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Derivative instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Fair Value

The following table presents the fair values of derivative instruments included in the consolidated balance sheets as of December 31, 2019 and 2018: 



Assets
 

Liabilities
Type of Derivative
Balance Sheets Location
2019
2018
 
Balance Sheets Location
2019
2018
Derivatives designated as hedging instruments
 
 


Cash Flow hedge





 



Forward contracts
Other receivables
$
259

$
628

 
Accrued payroll and other liabilities
$
(532
)
$
(180
)
Cross-currency interest rate swap
Derivative instruments
37,219

37,869

 
Derivative instruments
(8,179
)
(8,728
)
Call spread
Derivative instruments
20,609

16,867

 
Derivative instruments
—

—

Coupon-only swap
Derivative instruments
—

—

 
Derivative instruments
(5,326
)
(5,152
)
Subtotal

58,087

55,364

 

(14,037
)
(14,060
)
Derivatives not designated as hedging instruments




 





Forward contracts
Other receivables
20

99

 
Accrued payroll and other liabilities
—

(144
)
Subtotal

20

99

 

—

(144
)
Total derivative instruments
$
58,107

$
55,463

 

$
(14,037
)
$
(14,204
)
Schedule of Derivative Instruments
The following table presents information related to the terms of the agreements:
Bank
 
Payable
 
Receivable
 
Interest payment dates
 
Maturity
 
Currency
 
Amount
 
Interest rate
 
Currency
 
Amount
 
Interest rate
 
Citibank S.A.
 
BRL
 
155,500

 
11.08
%
 
$
 
50,000

 
6.91
%
 
June 30/ December 31
 
September 2023
JP Morgan S.A.
 
BRL
 
156,250

 
11.18
%
 
$
 
50,000

 
6.91
%
 
March 31/ September 30
 
April 2027

The following table presents information related to the terms of the agreements:

Bank
 
Payable
 
Receivable
 
Interest payment dates
 
Maturity
 
Currency
 
Amount
 
Interest rate
 
Currency
 
Amount
 
Interest rate
 
JP Morgan Chase Bank, N.A. (i)
 
BRL
 
108,000

 
13
%
 
$
 
35,400

 
4.38
%
 
March 31/ September 30
 
September 2023
JP Morgan Chase Bank, N.A.
 
BRL
 
98,670

 
13
%
 
$
 
30,000

 
6.02
%
 
March 31/ September 30
 
September 2023
Citibank N.A.
 
BRL
 
94,200

 
13
%
 
$
 
30,000

 
6.29
%
 
March 31/ September 30
 
September 2023

(i)
During the fiscal year ended December 31, 2017, the agreement was amended twice: on February 9, 2017 and February 22, 2017. All the terms of the swap agreement match the terms of the BRL intercompany loan receivable. As a result of the amendments the Company paid $2,689. According to ASC 815-30-40, the amount deferred in accumulated other comprehensive loss until the date of the last amendment, amounting to $677 as of December 31, 2017, will be amortized to earnings as the originally hedged cash flows affects the statement of income.
The following table presents information related to the terms of the agreements:
Bank
 
Payable
 
Receivable
 
Interest payment dates
 
Maturity
 
Currency
 
Amount
 
Interest rate
 
Currency
 
Amount
 
Interest rate
 
BAML (i)
 
BRL
 
156,250

 
13.64
%
 
$
 
50,000

 
6.91
%
 
March 31/ September 30
 
April 2027
Banco Santander S.A.
 
BRL
 
155,500

 
13.77
%
 
$
 
50,000

 
6.91
%
 
June 30/ December 31
 
September 2023

(i)
Bank of America Merrill Lynch Banco Múltiplo S.A.
Schedule of Cash Flow Hedges Included In Accumulated Other Comprehensive Income (Loss)
The following table present the pretax amounts affecting income and other comprehensive income for the fiscal years ended December 31, 2019, 2018 and 2017 for each type of derivative relationship: 
Derivatives in Cash Flow
Hedging Relationships
 
Gain (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)
 
 (Gain) Loss Reclassified from Accumulated OCI into Income (Effective Portion) (i)
 
2019
2018
2017
 
2019
2018
2017
Forward contracts
 
$
(10
)
$
731

$
(1,344
)
 
$
(711
)
$
(75
)
$
1,236

Cross-currency interest rate swaps
 
(8,506
)
11,279

5,828

 
2,056

(18,888
)
1,965

Call Spread
 
4,377

4,034

21,047

 
(3,561
)
(15,421
)
2,791

Coupon-only swap
 
(1,889
)
1,864

(13,598
)
 
1,860

2,415

(5,933
)
Total
 
$
(6,028
)
$
17,908

$
11,933

 
$
(356
)
$
(31,969
)
$
59


(i)
The results recognized in income related to forward contracts were recorded as an adjustment to food and paper. The net gain (loss) recognized in income, related to cross-currency interest rate swaps is presented as follows:

Adjustment to:
2019
 
2018
 
2017
Foreign currency exchange results
$
6,346

 
$
28,588

 
$
7,532

Net interest expense
(8,402
)
 
(9,700
)
 
(9,497
)
Total
$
(2,056
)
 
$
18,888

 
$
(1,965
)

The results recognized in income related to call spread agreements and coupon-only swap agreements were recorded as an adjustment to foreign currency exchange and interest expense, respectively.
Derivative Instruments, Gain (Loss)
The following table presents the pretax amounts affecting income for the fiscal year ended December 31, 2017:
 
 
Cross-currency swaps (i)
Derivatives in Fair Value Hedging Relationships
 
2017
 
 
 
Loss recognized in Income on hedging derivatives
 
(9,599
)
Gain recognized in Income on hedging items
 
4,118


(i)
The loss amounting to $5,481 in 2017, related to the ineffective portion of derivatives, was recorded within “Gain (loss) from derivative instruments” in the Company’s consolidated statement of income.