Derivative Financial Instruments (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Summary of Fair Value of Derivatives by Balance Sheet Line Item |
The following tables display the fair value of derivatives by
balance sheet line item at December 31, 2018 and
December 31, 2017:
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December 31, 2018 |
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Other
Current
Assets |
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Other
Non-current
Assets |
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Accrued
Liabilities |
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Other
Non-current
Liabilities |
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| (Dollars in thousands) |
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Foreign exchange forward contracts designated as hedging
instruments
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$ |
2,599 |
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|
1,011 |
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|
659 |
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|
6,202 |
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Foreign exchange forward contracts not designated as hedging
instruments
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|
333 |
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— |
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207 |
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— |
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Aluminum forward contracts designated as hedging instruments
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— |
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— |
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927 |
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— |
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Cross currency swap not designated as hedging instrument
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— |
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— |
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227 |
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— |
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Natural gas forward contracts designated as hedging instruments
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275 |
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— |
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355 |
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— |
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Interest rate swap contracts designated as hedging instruments
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— |
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— |
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131 |
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128 |
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Embedded derivative liability
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— |
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— |
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— |
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3,134 |
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Total derivative financial instruments
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$ |
3,207 |
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|
1,011 |
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|
2,506 |
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9,464 |
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December 31, 2017 |
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Other
Current
Assets |
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Other
Non-current
Assets |
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Accrued
Liabilities |
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Other
Non-current
Liabilities |
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| (Dollars in thousands) |
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Foreign exchange forward contracts and collars designated as
hedging instruments
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$ |
3,065 |
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723 |
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4,922 |
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8,405 |
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Foreign exchange forward contracts not designated as hedging
instruments
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721 |
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— |
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206 |
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— |
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Aluminum forward contracts not designated as hedging
instruments
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1,833 |
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— |
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— |
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— |
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Cross currency swap not designated as hedging instrument
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— |
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— |
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1,467 |
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1,106 |
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Embedded derivative liability
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— |
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— |
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— |
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4,685 |
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Total derivative financial instruments
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$ |
5,619 |
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723 |
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6,595 |
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14,196 |
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| Summary of Notional Amount and Estimated Fair Value of Derivative Financial Instruments |
The following table summarizes the notional amount and estimated
fair value of our derivative financial instruments:
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December 31, 2018 |
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December 31, 2017 |
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Notional
U.S. Dollar
Amount |
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Fair
Value |
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Notional
U.S. Dollar
Amount |
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Fair
Value |
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| (Dollars in thousands) |
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Foreign currency forward contracts and collars designated as
hedging instruments
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$ |
467,253 |
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$ |
(3,251 |
) |
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$ |
397,744 |
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$ |
(9,539 |
) |
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Foreign exchange forward contracts not designated as hedging
instruments
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45,905 |
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126 |
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23,305 |
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|
515 |
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Aluminum forward contracts not designated as hedges
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10,810 |
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(927 |
) |
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15,564 |
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1,833 |
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Cross currency swap not designated as hedging instrument
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12,151 |
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(227 |
) |
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36,454 |
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(2,573 |
) |
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Natural gas forward contracts designated as hedging instrument
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2,165 |
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(80 |
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— |
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— |
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Interest rate swap contracts designated as hedging instrument
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90,000 |
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(259 |
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— |
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— |
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Total derivative financial instruments
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$ |
628,284 |
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$ |
(4,618 |
) |
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$ |
473,067 |
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$ |
(9,764 |
) |
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| Summary of Gain or Loss Recognized in AOCI (Loss) |
The following tables summarize the gain or loss recognized in
accumulated other comprehensive income (loss) (“AOCI”)
as of December 31, 2018, 2017 and 2016 the amounts
reclassified from AOCI into earnings and the amounts recognized
directly into earnings for the years ended December 31, 2018,
2017 and 2016:
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Year ended December 31, 2018
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Amount of Gain or (Loss)
Recognized in AOCI on
Derivatives |
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Amount of Pre-tax Gain or
(Loss) Reclassified from
AOCI into Income |
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Amount of Pre-tax Gain or
(Loss) Recognized in Income
on Derivatives |
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| (Dollars in thousands) |
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Derivative Contracts
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|
$ |
5,293 |
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$ |
728 |
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$ |
(406 |
) |
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Total
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$ |
5,293 |
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$ |
728 |
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$ |
(406 |
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Year ended December 31, 2017
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Amount of Gain or (Loss)
Recognized in AOCI on
Derivatives (Effective
Portion) |
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Amount of Pre-tax
Gain or
(Loss) Reclassified from
AOCI into Income (Effective
Portion) |
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Amount of Pre-tax Gain or
(Loss) Recognized in Income
on Derivatives (Ineffective
Portion and Amount Excluded
from Effectiveness Testing) |
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| (Dollars in thousands) |
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Derivative Contracts
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|
$ |
7,603 |
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|
$ |
(4,539 |
) |
|
$ |
(538 |
) |
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Total
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$ |
7,603 |
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|
$ |
(4,539 |
) |
|
$ |
(538 |
) |
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Year ended December 31, 2016
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Amount of Gain or (Loss)
Recognized in AOCI on
Derivatives (Effective
Portion) |
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|
Amount of Pre-tax
Gain or
(Loss) Reclassified from
AOCI into Income (Effective
Portion) |
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|
Amount of Pre-tax Gain or
(Loss) Recognized in Income
on Derivatives (Ineffective
Portion and Amount Excluded
from Effectiveness Testing) |
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| (Dollars in thousands) |
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|
|
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|
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Derivative Contracts
|
|
$ |
(6,812 |
) |
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$ |
(13,597 |
) |
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$ |
(156 |
) |
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Total
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$ |
(6,812 |
) |
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$ |
(13,597 |
) |
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$ |
(156 |
) |
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