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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company held the following interest rate swaps as of March 31, 2021 and December 31, 2020 (dollar amounts in thousands):
March 31, 2021December 31, 2020
Hedged ItemNotional AmountDesignation DateEffective DateTermination DateFixed Interest RateEstimated Fair Value
Asset (Liability)
1-month USD LIBOR Loan100,000 March 27, 2017December 31, 2017June 30, 20211.971 %(463)(929)
1-month USD LIBOR Loan300,000 December 13, 2017January 1, 2018December 31, 20222.201 %(10,526)(12,557)
1-month USD LIBOR Loan150,000 December 13, 2017July 1, 2019June 30, 20242.423 %(9,413)(11,502)
1-month USD LIBOR Loan200,000 December 13, 2017January 1, 2018December 31, 20242.313 %(12,293)(16,243)
1-month USD LIBOR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.220 %(7,842)(9,836)
1-month USD LIBOR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.199 %(7,805)(9,826)
1-month USD LIBOR Loan75,000 October 10, 2018July 1, 2020June 30, 20253.209 %(7,849)(9,783)
1-month USD LIBOR Loan100,000 December 18, 2018December 30, 2022December 31, 20272.885 %(6,037)(10,407)
1-month USD LIBOR Loan100,000 December 18, 2018December 30, 2022December 31, 20272.867 %(5,826)(10,431)
1-month USD LIBOR Loan575,000 December 15, 2020July 31, 2025December 31, 20271.415 %11,810 (1,907)
1-month USD LIBOR Loan125,000 December 15, 2020July 1, 2025December 31, 20271.404 %2,697 (348)
Total interest rate derivatives designated as cash flow hedge$1,875,000 $(53,547)$(93,769)
The Company held the following cross-currency rate swaps as of March 31, 2021 and December 31, 2020 (dollar amounts in thousands):
March 31, 2021
December 31, 2020
March 31, 2021
December 31, 2020
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay CHFOctober 2, 2017October 2, 20211.85%CHF48,533 48,533 (955)(4,335)
Receive U.S.$4.46%$50,000 50,000 
Pay CHFOctober 2, 2017October 2, 20221.95%CHF145,598 145,598 (868)(11,262)
Receive U.S.$4.52%$150,000 150,000 
Pay CHFDecember 21, 2020December 20, 20253.00%CHF414,387 420,137 17,314 (7,843)
Receive U.S.$3.98%$465,185 471,640 
Total$15,491 $(23,441)
The Company held the following cross-currency rate swaps designated as net investment hedges as of March 31, 2021 and December 31, 2020, respectively (dollar amounts in thousands):
March 31, 2021
December 31, 2020
Effective DateTermination DateFixed RateAggregate Notional AmountFair Value
Asset (Liability)
Pay EUROctober 3, 2018September 30, 2021—%EUR44,859 $(9)$(1,884)
Receive U.S.$3.01%$52,000 
Pay EUROctober 3, 2018September 30, 2023—%EUR51,760 1,707 (450)
Receive U.S.$2.57%$60,000 
Pay EUROctober 3, 2018September 30, 2025—%EUR38,820 1,096 92 
Receive U.S.$2.19%$45,000 
Pay CHFDecember 16, 2020December 16, 2027—%CHF222,300 3,033 (3,794)
Receive U.S.$1.10%$250,000 
Total$5,827 $(6,036)
Schedule of Fair Value and Presentation of Derivatives The following table summarizes the fair value for derivatives designated as hedging instruments in the condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020:
 Fair Value as of
Location on Balance Sheet (1):
March 31, 2021December 31, 2020
 (In thousands)
Derivatives designated as hedges — Assets:
Prepaid expenses and other current assets
Cash Flow Hedges
Cross-currency swap10,083 7,623 
Net Investment Hedges
Cross-currency swap5,209 5,297 
Other assets
Cash Flow Hedges
Interest rate swap(2)
14,507 — 
Cross-currency swap10,978 
Net Investment Hedges
Cross-currency swap656 — 
Total derivatives designated as hedges — Assets$41,433 $12,920 
Derivatives designated as hedges — Liabilities:
Accrued expenses and other current liabilities
Cash Flow Hedges
Interest rate swap(2)
21,337 22,033 
Cross-currency swap955 4,335 
Net Investment Hedges
Cross-currency swap10 1,884 
Other liabilities
Cash Flow Hedges
Interest rate swap(2)
46,717 71,736 
Cross-currency swap4,615 26,728 
Net Investment Hedges
Cross-currency swap28 9,449 
Total derivatives designated as hedges — Liabilities$73,652 $136,165 
 
(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 March 31, 2021 and December 31, 2020, the total notional amounts related to the Company’s interest rate swaps both
were $1.9 billion.
Effect of Derivative Instruments Designated as Cash Flow Hedges on Statements of Operations
The following presents the effect of derivative instruments designated as cash flow hedges on the accompanying condensed consolidated statement of operations during the three months ended March 31, 2021 and 2020:
Balance in AOCL
Beginning of
Quarter		Amount of
Gain (Loss)
Recognized in
AOCL		Amount of Gain (Loss)
Reclassified from
AOCL into
Earnings		Balance in AOCL
End of Quarter		Location in
Statements of
Operations
 (In thousands)
Three Months Ended March 31, 2021
Cash Flow Hedges
Interest rate swap$(93,769)$34,518 $(5,705)$(53,546)Interest expense
Cross-currency swap(1,073)40,194 44,150 (5,029)Other income (expense),net
Net Investment Hedges
Cross-currency swap(12,291)13,573 1,711 (429)Interest income
$(107,133)$88,285 $40,156 $(59,004)
Three Months Ended March 31, 2020
Cash Flow Hedges
Interest rate swap$(45,145)$(51,651)$(1,043)$(95,753)Interest expense
Cross-currency swap177 5,907 (182)6,266 Other income (expense),net
Net Investment Hedges
Cross-currency swap10,229 18,897 2,180 26,946 Interest income
$(34,739)$(26,847)$955 $(62,541)