Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.10.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivatives Held
The fair values of derivative instruments held as of December 31, 2018 and 2017 are shown below:
 
 
 
 
December 31,
 
 
Balance sheet location 
 
2018
 
2017
Derivative assets:
 
 
 
 
 
 
Derivatives designated as cash flow hedges:
 
 
 
 
 
 
Natural gas swaps
 
Prepaid and other current assets
 
$
21

 
$
—

Interest rate caps
 
Prepaid and other current assets
 
1,358

 
44

Interest rate caps
 
Other long-term assets
 
546

 
999

 
 
 
 
1,925

 
1,043

Derivatives designed as net investment hedges:
 
 
 
 
 
 
Cross currency swaps
 
Prepaid and other current assets
 
5,499

 
—

Cross currency swaps
 
Other long-term assets
 
13,344

 
—

 
 
 
 
18,843

 
—

Total derivative assets
 
 
 
$
20,768

 
$
1,043

 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
Derivatives designated as cash flow hedges:
 
 
 
 
 
 
Natural gas swaps
 
Accrued liabilities
 
$
36

 
$
318

Natural gas swaps
 
Other long-term liabilities
 
148

 
130

Interest rate caps
 
Other long-term liabilities
 
1,842

 
—

Total derivative liabilities
 
 
 
$
2,026

 
$
448

 
 
 
 
 
 
 
Effect of Derivative Instruments Designated as Hedges on 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 operations for the years ended December 31, 2018, 2017 and 2016:
 
 
 
 
Years ended December 31,
 
 
 
 
2018
 
2017
 
2016
 
 
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
 
$
(981
)
 
$
(256
)
 
$
(4,760
)
 
$
(40
)
 
$
4,250

 
$
—

Natural gas swaps
 
Cost of goods sold
 
$
637

 
$
353

 
$
(1,300
)
 
$
(222
)
 
$
(802
)
 
$
(1,433
)
 
 
 
 
$
(344
)
 
$
97

 
$
(6,060
)
 
$
(262
)
 
$
3,448

 
$
(1,433
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Effect of Cash Flow Hedging Instruments on the Statement of Operations
The following table shows the effect of the Company’s cash flow hedge accounting on the consolidated statements of operations for the years ended December 31, 2018, 2017 and 2016:
 
 
Location and amount of gain (loss) recognized in income on cash flow hedging relationships
 
 
Years ended December 31,
 
 
2018
 
2017
 
2016
 
 
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 operations in which the effects of cash flow hedges are recorded
 
$
(1,226,520
)
 
$
(113,723
)
 
$
(1,095,265
)
 
$
(179,044
)
 
$
(810,085
)
 
$
(140,315
)
 
 
 
 
 
 
 
 
 
 
 
 
 
The effects of cash flow hedging:
 
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships:
 
 
 
 
 
 
 
 
 
 
 
 
Interest contracts:
 
 
 
 
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 
—

 
(256
)
 
—

 
(40
)
 
—

 
—

Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 
353

 
—

 
(222
)
 
—

 
(1,433
)
 
—

Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The following table shows the effect of the Company’s net investment hedges on AOCI and the consolidated statements of operations for the years ended December 31, 2018, 2017 and 2016:
 
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)
 
Years ended
December 31,
 
 
Years ended
December 31,
 
 
Years ended
December 31,
 
2018
2017
2016
 
 
2018
2017
2016
 
 
2018
2017
2016
Cross currency swaps
$
18,843

$
—

$
—

 
(Gain) loss on sale of subsidiary
 
$
—

$
—

$
—

 
Interest (expense) income
 
$
7,898

$
—

$
—