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Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Location and Fair Value of Foreign Currency Sales Contracts Recorded on Consolidated Balance Sheets

The location and fair value of the foreign currency sales contracts recorded on the condensed consolidated balance sheets were as follows:

 

    

Location

   June 30,
2014
    December 31,
2013
 

Fair value hedge contracts

  

Other current assets

   $ 417      $ 426   
  

Other noncurrent assets

     0        17   

Fair value hedged items

  

Receivables

     (120     (36
  

Other current liabilities

     321        488   
  

Other noncurrent liabilities

     0        40   

Cash flow hedge contracts

  

Other current liabilities

     33        0   
Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss)

The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. The balances as of June 30, 2014 and 2013 and the amount recognized as and reclassified from accumulated other comprehensive loss for each of the periods is summarized below. All amounts are after-tax.

 

Three Months Ended June 30, 2014

  Comprehensive
Income (Loss)
Beginning of
the Period
    Plus
Recognized as
Comprehensive
Income (Loss)
    Less
Gain (Loss)
Reclassified
from
Accumulated
Other
Comprehensive
Loss
    Comprehensive
Income (Loss) End
of the Period
 

Foreign currency sales contracts – cash flow hedges

  $ 0      $ (21   $ 0      $ (21

Foreign currency purchase contracts

    270        0        5        265   

Futures contracts – copper and aluminum

    (147     121        (55     29   
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 123      $ 100      $ (50   $ 273   
 

 

 

   

 

 

   

 

 

   

 

 

 

Three Months Ended June 30, 2013

                       

Foreign currency sales contracts – cash flow hedges

  $ 0      $ 0      $ 0      $ 0   

Foreign currency purchase contracts

    287        0        5        282   

Futures contracts – copper and aluminum

    (159     (236     (64     (331
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 128      $ (236   $ (59   $ (49
 

 

 

   

 

 

   

 

 

   

 

 

 

 

Six Months Ended June 30, 2014

  Comprehensive
Income (Loss)
Beginning of
the Period
    Plus
Recognized as
Comprehensive
Income (Loss)
    Less
Gain (Loss)
Reclassified
from
Accumulated
Other
Comprehensive
Loss
    Comprehensive
Income (Loss) End
of the Period
 

Foreign currency sales contracts – cash flow hedges

  $ 0      $ (21   $ 0      $ (21

Foreign currency purchase contracts

    275        0        10        265   

Futures contracts – copper and aluminum

    38        (87     (78     29   
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 313      $ (108   $ (68   $ 273   
 

 

 

   

 

 

   

 

 

   

 

 

 

Six Months Ended June 30, 2013

                       

Foreign currency sales contracts – cash flow hedges

  $ 0      $ 0      $ 0      $ 0   

Foreign currency purchase contracts

    292        0        10        282   

Futures contracts – copper and aluminum

    26        (429     (72     (331
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 318      $ (429   $ (62   $ (49
 

 

 

   

 

 

   

 

 

   

 

 

 
Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Income (Loss) to Earnings

The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax.

 

    Location of
Gain (Loss)
in Statements
of Operations
  Estimated to be
Reclassified in the
Next 12 Months
   

 

Three Months Ended June 30,

   

 

Six Months Ended June 30,

 
      2014     2013     2014     2013  

Foreign currency sales contracts – cash flow hedges

  Sales   $ (33   $ 0      $ 0      $ 0      $ 0   

Foreign currency purchase contracts

  Depreciation     28        7        7        14        14   

Futures contracts – copper and aluminum

  Costs of products
sold (excluding
depreciation)
    35        (87     (101     (123     (115