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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivatives Held

The fair values of derivative instruments held as of June 30, 2021 and December 31, 2020 are shown below:

			Balance sheet location						June 30, 2021						December 31, 2020
Derivative assets:
Derivatives designated as cash flow hedges:
Interest rate caps			Other long-term assets						$	227					$	—
Total derivative assets									$	227					$	—
Derivative liabilities:
Derivatives designated as cash flow hedges:
Interest rate caps			Accrued liabilities						$	1,950					$	1,954
Interest rate caps			Other long-term liabilities						536						1,750
Total derivative liabilities									$	2,486					$	3,704

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 six months ended June 30, 2021 and 2020:

												Three months ended June 30,
												2021												2020
						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						$	479					$	(70)					$	(325)					$	(293)
												Six months ended June 30,
												2021												2020
						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						$	1,391					$	(179)					$	(920)					$	(524)

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 six months ended June 30, 2021 and 2020:

						Location and amount of gain (loss) recognized in income on cash flow hedging relationships
						Three months ended June 30,
						2021												2020
						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						$	(108,479)					$	(8,741)					$	(80,768)					$	(15,136)
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income						—						(70)						—						(293)
						Location and amount of gain (loss) recognized in income on cash flow hedging relationships
						Six months ended June 30,
						2021												2020
						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						(204,984)						(19,197)						(168,618)						(30,434)
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income						—						(179)						—						(524)

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 six months ended June 30, 2021 and 2020:

			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 June 30,															Three months ended September 30,															Three months ended September 30,
			2021			2020												2021			2020												2021			2020
Cross-currency interest rate swaps			$	—		$	(5,206)					Gain (loss) on sale of subsidiary						$	—		$	—					Interest (expense) income						$	—		$	1,552
			Amount of pre-tax 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)
			Six months ended June 30,															Six months ended June 30,															Six months ended June 30,
			2021			2020												2021			2020												2021			2020
Cross-currency interest rate swaps			$	9,787		$	9,603					Net income from discontinued operations (1)						$	—		$	—					Interest (expense) income						$	545		$	3,244

(1)Includes the gain (loss) on the sale of the underlying subsidiary.

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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 amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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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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Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in net investment hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

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