Hedging Transactions and Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

As of September 30, 2019, the notional values of the remaining foreign currency forward contracts were:

Notional Values of Foreign Currency Derivatives
USD/CNY	$	6,506,000
KRW/USD	₩	5,979,000,000

As of September 30, 2019, the volume of our copper contracts outstanding was as follows:

Volume of Copper Derivatives
October 2019 - December 2019	195 metric tons per month
January 2020 - March 2020	202 metric tons per month
April 2020 - June 2020	202 metric tons per month
July 2020 - September 2020	201 metric tons per month
October 2020 - December 2020	201 metric tons per month

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 $75.0 million of our $450.0 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 September 30, 2019						Fair Values of Derivative Instruments as of September 30, 2019
		Gain (Loss)						Other Assets/ (Other Liabilities)(1)
	Location	Three Months Ended			Nine Months Ended
Foreign Currency Contracts
Contracts not designated as hedging instruments	Other income (expense), net	$	181		$	(406	)	$	189
Copper Derivative Contracts
Contracts not designated as hedging instruments	Other income (expense), net	$	(543	)	$	(1,008	)	$	518
Interest Rate Swap
Contract designated as hedging instrument	Other comprehensive income (loss)	$	(240	)	$	(1,985	)	$	(1,524	)

(Dollars in thousands)		The Effect of Current Derivative Instruments on the Financial Statements for the Period Ended September 30, 2018						Fair Values of Derivative Instruments as of September 30, 2018
		Gain (Loss)						Other Assets/(Other Liabilities)(1)
	Location	Three Months Ended			Nine Months Ended
Foreign Currency Contracts
Contracts not designated as hedging instruments	Other income (expense), net	$	29		$	(95	)	$	342
Copper Derivative Contracts
Contracts not designated as hedging instruments	Other income (expense), net	$	(453	)	$	(1,637	)	$	631
Interest Rate Swap
Contract designated as hedging instrument	Other comprehensive income (loss)	$	270		$	1,669		$	1,710

⁽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.