Financial Instruments (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Fair Value of Derivatives Held |
The fair values of derivative instruments held as of December 31, 2019 and 2018 are shown below:
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December 31, |
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Balance sheet location |
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2019 |
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2018 |
Derivative assets: |
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Derivatives designated as cash flow hedges: |
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Natural gas swaps |
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Prepaid and other current assets |
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$ |
— |
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$ |
21 |
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Interest rate caps |
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Prepaid and other current assets |
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— |
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1,358 |
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Interest rate caps |
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Other long-term assets |
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— |
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546 |
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— |
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1,925 |
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Derivatives designed as net investment hedges: |
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Cross currency swaps |
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Prepaid and other current assets |
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3,928 |
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5,499 |
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Cross currency swaps |
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Other long-term assets |
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— |
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13,344 |
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3,928 |
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18,843 |
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Total derivative assets |
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$ |
3,928 |
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$ |
20,768 |
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Derivative liabilities: |
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Derivatives designated as cash flow hedges: |
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Natural gas swaps |
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Accrued liabilities |
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$ |
813 |
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$ |
36 |
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Interest rate caps |
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Accrued liabilities |
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420 |
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— |
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Natural gas swaps |
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Other long-term liabilities |
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226 |
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148 |
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Interest rate caps |
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Other long-term liabilities |
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2,822 |
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1,842 |
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4,281 |
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2,026 |
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Derivatives designated as net investment hedges: |
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Cross currency swaps |
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Other long-term liabilities |
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8,134 |
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— |
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Total derivative liabilities |
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$ |
12,415 |
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$ |
2,026 |
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| Effect of Derivative Instruments Designated as Hedges on Accumulated Other Comprehensive Income |
The following table shows the effect of the Company’s derivative instruments designated as hedges on accumulated other comprehensive income (loss) (“AOCI”) and the statements of income for the years ended December 31, 2019, 2018 and 2017:
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Years ended December 31, |
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2019 |
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2018 |
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2017 |
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Location of gain (loss) reclassified from AOCI into income |
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Amount of gain (loss) recognized in OCI on derivatives |
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Amount of gain (loss) reclassified from AOCI into income |
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Amount of gain (loss) recognized in OCI on derivatives |
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Amount of gain (loss) reclassified from AOCI into income |
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Amount of gain (loss) recognized in OCI on derivatives |
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Amount of gain (loss) reclassified from AOCI into income |
Interest rate caps |
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Interest (expense) income |
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$ |
(3,304 |
) |
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$ |
(625 |
) |
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$ |
(981 |
) |
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$ |
(256 |
) |
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$ |
(4,760 |
) |
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$ |
(40 |
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Natural gas swaps |
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Cost of goods sold |
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(1,210 |
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(335 |
) |
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637 |
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353 |
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(1,300 |
) |
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(222 |
) |
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$ |
(4,514 |
) |
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$ |
(960 |
) |
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$ |
(344 |
) |
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$ |
97 |
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$ |
(6,060 |
) |
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$ |
(262 |
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| Schedule of Effect of Cash Flow Hedging Instruments on the Statements of Income |
The following table shows the effect of the Company’s cash flow hedge accounting on the consolidated statements of income for the years ended December 31, 2019, 2018 and 2017:
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Location and amount of gain (loss) recognized in income on cash flow hedging relationships |
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Years ended December 31, |
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2019 |
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2018 |
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2017 |
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Cost of goods sold |
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Interest (expense) income |
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Cost of goods sold |
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Interest (expense) income |
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Cost of goods sold |
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Interest (expense) income |
Total amounts of income and expense line items presented in the statement of income in which the effects of cash flow hedges are recorded |
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$ |
(1,176,550 |
) |
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$ |
(111,525 |
) |
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$ |
(1,226,520 |
) |
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$ |
(113,723 |
) |
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$ |
(1,095,265 |
) |
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$ |
(179,044 |
) |
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The effects of cash flow hedging: |
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Gain (loss) on cash flow hedging relationships: |
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Interest contracts: |
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Amount of gain (loss) reclassified from AOCI into income |
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— |
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(625 |
) |
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— |
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(256 |
) |
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— |
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(40 |
) |
Commodity contracts: |
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Amount of gain (loss) reclassified from AOCI into income |
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(335 |
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— |
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353 |
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— |
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(222 |
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— |
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| Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income |
The following table shows the effect of the Company’s net investment hedges on AOCI and the consolidated statements of income for the years ended December 31, 2019, 2018 and 2017:
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Amount of gain (loss) recognized in OCI on derivative |
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Location of gain (loss) reclassified from AOCI into income |
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Amount of gain (loss) reclassified from AOCI into income |
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Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) |
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Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing) |
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Years ended
December 31,
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Years ended
December 31,
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Years ended
December 31,
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2019 |
2018 |
2017 |
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2019 |
2018 |
2017 |
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2019 |
2018 |
2017 |
Cross currency swaps |
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$ |
17,077 |
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$ |
18,843 |
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$ |
— |
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Gain (loss) on sale of subsidiary |
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$ |
— |
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$ |
— |
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$ |
— |
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Interest (expense) income |
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$ |
8,035 |
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$ |
7,898 |
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$ |
— |
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