Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.19.3
Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivatives Held
The fair values of derivative instruments held as of September 30, 2019 and December 31, 2018 are shown below:
 
Balance sheet location
 
September 30, 2019
 
December 31, 2018
Derivative assets:
 
 
 
 
 
Derivatives designated as cash flow hedges:
 
 
 
 
 
Natural gas swaps
Prepaid and other current assets
 
$

 
$
21

Interest rate caps
Prepaid and other current assets
 

 
1,358

Interest rate caps
Other long-term assets
 

 
546

 
 
 

 
1,925

Derivatives designed as net investment hedges:
 
 
 
 
 
Cross-currency interest rate swaps
Prepaid and other current assets
 
7,517

 
5,499

Cross-currency interest rate swaps
Other long-term assets
 
32,608

 
13,344

 
 
 
40,125

 
18,843

Total derivative assets
 
 
$
40,125

 
$
20,768

 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
Derivatives designated as cash flow hedges:
 
 
 
 
 
Natural gas swaps
Accrued liabilities
 
$
626

 
$
36

Natural gas swaps
Other long-term liabilities
 
302

 
148

Interest rate caps
Other long-term liabilities
 
3,202

 
1,842

Total derivative liabilities
 
 
$
4,130

 
$
2,026

 
 
 
 
 
 

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, 2019 and 2018:
 
 
 
 
Three months ended September 30,
 
 
 
 
2019
 
2018
 
 
Location of gain (loss) reclassified from AOCI into income
 
Amount of gain (loss) recognized in OCI on derivatives
 
Amount of gain (loss) reclassified from AOCI into income
 
Amount of gain (loss) recognized in OCI on derivatives
 
Amount of gain (loss) reclassified from AOCI into income
Interest rate caps
 
Interest (expense) income
 
$
(216
)
 
$
(157
)
 
$
(93
)
 
$
(71
)
Natural gas swaps
 
Cost of goods sold
 
(185
)
 
(291
)
 
(300
)
 
(30
)
 
 
 
 
$
(401
)
 
$
(448
)
 
$
(393
)
 
$
(101
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine months ended September 30,
 
 
 
 
2019
 
2018
 
 
Location of gain (loss) reclassified from AOCI into income
 
Amount of gain (loss) recognized in OCI on derivatives
 
Amount of gain (loss) reclassified from AOCI into income
 
Amount of gain (loss) recognized in OCI on derivatives
 
Amount of gain (loss) reclassified from AOCI into income
Interest rate caps
 
Interest (expense) income
 
$
(3,264
)
 
$
(449
)
 
$
(3,396
)
 
$
(164
)
Natural gas swaps
 
Cost of goods sold
 
(951
)
 
(187
)
 
(482
)
 
(101
)
 
 
 
 
$
(4,215
)
 
$
(636
)
 
$
(3,878
)
 
$
(265
)
 
 
 
 
 
 
 
 
 
 
 


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, 2019 and 2018:
 
 
Location and amount of gain (loss) recognized in income on cash flow hedging relationships
 
 
Three months ended September 30,
 
 
2019
 
2018
 
 
Cost of goods sold
 
Interest (expense) income
 
Cost of goods sold
 
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
 
$
(310,904
)
 
$
(27,697
)
 
$
(319,703
)
 
$
(28,238
)
 
 
 
 
 
 
 
 
 
The effects of cash flow hedging:
 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships:
 
 
 
 
 
 
 
 
Interest contracts:
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 

 
(157
)
 

 
(71
)
Commodity contracts:
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 
(291
)
 

 
(30
)
 

 
 
 
 
 
 
 
 
 
 
 
Location and amount of gain (loss) recognized in income on cash flow hedging relationships
 
 
Nine months ended September 30,
 
 
2019
 
2018
 
 
Cost of goods sold
 
Interest (expense) income
 
Cost of goods sold
 
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
 
(905,395
)
 
(84,855
)
 
(934,088
)
 
(84,622
)
 
 
 
 
 
 
 
 
 
The effects of cash flow hedging:
 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships:
 
 
 
 
 
 
 
 
Interest contracts:
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 

 
(449
)
 

 
(164
)
Commodity contracts:
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 
(187
)
 

 
(101
)
 


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, 2019 and 2018:
 
Amount of gain (loss) recognized in OCI on derivative
 
Location of gain (loss) reclassified from AOCI into income
 
Amount of gain (loss) reclassified from AOCI into income
 
Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
 
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
 
Three months ended September 30,
 
 
Three months ended September 30,
 
 
Three months ended September 30,
 
2019
2018
 
 
2019
2018
 
 
2019
2018
Cross-currency interest rate swaps
$
15,342

$
1,138

 
Gain (loss) on sale of subsidiary
 
$

$

 
Interest (expense) income
 
$
2,395

$
2,271

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of gain (loss) recognized in OCI on derivative
 
Location of gain (loss) reclassified from AOCI into income
 
Amount of gain (loss) reclassified from AOCI into income
 
Location of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
 
Amount of gain (loss) recognized in income on derivative (amount excluded from effectiveness testing)
 
Nine months ended
September 30,
 
 
Nine months ended
September 30,
 
 
Nine months ended
September 30,
 
2019
2018
 
 
2019
2018
 
 
2019
2018
Cross-currency interest rate swaps
$
21,282

$
8,799

 
Gain (loss) on sale of subsidiary
 
$

$

 
Interest (expense) income
 
$
6,888

$
5,662