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Derivative Instruments And Hedging Activities | 12 Months Ended
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Dec. 31, 2020
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 expired in April 2020. Our interest rate swap contracts qualified for cash flow hedge accounting treatment. 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. A portion of our foreign currency exchange contracts qualified for hedge accounting treatment. We had no derivative instruments that were designated as hedging instruments as of December 31, 2020. The following table presents the balance sheet location and fair value of our derivative instruments that were designated as hedging instruments as of December 31, 2019 (in thousands):
| December 31,
| 2019
| Balance Sheet Location |  | Fair Value
Asset Derivative Instruments: |  |  |
Interest rate swaps | Other current assets |  | $ | 44 |
|  |  | $ | 44 |
Liability Derivative Instruments: |  |  |
Foreign exchange contracts | Accrued liabilities |  | $ | 401 |
|  |  | $ | 401 |
We had no derivative instruments that were not designated as hedging instruments as of December 31, 2020. The following table presents the balance sheet location and fair value of our derivative instruments that were not designated as hedging instruments as of December 31, 2019 (in thousands):
| December 31,
| 2019
| Balance Sheet Location |  | Fair Value
Liability Derivative Instruments: |  |  |
Foreign exchange contracts | Accrued liabilities |  | $ | 601 |
|  |  | $ | 601 |
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):
| Unrealized Gain (Loss) Recognized in OCI
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Foreign exchange contracts | $ | (54) |  |  | $ | (315) |  |  | $ | (1,453) |
Interest rate swaps | (41) |  |  | (365) |  |  | 606 |
| $ | (95) |  |  | $ | (680) |  |  | $ | (847) |
| Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings |  | Gain (Loss) Reclassified from Accumulated OCI into Earnings
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Foreign exchange contracts | Cost of sales |  | $ | (455) |  |  | $ | (6,125) |  |  | $ | (7,709) |
Interest rate swaps | Net interest expense |  | 3 |  |  | 655 |  |  | 508 |
|  |  | $ | (452) |  |  | $ | (5,470) |  |  | $ | (7,201) |
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 Loss Recognized in Earnings |  | Loss Recognized in Earnings
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Foreign exchange contracts | Other income (expense), net |  | $ | (81) |  |  | $ | (378) |  |  | $ | (901) |
|  |  | $ | (81) |  |  | $ | (378) |  |  | $ | (901) |

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- 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
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