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Derivative instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 and 2021:
|  | Assets |  |  | Liabilities
Type of Derivative | Balance Sheets Location | 2022 | 2021 |  | Balance Sheets Location | 2022 | 2021
Derivatives designated as hedging instruments |  |  |  |
Cash Flow hedge |  |  |  |  |  |  |
Forward contracts | Other receivables | $ | 268 |  | $ | 660 |  |  | Accrued payroll and other liabilities | $ | (1,147) |  | $ | (51) |
Cross-currency interest rate swap | Derivative instruments | 43,757 |  | 107,386 |  |  | Derivative instruments | (581) |  | (2,898) |
Subtotal |  | 44,025 |  | 108,046 |  |  |  | (1,728) |  | (2,949) |
Derivatives not designated as hedging instruments |  |  |  |  |  |
Cross-currency interest rate swap | Derivative instruments | 38,031 |  | — |  |  | Derivative instruments | (1,224) |  | — |
Call Spread + Coupon-only swap | Derivative instruments | 6,445 |  | 8,194 |  |  | Derivative instruments | (16,703) |  | (12,473) |
Call spread | Derivative instruments | 3,626 |  | 4,791 |  |  | Derivative instruments | — |  | — |
Coupon-only swap | Derivative instruments | — |  | — |  |  | Derivative instruments | (9,874) |  | (7,555) |
Sustainability-linked ESG Principal Only Swap | Derivative instruments | 1,050 |  | — |  |  | Derivative instruments | — |  | — |
Subtotal |  | 49,152 |  | 12,985 |  |  |  | (27,801) |  | (20,028) |
Total derivative instruments | $ | 93,177 |  | $ | 121,031 |  |  |  | $ | (29,529) |  | $ | (22,977) |
Schedule of derivative instruments | The following table presents information related to the terms of the agreements:
Bank |  | Payable |  | Receivable |  | Interest payment dates |  | Maturity
| Currency |  | Notional |  | Interest rate |  | Currency |  | Notional |  | 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 |  | Notional |  | Interest rate |  | Currency |  | Notional |  | 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 |  | Notional |  | 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 |  | Notional |  | Interest rate |  | Currency |  | Notional |  | 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
| Type of derivative |  | Entity |  | Nominal Amount |  | Strike price |  | Maturity |
|  |  | Currency |  | Notional |  | Call option bought | Call option written |  |
| Call Spread |  | JPMorgan |  | $ |  | 30,000 |  |  |  | 5.62 |  | 8.20 |  | April 2027 |
| Call Spread |  | Itaú Unibanco S.A. (i) |  | $ |  | 50,000 |  |  |  | 5.62 |  | 8.20 |  | April 2027 |
| Type of derivative |  | Entity |  | Payable |  | Receivable |  | Interest payment dates |  | Maturity
|  |  | Currency |  | Notional |  | Interest rate (ii) |  | Currency |  | Notional |  | Interest rate |  |
| Coupon-only swap |  | JPMorgan |  | BRL |  | 168,690 |  |  | CDI plus 2.42% |  | $ |  | 30,000 |  |  | 5.46 | % |  | April 30/ October 31 |  | April 2027
| Coupon-only swap |  | Itaú Unibanco S.A. (i) |  | BRL |  | 281,150 |  |  | CDI plus 2.47% |  | $ |  | 50,000 |  |  | 5.46 | % |  | April 30/ October 31 |  | April 2027
| Sustainability-linked ESG Principal Only Swap |  | Citibank S.A. |  | BRL |  | 155,500 |  |  | Fixed 0.88% |  | $ |  | 50,000 |  |  | - |  | April 30/ October 31 |  | April 2027
(i) Combination of call spread and coupon only swap into one agreement with Itaú Unibanco S.A (ii) “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 (loss) for the fiscal years ended December 31, 2022, 2021 and 2020 for each type of derivative relationship:
Derivatives in Cash Flow Hedging Relationships |  | (Loss) Gain Recognized in Accumulated OCI on Derivative |  | Loss (Gain) Reclassified from Accumulated OCI into income (loss)(i) |  |  |
| 2022 | 2021 | 2020 |  | 2022 | 2021 | 2020 |  |  |  |  |
Forward contracts (i) |  | $ | (1,225) |  | $ | 1,366 |  | $ | 904 |  |  | $ | (263) |  | $ | 507 |  | $ | (1,895) |  |  |  |  |  |
Cross-currency interest rate swaps (ii) |  | (31,174) |  | 23,802 |  | 55,124 |  |  | 8,727 |  | (8,564) |  | (37,376) |  |  |  |  |  |
Call Spread (iii) |  | — |  | (2,593) |  | 6,758 |  |  | 3,275 |  | 1,915 |  | (18,153) |  |  |  |  |  |
Coupon-only swap (iii) |  | — |  | 1,093 |  | 8,604 |  |  | (964) |  | (797) |  | (421) |  |  |  |  |  |
Total |  | $ | (32,399) |  | $ | 23,668 |  | $ | 71,390 |  |  | $ | 10,775 |  | $ | (6,939) |  | $ | (57,845) |  |  |  |  |  |
(i)The results recognized in income related to forward contracts were recorded as an adjustment to food and paper. (ii)The net (loss) gain recognized in income, related to cross-currency interest rate swaps is presented as follows:
Adjustment to: | 2022 |  | 2021 |  | 2020
Foreign currency exchange results | $ | (9,995) |  |  | $ | 12,392 |  |  | $ | 40,353 |
Gain from derivative instruments (i) | 5,907 |  |  | — |  |  | — |
Net interest expense and other financing results | (4,639) |  |  | (3,828) |  |  | (2,977) |
Total | $ | (8,727) |  |  | $ | 8,564 |  |  | $ | 37,376 |
(i) Related to the discontinued relationships of Cross-currency interest rate swaps during September 2022. 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. (iii) Agreements unwound in May 2021. The results recognized in income related to Call Spread agreements were recorded as an adjustment to “Foreign currency exchange results”. The results recognized in income related to Coupon-only agreements were recorded as an adjustment to “Net interest expense and other financing results”.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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