Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.22.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivatives Held
The fair values of derivative instruments held as of December 31, 2022 and 2021 are shown below:
December 31,
Balance sheet location 2022 2021
Derivative assets:
Derivatives designated as cash flow hedges:
Interest rate caps Prepaid and other current assets $ 18,510  $ — 
Interest rate caps Other long-term assets 15,864  1,080 
Total derivative assets $ 34,374  $ 1,080 
Derivative liabilities:
Derivatives designated as cash flow hedges:
Interest rate caps Accrued liabilities $ —  $ 1,288 
Interest rate caps Other long-term liabilities 2,071  — 
Total derivative liabilities $ 2,071  $ 1,288 

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, 2022, 2021 and 2020:
Years ended December 31,
2022 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 Amount of gain (loss) recognized in OCI on derivatives Amount of gain (loss) reclassified from AOCI into income
Interest rate caps Interest (expense) income $ 32,510  $ (683) $ 3,441  $ (444) $ 167  $ (54)
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, 2022, 2021 and 2020:
Location and amount of gain (loss) recognized in income on cash flow hedging relationships
Years ended December 31,
2022 2021 2020
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 $ (595,529) $ (37,217) $ (434,540) $ (36,990) $ (344,967) $ (50,409)
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income —  (683) —  (444) —  (54)
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 and 2020, respectively:
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 2021 2020 2021 2020
Cross currency swaps $ 9,787  $ (23,622)
Net (loss) income from discontinued operations, net of tax(1)
 $ 9,754  $ 1,967  Interest (expense) income $ 545  $ 5,090 
(1)Includes the gain (loss) on the sale of the underlying subsidiary