Financial Instruments (Tables)
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9 Months Ended |
Sep. 30, 2020 |
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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 September 30, 2020 and December 31, 2019 are shown below:
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Balance sheet location |
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September 30,
2020 |
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December 31,
2019 |
| Derivative assets: |
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| Derivatives designated as cash flow hedges: |
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| Natural gas swaps |
Prepaid and other current assets |
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$ |
365 |
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$ |
— |
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| Natural gas swaps |
Other long-term assets |
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123 |
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— |
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488 |
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— |
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| Derivatives designed as net investment hedges: |
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| Cross-currency interest rate swaps |
Prepaid and other current assets |
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4,685 |
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3,928 |
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| Total derivative assets |
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$ |
5,173 |
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$ |
3,928 |
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| Derivative liabilities: |
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| Derivatives designated as cash flow hedges: |
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| Natural gas swaps |
Accrued liabilities |
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$ |
— |
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$ |
813 |
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| Interest rate caps |
Accrued liabilities |
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1,954 |
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420 |
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| Natural gas swaps |
Other long-term liabilities |
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— |
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226 |
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| Interest rate caps |
Other long-term liabilities |
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2,246 |
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2,822 |
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4,200 |
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4,281 |
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| Derivatives designated as net investment hedges: |
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| Cross-currency interest rate swaps |
Other long-term liabilities |
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14,562 |
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8,134 |
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| Total derivative liabilities |
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$ |
18,762 |
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$ |
12,415 |
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| Effect of Derivative Instruments Designated as Hedges on Other Comprehensive Income |
The following tables show the effect of the Company’s derivative instruments designated as cash flow hedges on AOCI for the three and nine months ended September 30, 2020 and 2019:
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Three months ended September 30, |
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2020 |
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2019 |
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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 |
| Interest rate caps |
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Interest (expense) income |
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$ |
573 |
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$ |
506 |
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$ |
(216) |
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$ |
(157) |
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| Natural gas swaps |
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Cost of goods sold |
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814 |
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(362) |
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(185) |
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(291) |
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$ |
1,387 |
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$ |
144 |
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$ |
(401) |
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$ |
(448) |
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Nine months ended September 30, |
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2020 |
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2019 |
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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 |
| Interest rate caps |
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Interest (expense) income |
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$ |
(347) |
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$ |
(18) |
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$ |
(3,264) |
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$ |
(449) |
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| Natural gas swaps |
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Cost of goods sold |
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297 |
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(1,229) |
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(951) |
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(187) |
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$ |
(50) |
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$ |
(1,247) |
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$ |
(4,215) |
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$ |
(636) |
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| Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
The following tables show the effect of the Company’s cash flow hedge accounting on the condensed consolidated statements of income for the three and nine months ended September 30, 2020 and 2019:
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Location and amount of gain (loss) recognized in income on cash flow hedging relationships |
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Three months ended September 30, |
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2020 |
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2019 |
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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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$ |
(283,818) |
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$ |
(18,642) |
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$ |
(310,904) |
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$ |
(27,697) |
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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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506 |
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— |
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(157) |
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| Commodity contracts: |
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| Amount of gain (loss) reclassified from AOCI into income |
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(362) |
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— |
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(291) |
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— |
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Location and amount of gain (loss) recognized in income on cash flow hedging relationships |
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Nine months ended September 30, |
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2020 |
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2019 |
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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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(823,503) |
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(65,372) |
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(905,395) |
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(84,855) |
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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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(18) |
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— |
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(449) |
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| Commodity contracts: |
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| Amount of gain (loss) reclassified from AOCI into income |
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(1,229) |
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— |
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(187) |
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— |
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| Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) |
The following tables show the effect of the Company’s net investment hedges on AOCI and the condensed consolidated statements of income for the three and nine months ended September 30, 2020 and 2019:
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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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Three months ended
September 30, |
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Three months ended
September 30, |
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Three months ended
September 30, |
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2020 |
2019 |
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2020 |
2019 |
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2020 |
2019 |
| Cross-currency interest rate swaps |
$ |
(15,275) |
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$ |
15,342 |
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Gain (loss) on sale of subsidiary |
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$ |
— |
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$ |
— |
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Interest (expense) income |
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$ |
1,175 |
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$ |
2,395 |
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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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Nine months ended
September 30, |
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Nine months ended
September 30, |
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Nine months ended
September 30, |
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2020 |
2019 |
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2020 |
2019 |
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2020 |
2019 |
| Cross-currency interest rate swaps |
$ |
(5,672) |
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$ |
21,282 |
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Gain (loss) on sale of subsidiary |
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$ |
— |
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$ |
— |
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Interest (expense) income |
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$ |
4,419 |
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$ |
6,888 |
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