swaps as of December 31, 2019 (dollar amounts in thousands):
Hedged Item |  | Current Notional Amount |  | Designation Date |  | Effective Date |  | Termination Date |  | Fixed Interest Rate |  | Estimated Fair Value |
|  |  |  |  |  |  |  |  |  |  |  | Assets (Liabilities) |
3-month USD LIBOR |  | 50,000 |  |  | February 6, 2017 |  | June 30, 2017 |  | June 30, 2020 |  | 1.834 | % |  | (2 | ) |
1-month USD LIBOR |  | 100,000 |  |  | February 6, 2017 |  | June 30, 2017 |  | June 30, 2020 |  | 1.652 | % |  | 12 |  |
1-month USD LIBOR |  | 100,000 |  |  | March 27, 2017 |  | December 31, 2017 |  | June 30, 2021 |  | 1.971 | % |  | (581 | ) |
1-month USD LIBOR |  | 150,000 |  |  | December 13, 2017 |  | January 1, 2018 |  | December 31, 2022 |  | 2.201 | % |  | (2,880 | ) |
1-month USD LIBOR |  | 150,000 |  |  | December 13, 2017 |  | January 1, 2018 |  | December 31, 2022 |  | 2.201 | % |  | (2,880 | ) |
1-month USD LIBOR |  | 100,000 |  |  | December 13, 2017 |  | July 1, 2019 |  | June 30, 2024 |  | 2.423 | % |  | (3,517 | ) |
1-month USD LIBOR |  | 50,000 |  |  | December 13, 2017 |  | July 1, 2019 |  | June 30, 2024 |  | 2.423 | % |  | (1,778 | ) |
1-month USD LIBOR |  | 200,000 |  |  | December 13, 2017 |  | January 1, 2018 |  | December 31, 2024 |  | 2.313 | % |  | (6,595 | ) |
1-month USD LIBOR |  | 75,000 |  |  | October 10, 2018 |  | July 1, 2020 |  | June 30, 2025 |  | 3.220 | % |  | (5,750 | ) |
1-month USD LIBOR |  | 75,000 |  |  | October 10, 2018 |  | July 1, 2020 |  | June 30, 2025 |  | 3.199 | % |  | (5,747 | ) |
1-month USD LIBOR |  | 75,000 |  |  | October 10, 2018 |  | July 1, 2020 |  | June 30, 2025 |  | 3.209 | % |  | (5,807 | ) |
1-month USD LIBOR |  | 100,000 |  |  | December 18, 2018 |  | December 30, 2022 |  | December 31, 2027 |  | 2.885 | % |  | (4,930 | ) |
1-month USD LIBOR |  | 100,000 |  |  | December 18, 2018 |  | December 30, 2022 |  | December 31, 2027 |  | 2.867 | % |  | (4,691 | ) |
Total interest rate derivatives designated as cash flow hedge |  | $ | 1,325,000 |  |  |  |  |  |  |  |  |  |  | (45,145 | ) |
The Company held the following interest rate swaps as of December 31, 2018 (dollar amounts in thousands):
Hedged Item |  | Current Notional Amount |  | Designation Date |  | Effective Date |  | Termination Date |  | Fixed Interest Rate |  | Estimated Fair Value
|  |  |  |  |  |  |  |  |  |  |  | Assets (Liabilities)
3-month USD LIBOR |  | 50,000 |  |  | June 22, 2016 |  | December 31, 2016 |  | June 30, 2019 |  | 1.062 | % |  | $ | 410 |
3-month USD LIBOR |  | 50,000 |  |  | June 22, 2016 |  | December 31, 2016 |  | June 30, 2019 |  | 1.062 | % |  | 415 |
1-month USD LIBOR |  | 50,000 |  |  | July 12, 2016 |  | December 31, 2016 |  | June 30, 2019 |  | 0.825 | % |  | 418 |
3-month USD LIBOR |  | 50,000 |  |  | February 6, 2017 |  | June 30, 2017 |  | June 30, 2020 |  | 1.834 | % |  | 619 |
1-month USD LIBOR |  | 100,000 |  |  | February 6, 2017 |  | June 30, 2017 |  | June 30, 2020 |  | 1.652 | % |  | 1,287 |
1-month USD LIBOR |  | 100,000 |  |  | March 27, 2017 |  | December 31, 2017 |  | June 30, 2021 |  | 1.971 | % |  | 1,246 |
1-month USD LIBOR |  | 150,000 |  |  | December 13, 2017 |  | January 1, 2018 |  | December 31, 2022 |  | 2.201 | % |  | 1,491 |
1-month USD LIBOR |  | 150,000 |  |  | December 13, 2017 |  | January 1, 2018 |  | December 31, 2022 |  | 2.201 | % |  | 1,460 |
1-month USD LIBOR |  | 100,000 |  |  | December 13, 2017 |  | July 1, 2019 |  | June 30, 2024 |  | 2.423 | % |  | 418 |
1-month USD LIBOR |  | 50,000 |  |  | December 13, 2017 |  | July 1, 2019 |  | June 30, 2024 |  | 2.423 | % |  | 162 |
1-month USD LIBOR |  | 200,000 |  |  | December 13, 2017 |  | January 1, 2018 |  | December 31, 2024 |  | 2.313 | % |  | 2,076 |
1-month USD LIBOR |  | 75,000 |  |  | October 10, 2018 |  | July 1, 2020 |  | June 30, 2025 |  | 3.220 | % |  | (2,594 | )
1-month USD LIBOR |  | 75,000 |  |  | October 10, 2018 |  | July 1, 2020 |  | June 30, 2025 |  | 3.199 | % |  | (2,551 | )
1-month USD LIBOR |  | 75,000 |  |  | October 10, 2018 |  | July 1, 2020 |  | June 30, 2025 |  | 3.209 | % |  | (2,568 | )
1-month USD LIBOR |  | 100,000 |  |  | December 18, 2018 |  | December 30, 2022 |  | December 31, 2027 |  | 2.885 | % |  | (797 | )
1-month USD LIBOR |  | 100,000 |  |  | December 18, 2018 |  | December 30, 2022 |  | December 31, 2027 |  | 2.867 | % |  | (873 | )
Total interest rate derivatives designated as cash flow hedges |  | $ | 1,475,000 |  |  |  |  |  |  |  |  |  |  | $ | 619 |
The Company held the following cross-currency rate swaps as of December 31, 2018 (dollar amounts in thousands):
|  |  |  |  |  |  |  |  |  |  | 2018
|  | Effective Date |  | Termination Date |  | Fixed Rate |  | Aggregate Notional Amount |  | Fair Value Asset (Liability)
Pay CHF |  | October 2, 2017 |  | October 2, 2020 |  | 1.75% |  | CHF | 97,065 |  |  | $ | (215 | )
Receive U.S.$ |  |  | 4.38% |  | $ | 100,000 |  |
Pay CHF |  | October 2, 2017 |  | October 2, 2021 |  | 1.85% |  | CHF | 48,533 |  |  | (422 | )
Receive U.S.$ |  |  | 4.46% |  | $ | 50,000 |  |
Pay CHF |  | October 2, 2017 |  | October 2, 2022 |  | 1.95% |  | CHF | 145,598 |  |  | (2,193 | )
Receive U.S.$ |  |  | 4.52% |  | $ | 150,000 |  |
Total |  |  |  |  |  |  |  |  |  |  | $ | (2,830 | )
The Company held the following cross-currency rate swaps designated as cash flow hedges as of December 31, 2019 (dollar amounts in thousands):
|  |  |  |  |  |  |  |  |  |  | 2019
|  | Effective Date |  | Termination Date |  | Fixed Rate |  | Aggregate Notional Amount |  | Fair Value Asset (Liability)
Pay CHF |  | October 2, 2017 |  | October 2, 2020 |  | 1.75% |  | CHF | 32,355 |  |  | $ | (101 | )
Receive U.S.$ |  |  | 4.38% |  | $ | 33,333 |  |
Pay CHF |  | October 2, 2017 |  | October 2, 2021 |  | 1.85% |  | CHF | 48,533 |  |  | (119 | )
Receive U.S.$ |  |  | 4.46% |  | $ | 50,000 |  |
Pay CHF |  | October 2, 2017 |  | October 2, 2022 |  | 1.95% |  | CHF | 145,598 |  |  | (289 | )
Receive U.S.$ |  |  | 4.52% |  | $ | 150,000 |  |
Total |  |  |  |  |  |  |  |  |  |  | $ | (509 | )
Summary of Fair Value in Balance Sheet for Derivatives Designated as Hedging Instruments | The following table summarizes the fair value and presentation in the consolidated balance sheet for derivatives designated as hedging instruments:
| Fair Value as of December 31,
| 2019 |  | 2018
Location on Balance Sheet (1): | (In thousands)
Derivatives designated as hedges — Assets: |  |  |
Prepaid expenses and other current assets |  |  |
Cash Flow Hedges |  |  |
Interest rate swap(2) | $ | 12 |  |  | $ | 4,654 |
Cross-currency swap | 5,032 |  |  | 7,615 |
Net Investment Hedges |  |  |
Cross-currency swap | $ | 7,952 |  |  | $ | 8,888 |
Other assets |  |  |
Cash Flow Hedges |  |  |
Interest rate swap(2) | — |  |  | 5,350 |
Net Investment Hedges |  |  |
Cross-currency swap | $ | 3,465 |  |  | $ | 1,774 |
Total Derivatives designated as hedges — Assets | $ | 16,461 |  |  | $ | 28,281 |
Derivatives designated as hedges — Liabilities |  |  |
Accrued expenses and other current liabilities |  |  |
Cash Flow Hedges |  |  |
Interest rate swap(2) | $ | 6,635 |  |  | $ | — |
Cross-currency swap | 101 |  |  | — |
Other liabilities |  |  |
Cash Flow Hedges |  |  |
Interest rate swap(2) | 38,522 |  |  | 9,385 |
Cross-currency swap | 5,440 |  |  | 10,445 |
Net Investment Hedges |  |  |
Cross-currency swap | $ | 2,772 |  |  | $ | 11,294 |
Total Derivative designated as hedges — Liabilities | $ | 53,470 |  |  | $ | 31,124 |
(1) | The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months.
(2) At December 31, 2019 and 2018, the total notional amounts related to the Company’s interest rate swaps were $1.3 billion and $1.5 billion, respectively.
Effect of Derivative Instruments Designated as Cash Flow Hedges on Statements of Operations | The following presents the effect of derivative instruments designated as cash flow hedges and net investment hedges on the accompanying consolidated statements of operations during the years ended December 31, 2019 and 2018:
| Balance in AOCL Beginning of Year |  | Amount of Gain (Loss) Recognized in AOCL |  | Amount of Gain (Loss) Reclassified from AOCL into Earnings |  | Balance in AOCL End of Year |  | Location in Statements of Operations
| (In thousands)
Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |  |
Interest rate swap | $ | 619 |  |  | $ | (43,493 | ) |  | $ | 2,271 |  |  | $ | (45,145 | ) |  | Interest expense
Cross-currency swap | (6,190 | ) |  | 9,334 |  |  | 2,967 |  |  | 177 |  |  | Other income, net
Net Investment Hedges |  |  |  |  |  |  |  |  |
Cross-currency swap | (632 | ) |  | 20,488 |  |  | 9,627 |  |  | 10,229 |  |  | Interest income
| $ | (6,203 | ) |  | $ | (13,671 | ) |  | $ | 14,865 |  |  | $ | (34,739 | ) |  |
Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |
Cash Flow Hedges |  |  |  |  |  |  |  |  |
Interest rate swap | $ | 592 |  |  | $ | 924 |  |  | $ | 897 |  |  | $ | 619 |  |  | Interest expense
Cross-currency swap | (5,104 | ) |  | 9,062 |  |  | 10,148 |  |  | (6,190 | ) |  | Other income, net
Net Investment Hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swap | — |  |  | 1,723 |  |  | 2,355 |  |  | (632 | ) |  | Interest income
| $ | (4,512 | ) |  | $ | 11,709 |  |  | $ | 13,400 |  |  | $ | (6,203 | ) |  |

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