Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The fair values of derivative instruments held as of September 30, 2020 and December 31, 2019 are shown below:


	Balance sheet location	September 30, 2020		December 31, 2019
Derivative assets:
Derivatives designated as cash flow hedges:
Natural gas swaps	Prepaid and other current assets	$	365	$	—

Natural gas swaps	Other long-term assets	123		—

		488		—
Derivatives designed as net investment hedges:
Cross-currency interest rate swaps	Prepaid and other current assets	4,685		3,928


Total derivative assets		$	5,173	$	3,928

Derivative liabilities:
Derivatives designated as cash flow hedges:
Natural gas swaps	Accrued liabilities	$	—	$	813
Interest rate caps	Accrued liabilities	1,954		420
Natural gas swaps	Other long-term liabilities	—		226
Interest rate caps	Other long-term liabilities	2,246		2,822
		4,200		4,281
Derivatives designated as net investment hedges:
Cross-currency interest rate swaps	Other long-term liabilities	14,562		8,134
Total derivative liabilities		$	18,762	$	12,415

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:


		Three months ended September 30,
		2020				2019
	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	$	573	$	506	$	(216)	$	(157)
Natural gas swaps	Cost of goods sold	814		(362)		(185)		(291)
		$	1,387	$	144	$	(401)	$	(448)


		Nine months ended September 30,
		2020				2019
	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	$	(347)	$	(18)	$	(3,264)	$	(449)
Natural gas swaps	Cost of goods sold	297		(1,229)		(951)		(187)
		$	(50)	$	(1,247)	$	(4,215)	$	(636)

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:


	Location and amount of gain (loss) recognized in income on cash flow hedging relationships
	Three months ended September 30,
	2020				2019
	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	$	(283,818)	$	(18,642)	$	(310,904)	$	(27,697)

The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income	—		506		—		(157)
Commodity contracts:
Amount of gain (loss) reclassified from AOCI into income	(362)		—		(291)		—

	Location and amount of gain (loss) recognized in income on cash flow hedging relationships
	Nine months ended September 30,
	2020				2019
	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	(823,503)		(65,372)		(905,395)		(84,855)

The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income	—		(18)		—		(449)
Commodity contracts:
Amount of gain (loss) reclassified from AOCI into income	(1,229)		—		(187)		—

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:


	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,
	2020		2019			2020		2019			2020		2019
Cross-currency interest rate swaps	$	(15,275)	$	15,342	Gain (loss) on sale of subsidiary	$	—	$	—	Interest (expense) income	$	1,175	$	2,395

	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,
	2020		2019			2020		2019			2020		2019
Cross-currency interest rate swaps	$	(5,672)	$	21,282	Gain (loss) on sale of subsidiary	$	—	$	—	Interest (expense) income	$	4,419	$	6,888