XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Derivative Financial Instruments | 3 Months Ended
--- | ---
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments Interest Rate Risk To manage interest rate risk, the Company enters into interest rate swap contracts to adjust the amount of total debt that is subject to variable interest rates. As of March 31, 2018, the Company had interest rate swap contracts outstanding with notional amounts aggregating $200.0 million that are not designated as hedging instruments. The Company's outstanding interest rate swap contracts mature in October 2018. Foreign Currency Exchange Rate Risk We are exposed to foreign currency risk to the extent that we enter into transactions denominated in currencies other than our or our subsidiaries' respective functional currencies (non-functional currency risk), such as affiliation agreements, programming contracts, certain accounts payable and trade receivables (including intercompany amounts) that are denominated in a currency other than the applicable functional currency. Other Derivatives The RLJE Warrants held by the Company meet the definition of a derivative and are included in Other assets in the consolidated balance sheet. In addition, the interest on the RLJE Term Loans to be paid in shares of RLJE common stock is an embedded derivative. Both the RLJE Warrants and the embedded derivative for the future interest to be paid in shares of RLJE common stock are remeasured at the end of each period with changes in fair value recorded in the consolidated statements of income. For the three months ended March 31, 2018 and 2017, the Company recorded a gain of $11.7 million and $11.1 million, respectively, related to these derivatives, which is included in Miscellaneous, net in the condensed consolidated statement of income. The fair values of the Company's derivative financial instruments included in the condensed consolidated balance sheets are as follows:
(In thousands) | Balance Sheet Location |  | March 31, 2018 |  | December 31, 2017
Derivatives not designated as hedging instruments: |  |  |  |
Assets: |  |  |  |  |
Foreign currency derivatives | Prepaid expenses and other current assets |  | $ | 785 |  |  | $ | 943 |
Foreign currency derivatives | Other assets |  | 2,241 |  |  | 2,858 |
Interest rate swap contracts | Prepaid expenses and other current assets |  | 1,298 |  |  | 1,444 |
Other derivatives | Other assets |  | 50,809 |  |  | 37,065 |
Liabilities: |  |  |  |  |
Foreign currency derivatives | Accrued liabilities |  | 1,069 |  |  | 1,223 |
Foreign currency derivatives | Other liabilities |  | 2,995 |  |  | 3,252 |
The amounts of gains and losses related to the Company's derivative financial instruments designated as hedging instruments are as follows:
(In thousands) | Gain or (Loss) on Derivatives Recognized in OCI |  | Location of Gain or (Loss) in Earnings |  | Gain or (Loss) Reclassified from Accumulated OCI into Earnings (a)
Three Months Ended March 31, |  |  |  | Three Months Ended March 31,
2018 |  | 2017 |  |  |  | 2018 |  | 2017
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |
Interest rate swap contracts | $ | — |  |  | $ | 321 |  |  | Interest expense |  | $ | — |  |  | $ | 2 |
(a) | There were no gains or losses recognized in earnings related to any ineffective portion of hedging relationships or related to any amount excluded from the assessment of hedge effectiveness for the three months ended March 31, 2018 and 2017.
The amounts of gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows:
(In thousands) | Location of Gain or (Loss) Recognized in Earnings on Derivatives |  | Amount of Gain or (Loss) Recognized in Earnings on Derivatives
|  | Three Months Ended March 31,
|  | 2018 |  | 2017
Derivatives not designated as hedging relationships: |  |  |  |  |
Interest rate swap contracts | Interest expense |  | $ | (146 | ) |  | $ | 2 |
Foreign currency derivatives | Miscellaneous, net |  | (293 | ) |  | (267 | )
Other derivatives | Miscellaneous, net |  | 11,687 |  |  | 11,117 |
Total |  |  | $ | 11,248 |  |  | $ | 10,852 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration