Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Available-for-sale Residual Pension Surplus Investment Balance

As a result of our pension termination and settlement efforts in late 2019 and the first half of 2020, we have a pension surplus investment balance, which is now accounted for as an available-for-sale investment as of June 2020. For additional information regarding this balance, refer to “Note 11 – Pension Benefits and Other Postretirement Benefits.” Available-for-sale investments measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, were as follows:


	Available-for-Sale Investment at Fair Value as of June 30, 2020
(Dollars in thousands)	Level 1		Level 2		Level 3		Total
Pension surplus investment⁽¹⁾	$	—	$	9,744	$	—	$	9,744

⁽¹⁾ This balance was invested in a fund comprised of fixed income and short-term cash securities, and was recorded in the “Other long-term assets” line item in the condensed consolidated statements of financial position. As of June 30, 2020, the fair value of this investment approximated its carrying value.

Assets Measured at Fair Value on a Recurring Basis, Categorized by the Level of Inputs Used in the Valuation

Derivative instruments measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, were as follows:


	Derivative Instruments at Fair Value as of June 30, 2020
(Dollars in thousands)	Level 1		Level 2		Level 3		Total⁽¹⁾
Foreign currency contracts	$	—	$	(95)	$	—	$	(95)
Copper derivative contracts	$	—	$	1,541	$	—	$	1,541
Interest rate swap contract	$	—	$	(2,770)	$	—	$	(2,770)


	Derivative Instruments at Fair Value as of December 31, 2019
(Dollars in thousands)	Level 1		Level 2		Level 3		Total⁽¹⁾
Foreign currency contracts	$	—	$	(6)	$	—	$	(6)
Copper derivative contracts	$	—	$	1,147	$	—	$	1,147
Interest rate swap contract	$	—	$	(1,254)	$	—	$	(1,254)

⁽¹⁾ All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the condensed consolidated statements of financial position, except the 2020 and 2019 interest rate swap balance, which was recorded in the “Other long-term liabilities” line item.