XML 99 R29.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Derivative Instruments And Hedging Activities | 12 Months Ended
--- | ---
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments And Hedging Activities | Note 21 — Derivative Instruments and Hedging Activities In June 2015, we entered into interest rate swap contracts to fix the interest rate on $187.5 million of the Nordea Q5000 Loan (Note 8). These swap contracts, which are settled monthly, began in June 2015 and extend through April 2020. Our interest rate swap contracts qualify for cash flow hedge accounting treatment. Changes in the fair value of interest rate swaps are reported in accumulated OCI (net of tax). These changes are subsequently reclassified into earnings when the anticipated interest is recognized as interest expense. In February 2013, we entered into foreign currency exchange contracts to hedge our foreign currency exposure associated with the Grand Canyon II and Grand Canyon III charter payments denominated in the Norwegian kroner through July 2019 and February 2020, respectively. Unrealized losses associated with our foreign currency exchange contracts that qualify for hedge accounting treatment are included in accumulated OCI (net of tax). These changes are subsequently reclassified into earnings when the forecasted vessel charter payments are made and recorded as cost of sales. Changes in unrealized losses associated with the foreign currency exchange contracts that are not designated as cash flow hedges are reflected in “Other income (expense), net” in the accompanying consolidated statements of operations. The following table presents the balance sheet location and fair value of our derivative instruments that were designated as hedging instruments (in thousands):
| December 31,
| 2019 |  | 2018
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Asset Derivative Instruments: |  |  |  |  |  |  |
Interest rate swaps | Other current assets |  | $ | 44 |  |  | Other current assets |  | $ | 863 |
Interest rate swaps | Other assets, net |  | — |  |  | Other assets, net |  | 201 |
|  |  | $ | 44 |  |  |  |  | $ | 1,064 |
Liability Derivative Instruments: |  |  |  |  |  |
Foreign exchange contracts | Accrued liabilities |  | $ | 401 |  |  | Accrued liabilities |  | $ | 5,857 |
Foreign exchange contracts | Other non-current liabilities |  | — |  |  | Other non-current liabilities |  | 354 |
|  |  | $ | 401 |  |  |  |  | $ | 6,211 |
The following table presents the balance sheet location and fair value of our derivative instruments that were not designated as hedging instruments (in thousands):
| December 31,
| 2019 |  | 2018
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Liability Derivative Instruments: |  |  |  |  |  |
Foreign exchange contracts | Accrued liabilities |  | $ | 601 |  |  | Accrued liabilities |  | $ | 3,454 |
Foreign exchange contracts | Other non-current liabilities |  | — |  |  | Other non-current liabilities |  | 530 |
|  |  | $ | 601 |  |  |  |  | $ | 3,984 |
The following tables present the impact that derivative instruments designated as hedging instruments had on our accumulated OCI (net of tax) and our consolidated statements of operations (in thousands). We estimate that as of December 31, 2019, $0.3 million of net losses in accumulated OCI associated with our derivative instruments is expected to be reclassified into earnings within the next 12 months.
| Unrealized Gain (Loss) Recognized in OCI
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Foreign exchange contracts | $ | (315 | ) |  | $ | (1,453 | ) |  | $ | 2,672 |
Interest rate swaps | (365 | ) |  | 606 |  |  | 651 |
| $ | (680 | ) |  | $ | (847 | ) |  | $ | 3,323 |
| Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings |  | Gain (Loss) Reclassified from Accumulated OCI into Earnings
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Foreign exchange contracts | Cost of sales |  | $ | (6,125 | ) |  | $ | (7,709 | ) |  | $ | (12,300 | )
Interest rate swaps | Net interest expense |  | 655 |  |  | 508 |  |  | (615 | )
|  |  | $ | (5,470 | ) |  | $ | (7,201 | ) |  | $ | (12,915 | )
The following table presents the impact that derivative instruments not designated as hedging instruments had on our consolidated statements of operations (in thousands):
| Location of Gain (Loss) Recognized in Earnings |  | Gain (Loss) Recognized in Earnings
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Foreign exchange contracts | Other income (expense), net |  | $ | (378 | ) |  | $ | (901 | ) |  | $ | 818 |
|  |  | $ | (378 | ) |  | $ | (901 | ) |  | $ | 818 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration