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Derivative instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022:
|  | Assets |  |  | Liabilities
Type of Derivative | Balance Sheets Location | 2023 | 2022 |  | Balance Sheets Location | 2023 | 2022
Derivatives designated as hedging instruments |  |  |  |
Cash Flow hedge |  |  |  |  |  |  |
Forward contracts | Other receivables | $ | 119 |  | $ | 268 |  |  | Accrued payroll and other liabilities | $ | (1,536) |  | $ | (1,147) |
Call spread + Coupon-only swap | Derivative instruments | 2,823 |  | — |  | — |  | Derivative instruments | (185) |  | — |
Sustainability linked ESG Principal Only Swap | Derivative instruments | 18,466 |  | — |  | $ | — |  | Derivative instruments | (261) |  | — |
Cross-currency interest rate swap | Derivative instruments | 19,337 |  | 43,757 |  |  | Derivative instruments | (2,398) |  | (581) |
Subtotal |  | $ | 40,745 |  | $ | 44,025 |  |  |  | $ | (4,380) |  | $ | (1,728) |
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 | 3,761 |  | 6,445 |  |  | Derivative instruments | (12,578) |  | (16,703) |
Call spread | Derivative instruments | 2,099 |  | 3,626 |  |  | Derivative instruments | — |  | — |
Coupon-only swap | Derivative instruments | — |  | — |  |  | Derivative instruments | (7,336) |  | (9,874) |
Sustainability-linked ESG Principal Only Swap | Derivative instruments | — |  | 1,050 |  |  | Derivative instruments | — |  | — |
Subtotal |  | $ | 5,860 |  | $ | 49,152 |  |  |  | $ | (19,914) |  | $ | (27,801) |
Total derivative instruments | $ | 46,605 |  | $ | 93,177 |  |  |  | $ | (24,294) |  | $ | (29,529) |
Schedule of derivative instruments | The following table presents the notional amounts of the Company’s outstanding derivative instruments classified as cash flow hedge:
| Notional amount as of December 31,
| 2023 |  | 2022
Forward contracts | $ | 44,412 |  |  | $ | 34,843 |
Call Spread + Coupon-only swap | 24,000 |  |  | — |
Sustainability-linked ESG Principal Only | 50,000 |  |  | — |
Cross-currency interest rate swap | 80,000 |  |  | 100,000 |
The following table presents the notional amounts of the Company’s outstanding derivative instruments not designed as hedging instruments:
|  | Notional amount as of December 31,
|  | 2023 |  | 2022
Cross-currency interest rate swap |  | $ | — |  |  | $ | 115,439 |
Call Spread + Coupon-only swap |  | 50,000 |  |  | 50,000 |
Call Spread |  | 30,000 |  |  | 30,000 |
Coupon-only swap |  | 30,000 |  |  | 30,000 |
Sustainability-linked ESG Principal Only Swap |  | — |  |  | 50,000 |
Schedule of cash flow hedges included in accumulated other comprehensive income (loss) | The following table presents the pretax amounts affecting income and other comprehensive income (loss) for the fiscal years ended December 31, 2023, 2022 and 2021 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) |  |  |
| 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021 |  |  |  |  |
Forward contracts (i) |  | $ | (6,710) |  | $ | (1,225) |  | $ | 1,366 |  |  | $ | 6,172 |  | $ | (263) |  | $ | 507 |  |  |  |  |  |
Cross-currency interest rate swaps (ii) |  | (14,730) |  | (31,174) |  | 23,802 |  |  | 10,913 |  | 8,727 |  | (8,564) |  |  |  |  |  |
Call Spread (iii) |  | 30 |  | — |  | (2,593) |  |  | 2,385 |  | 3,275 |  | 1,915 |  |  |  |  |  |
Coupon-only swap (iii) |  | (263) |  | — |  | 1,093 |  |  | (1,752) |  | (964) |  | (797) |  |  |  |  |  |
Sustainability linked ESG Principal Only Swap (ii) |  | (1,224) |  | — |  | — |  |  | 2,014 |  | — |  | — |  |  |  |  |  |
Total |  | $ | (22,897) |  | $ | (32,399) |  | $ | 23,668 |  |  | $ | 19,732 |  | $ | 10,775 |  | $ | (6,939) |  |  |  |  |  |
(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 is presented as follows:
Adjustment to: | 2023 |  | 2022 |  | 2021
Net interest expense and other financing results | (1,933) |  |  | (4,639) |  |  | (3,828) |
(Loss) gain from derivative instruments (a) | (6) |  |  | 5,907 |  |  | — |
Foreign currency exchange results | (10,988) |  |  | (9,995) |  |  | 12,392 |
Total | $ | (12,927) |  |  | $ | (8,727) |  |  | $ | 8,564 |
(a) Related to the discontinued relationships of Cross-currency interest rate swaps during July 2023 and September 2022. (iii) 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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