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Derivative instruments (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020: 

						Assets												Liabilities
Type of Derivative			Balance Sheets Location			2021			2020						Balance Sheets Location			2021			2020
Derivatives designated as hedging instruments
Cash Flow hedge
Forward contracts			Other receivables			$	660		$	—					Accrued payroll and other liabilities			$	(51)		$	(1,264)
Cross-currency interest rate swap			Derivative instruments			107,386			86,534						Derivative instruments			(2,898)			(6,194)
Call spread			Derivative instruments			—			21,858						Derivative instruments			—			—
Coupon-only swap			Derivative instruments			—			3,591						Derivative instruments			—			—
Subtotal						108,046			111,983									(2,949)			(7,458)
Derivatives not designated as hedging instruments
Call spread			Derivative instruments			4,791			3,798						Derivative instruments			—			—
Coupon-only swap			Derivative instruments			—			202						Derivative instruments			(7,555)			(5,017)
Call Spread + Coupon-only swap			Derivative instruments			8,194			6,620						Derivative instruments			(12,473)			(8,050)
Subtotal						12,985			10,620									(20,028)			(13,067)
Total derivative instruments						$	121,031		$	122,603								$	(22,977)		$	(20,525)

Schedule of derivative instruments

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

Derivatives designated as hedging instruments (continued)

Cash flow hedge (continued)

Cross-currency interest rate swap (continued)

Bank						Payable																		Receivable																		Interest payment dates						Maturity
						Currency						Amount						Interest rate						Currency						Amount						Interest rate
JP Morgan Chase Bank, N.A.						BRL						108,000						13		%				$						35,390						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
Citibank N.A.						BRL						112,738						13		%				$						20,049						8.08		%				March 31/ September 30						September 2023

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.

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

Bank						Nominal Amount															Strike price												Maturity
						Currency						Amount									Call option written						Call option bought
Citibank S.A.						$						50,000									4.49						3.11						September 2023
JP Morgan S.A.						$						50,000									5.20						3.13						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
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:

			Nominal Amount															Strike price
			Currency						Amount									Call option written						Call option bought
			$						30,000									8.20						5.62

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

Payable

Receivable

Interest payment dates

Currency

Amount

Interest rate (i)

Currency

Amount

Interest rate

BRL

168,690

CDI plus 2.42%

$

30,000

5.46

%

April 30/ October 31

(i) “CDI” Certificados de Depósitos Interbancários

The following tables present information related to the terms of the agreements:

			Nominal Amount															Strike price
			Currency						Amount									Call option written						Call option bought
			$						50,000									8.20						5.62

Payable

Receivable

Interest payment dates

Currency

Amount

Interest rate (i)

Currency

Amount

Interest rate

BRL

281,150

CDI plus 2.47%

$

50,000

5.46%

April 30/ October 31

(i) “CDI” Certificados de Depósitos Interbancários

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, 2021, 2020 and 2019 for each type of derivative relationship: 

Derivatives in Cash Flow Hedging Relationships						Gain (Loss) Recognized in Accumulated OCI on Derivative												(Gain) Loss Reclassified from Accumulated OCI into income (loss)(i)
						2021			2020			2019						2021			2020			2019
Forward contracts						$	1,366		$	904		$	(10)					$	507		$	(1,895)		$	(711)
Cross-currency interest rate swaps						23,802			55,124			(8,506)						(8,564)			(37,376)			2,056
Call Spread (ii)						(2,593)			6,758			4,377						1,915			(18,153)			(3,561)
Coupon-only swap (ii)						1,093			8,604			(1,889)						(797)			(421)			1,860
Total						$	23,668		$	71,390		$	(6,028)					$	(6,939)		$	(57,845)		$	(356)

(i)The results recognized in income related to forward contracts were recorded as an adjustment to food and paper.

(ii)Agreements unwound in May 2021.

The net gain (loss) recognized in income, related to cross-currency interest rate swaps is presented as follows:

Adjustment to:			2021						2020						2019
Foreign currency exchange results			$	12,392					$	40,353					$	6,346
Net interest expense			(3,828)						(2,977)						(8,402)
Total			$	8,564					$	37,376					$	(2,056)

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.

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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