Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.21.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivatives Held
The fair values of derivative instruments held as of March 31, 2021 and December 31, 2020 are shown below:
Balance sheet location March 31,
2021		 December 31,
2020
Derivative assets:
Derivatives designated as cash flow hedges:
Interest rate caps Other long-term assets $ 285  $ — 
Total derivative assets $ 285  $ — 
Derivative liabilities:
Derivatives designated as cash flow hedges:
Interest rate caps Accrued liabilities $ 1,974  $ 1,954 
Interest rate caps Other long-term liabilities 1,049  1,750 
Total derivative liabilities $ 3,023  $ 3,704 
Effect of Derivative Instruments Designated as Hedges on Other Comprehensive Income
The following tables show the effect of the Company’s derivative instruments designated as cash flow hedges on AOCI for the three months ended March 31, 2021 and 2020:
Three months ended March 31,
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
Interest rate caps Interest (expense) income $ 912  $ (109) $ (595) $ (231)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following tables show the effect of the Company’s cash flow hedge accounting on the condensed consolidated statements of income for the three months ended March 31, 2021 and 2020:
Location and amount of gain (loss) recognized in income on cash flow hedging relationships
Three months ended March 31,
2021 2020
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 (96,505) (10,456) (87,850) (15,298)
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income —  (109) —  (231)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The following tables show the effect of the Company’s net investment hedges on AOCI and the condensed consolidated statements of income for the three months ended March 31, 2021 and 2020:
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)
Three months ended
March 31,		 Three months ended
March 31,		 Three months ended
March 31,
2021 2020 2021 2020 2021 2020
Cross-currency interest rate swaps $ 9,787  $ 14,809 
Net income from discontinued operations (1)
$ —  $ —  Interest (expense) income $ 545  $ 1,692 

(1)Includes the gain (loss) on the sale of the underlying subsidiary.