Hedging Transactions and Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

March 31, 2019, the volume of our copper contracts outstanding was as follows:

Volume of Copper Derivatives
April 2019 - June 2019	188 metric tons per month
July 2019 - September 2019	191 metric tons per month
October 2019 - December 2019	195 metric tons per month
January 2020 - March 2020	202 metric tons per month
April 2020 - June 2020	134 metric tons per month

As of March 31, 2019, the notional values of the remaining foreign currency forward contracts were:

Notional Values of Foreign Currency Derivatives
USD/CNY	$	17,470,003
KRW/USD	₩	4,539,600,000

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

In March 2017, we entered into an interest rate swap to hedge the variable interest rate on $75 million of our $450 million revolving credit facility. This transaction has been designated as a cash flow hedge and qualifies for hedge accounting treatment. For additional information regarding our revolving credit facility, refer to “Note 10 – Debt.”

Effects on Financial Statements

(Dollars in thousands)		The Effect of Current Derivative Instruments on the Financial Statements for the Period Ended March 31, 2019			Fair Values of Derivative Instruments as of March 31, 2019
		Gain (Loss)			Other Assets/ (Other Liabilities)(1)
	Location	Three Months Ended
Foreign Currency Contracts
Contracts not designated as hedging instruments	Other income (expense), net	$	(711	)	$	(357	)
Copper Derivative Contracts
Contracts not designated as hedging instruments	Other income (expense), net	$	310		$	1,120
Interest Rate Swap
Contract designated as hedging instrument	Other comprehensive income (loss)	$	(632	)	$	(171	)

(Dollars in thousands)		The Effect of Current Derivative Instruments on the Financial Statements for the Period Ended March 31, 2018		Fair Values of Derivative Instruments as of March 31, 2018
		Gain (Loss)		Other Assets/(Other Liabilities)(1)
	Location	Three Months Ended
Foreign Currency Contracts
Contracts not designated as hedging instruments	Other income (expense), net	(64	)	(329	)
Copper Derivative Contracts
Contracts not designated as hedging instruments	Other income (expense), net	(822	)	1,105
Interest Rate Swap
Contract designated as hedging instrument	Other comprehensive income (loss)	989		1,030

⁽¹⁾ All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the consolidated statements of financial position, except the 2019 interest rate swap balance, which was recorded in the “Other long-term liabilities” line item in the condensed consolidated statements of financial position.