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DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

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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