XML 51 R34.htm IDEA: XBRL DOCUMENT v3.20.4
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of December 31, 2020 and 2019 (dollar amounts in thousands):
December 31, 2020December 31, 2019December 31, 2020December 31, 2019
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
3-month USD LIBOR$— $50,000 February 6, 2017June 30, 2017June 30, 20201.834 %$— $(2)
1-month USD LIBOR— 100,000 February 6, 2017June 30, 2017June 30, 20201.652 %— 12 
1-month USD LIBOR100,000 100,000 March 27, 2017December 31, 2017June 30, 20211.971 %(929)(581)
1-month USD LIBOR150,000 150,000 December 13, 2017January 1, 2018December 31, 20222.201 %(6,152)(2,880)
1-month USD LIBOR150,000 150,000 December 13, 2017January 1, 2018December 31, 20222.201 %(6,405)(2,880)
1-month USD LIBOR100,000 100,000 December 13, 2017July 1, 2019June 30, 20242.423 %(7,724)(3,517)
1-month USD LIBOR50,000 50,000 December 13, 2017July 1, 2019June 30, 20242.423 %(3,778)(1,778)
1-month USD LIBOR200,000 200,000 December 13, 2017January 1, 2018December 31, 20242.313 %(16,243)(6,595)
1-month USD LIBOR75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.220 %(9,836)(5,750)
1-month USD LIBOR75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.199 %(9,826)(5,747)
1-month USD LIBOR75,000 75,000 October 10, 2018July 1, 2020June 30, 20253.209 %(9,783)(5,807)
1-month USD LIBOR100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.885 %(10,407)(4,930)
1-month USD LIBOR100,000 100,000 December 18, 2018December 30, 2022December 31, 20272.867 %(10,431)(4,691)
1-month USD LIBOR125,000 — December 15, 2020July 31, 2025December 31, 20271.415 %(382)— 
1-month USD LIBOR50,000 — December 15, 2020July 1, 2025December 31, 20271.404 %(162)— 
1-month USD LIBOR225,000 — December 15, 2020July 31, 2025December 31, 20271.415 %(846)— 
1-month USD LIBOR225,000 — December 15, 2020July 31, 2025December 31, 20271.415 %(679)— 
1-month USD LIBOR75,000 — December 15, 2020July 1, 2025December 31, 20271.404 %(187)— 
Total interest rate derivatives designated as cash flow hedge$1,875,000 $1,325,000 $(93,769)$(45,145)
The Company held the following cross-currency rate swaps as of December 31, 2020 (dollar amounts in thousands):
December 31, 2020
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value (Liability)
Pay CHFOctober 2, 2017October 2, 20211.85%CHF48,533 (4,335)
Receive U.S.$4.46%$50,000 
Pay CHFOctober 2, 2017October 2, 20221.95%CHF145,598 (11,262)
Receive U.S.$4.52%$150,000 
Pay CHFDecember 21, 2020December 20, 20253.00%CHF420,137 (7,843)
Receive U.S.$3.98%$471,640 
Total$(23,441)
The Company held the following cross-currency rate swaps as of December 31, 2019 (dollar amounts in thousands):
December 31, 2019
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value (Liability)
Pay CHFOctober 2, 2017October 2, 20201.75%CHF32,355 $(101)
Receive U.S.$4.38%$33,333 
Pay CHFOctober 2, 2017October 2, 20211.85%CHF48,533 (119)
Receive U.S.$4.46%$50,000 
Pay CHFOctober 2, 2017October 2, 20221.95%CHF145,598 (289)
Receive U.S.$4.52%$150,000 
Total$(509)
The Company held the following cross-currency rate swaps designated as net investment hedges as of December 31, 2020 (dollar amounts in thousands):
December 31, 2020
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2021—EUR44,859 $(1,884)
Receive U.S.$3.01%$52,000 
Pay EUROctober 3, 2018September 30, 2023—EUR51,760 (450)
Receive U.S.$2.57%$60,000 
Pay EUROctober 3, 2018September 30, 2025—EUR38,820 92 
Receive U.S.$2.19%$45,000 
Pay CHFDecember 16, 2020December 16, 2027—CHF222,300 (3,794)
Receive USD1.10%$250,000 
Total$(6,036)
The Company held the following cross-currency rate swaps designated as net investment hedges as of December 31, 2019 (dollar amounts in thousands):
December 31, 2019
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value Asset (Liability)
Pay EUROctober 3, 2018September 30, 2021—EUR44,859 $2,459 
Receive U.S.$3.01%$52,000 
Pay EUROctober 3, 2018September 30, 2023—EUR51,760 3,087 
Receive U.S.$2.57%$60,000 
Pay EUROctober 3, 2018September 30, 2025—EUR38,820 2,032 
Receive U.S.$2.19%$45,000 
Pay GBPOctober 3, 2018September 30, 20251.67%GBP128,284 (154)
Receive U.S.$2.71%$167,500 
Pay CHFOctober 3, 2018September 30, 2025—CHF165,172 1,221 
Receive GBP1.67%GBP128,284 
Total$8,645 
Summary of Fair Value in Balance Sheet for Derivatives Designated as Hedging Instruments
The following table summarizes the fair value for derivatives designated as hedging instruments in the consolidated balance sheets as of December 31, 2020 and 2019:
 
 Fair Value as of December 31,
20202019
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 
Cross-currency swap7,623 5,032 
Net Investment Hedges
Cross-currency swap5,297 7,952 
Other assets
Cash Flow Hedges
Interest rate swap(2)
— — 
Net Investment Hedges
Cross-currency swap— 3,465 
Total Derivatives designated as hedges — Assets$12,920 $16,461 
Derivatives designated as hedges — Liabilities
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap(2)
$22,033 $6,635 
Cross-currency swap4,335 101 
Net Investment Hedges
Cross-currency swap1,884 — 
Other liabilities
Cash Flow Hedges
Interest rate swap(2)
71,736 38,522 
Cross-currency swap26,728 5,440 
Net Investment Hedges
Cross-currency swap9,449 2,772 
Total Derivative designated as hedges — Liabilities$136,165 $53,470 
 
(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, 2020 and 2019, the total notional amounts related to the Company’s interest rate swaps were $1.9 billion and $1.3 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, 2020 and 2019:
 
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, 2020
Cash Flow Hedges
Interest rate swap$(45,145)$(64,778)$(16,154)$(93,769)Interest expense
Cross-currency swap177 (17,147)(15,897)(1,073)Other income, net
Net Investment Hedges
Cross-currency swap10,229 (14,911)7,609 (12,291)Interest income
$(34,739)$(96,836)$(24,442)$(107,133)
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)