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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivatives Held

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

												December 31,
						Balance sheet location						2021						2020
Derivative assets:
Derivatives designated as cash flow hedges:
Interest rate caps						Other long-term assets						1,080						—
Total derivative assets												$	1,080					$	—
Derivative liabilities:
Derivatives designated as cash flow hedges:
Interest rate caps						Accrued liabilities						1,288						1,954
Interest rate caps						Other long-term liabilities						—						1,750
Total derivative liabilities												$	1,288					$	3,704

Effect of Derivative Instruments Designated as Hedges on Accumulated Other Comprehensive Income

The following table shows the effect of the Company’s derivative instruments designated as hedges on accumulated other comprehensive income (loss) (“AOCI”) and the statements of income for the years ended December 31, 2021, 2020 and 2019:

												Years ended December 31,
												2021												2020												2019
						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						Amount of gain (loss) recognized in OCI on derivatives						Amount of gain (loss) reclassified from AOCI into income
Interest rate caps						Interest (expense) income						$	(3,441)					$	(444)					$	(167)					$	(54)					$	(3,304)					$	(625)

Schedule of Effect of Cash Flow Hedging Instruments on the Statements of Income

The following table shows the effect of the Company’s cash flow hedge accounting on the consolidated statements of income for the years ended December 31, 2021, 2020 and 2019:

						Location and amount of gain (loss) recognized in income on cash flow hedging relationships
						Years ended December 31,
						2021												2020												2019
						Cost of goods sold						Interest (expense) income						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						$	(434,540)					$	(36,990)					$	(344,967)					$	(50,409)					$	(365,537)					$	(66,872)
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income						—						(444)						—						(54)						—						(625)

Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income

The following table shows the effect of the Company’s net investment hedges on AOCI and the consolidated statements of income for the years ended December 31, 2021, 2020 and 2019:

						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)
						Years ended December 31,																		Years ended December 31,																		Years ended December 31,
						2021			2020			2019												2021			2020			2019												2021			2020			2019
Cross currency swaps						$	9,787		$	(23,622)		$	17,077					Net (loss) income from discontinued operations, net of tax(1)						$	9,754		$	1,967		$	—					Interest (expense) income						$	545		$	5,090		$	7,320

(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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