Derivative Financial Instruments (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Derivative Instruments And Hedging Activities Disclosure [Abstract] |
|
| 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 September 30, 2020 and December 31, 2019:
|
|
|
September 30, 2020 |
|
|
|
|
Other
Current
Assets |
|
|
Other
Non-current
Assets |
|
|
Accrued
Liabilities |
|
|
Other
Non-current
Liabilities |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange forward contracts designated as
hedging instruments |
|
$ |
794 |
|
|
$ |
867 |
|
|
$ |
7,753 |
|
|
$ |
10,293 |
|
|
Foreign exchange forward contracts not
designated as hedging instruments |
|
|
7 |
|
|
|
— |
|
|
|
466 |
|
|
|
— |
|
|
Aluminum forward contracts designated as
hedging instruments |
|
|
— |
|
|
|
— |
|
|
|
123 |
|
|
|
— |
|
|
Natural gas forward contracts designated as
hedging instruments |
|
|
837 |
|
|
|
511 |
|
|
|
142 |
|
|
|
39 |
|
|
Interest rate swap contracts designated as hedging
instruments |
|
|
— |
|
|
|
— |
|
|
|
4,872 |
|
|
|
5,296 |
|
|
Total derivative financial instruments |
|
$ |
1,638 |
|
|
$ |
1,378 |
|
|
$ |
13,356 |
|
|
$ |
15,628 |
|
|
|
|
December 31, 2019 |
|
|
|
|
Other
Current
Assets |
|
|
Other
Non-current
Assets |
|
|
Accrued
Liabilities |
|
|
Other
Non-current
Liabilities |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange forward contracts designated as
hedging instruments |
|
$ |
7,808 |
|
|
$ |
12,821 |
|
|
$ |
60 |
|
|
$ |
100 |
|
|
Foreign exchange forward contracts not
designated as hedging instruments |
|
|
1,196 |
|
|
|
— |
|
|
|
554 |
|
|
|
— |
|
|
Aluminum forward contracts designated as
hedging instruments |
|
|
60 |
|
|
|
— |
|
|
|
127 |
|
|
|
— |
|
|
Natural gas forward contracts designated as
hedging instruments |
|
|
81 |
|
|
|
7 |
|
|
|
1,312 |
|
|
|
727 |
|
|
Interest rate swap contracts designated as hedging
instruments |
|
|
— |
|
|
|
— |
|
|
|
2,304 |
|
|
|
3,525 |
|
|
Total derivative financial instruments |
|
$ |
9,145 |
|
|
$ |
12,828 |
|
|
$ |
4,357 |
|
|
$ |
4,352 |
|
|
| 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:
|
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
|
|
|
Notional
U.S. Dollar
Amount |
|
|
Fair
Value |
|
|
Notional
U.S. Dollar
Amount |
|
|
Fair
Value |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency forward contracts designated as
hedging instruments |
|
$ |
431,025 |
|
|
$ |
(16,385 |
) |
|
$ |
449,181 |
|
|
$ |
20,469 |
|
|
Foreign exchange forward contracts not designated
as hedging instruments |
|
|
15,539 |
|
|
|
(459 |
) |
|
|
73,491 |
|
|
|
642 |
|
|
Aluminum forward contracts designated as
hedging instruments |
|
|
4,971 |
|
|
|
(123 |
) |
|
|
9,405 |
|
|
|
(67 |
) |
|
Natural gas forward contracts designated as hedging
instruments |
|
|
6,254 |
|
|
|
1,167 |
|
|
|
5,816 |
|
|
|
(1,951 |
) |
|
Interest rate swap contracts designated as hedging
instruments |
|
|
235,000 |
|
|
|
(10,168 |
) |
|
|
260,000 |
|
|
|
(5,829 |
) |
|
Total derivative financial instruments |
|
$ |
692,789 |
|
|
$ |
(25,968 |
) |
|
$ |
797,893 |
|
|
$ |
13,264 |
|
|
| Summary of Gain or Loss Recognized in AOCI |
The following tables summarize the gain or loss recognized in AOCI as of September 30, 2020 and 2019, the amounts reclassified from AOCI into earnings and the amounts recognized directly into earnings for the three and nine months ended September 30, 2020 and 2019:
|
Three Months Ended September 30, 2020 |
|
Amount of Gain or
(Loss) Recognized in
AOCI on Derivatives |
|
|
Amount of Pre-tax
Gain or (Loss) Reclassified
from AOCI into Income |
|
|
Amount of Pre-tax
Gain or (Loss)
Recognized in Income
on Derivatives |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Contracts |
|
$ |
4,683 |
|
|
$ |
(2,261 |
) |
|
$ |
3,458 |
|
|
Total |
|
$ |
4,683 |
|
|
$ |
(2,261 |
) |
|
$ |
3,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2020 |
|
Amount of Gain or
(Loss) Recognized in
AOCI on Derivatives |
|
|
Amount of Pre-tax
Gain or (Loss) Reclassified
from AOCI into Income |
|
|
Amount of Pre-tax
Gain or (Loss)
Recognized in Income
on Derivatives |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Contracts |
|
$ |
(25,316 |
) |
|
$ |
(7,355 |
) |
|
$ |
(289 |
) |
|
Total |
|
$ |
(25,316 |
) |
|
$ |
(7,355 |
) |
|
$ |
(289 |
) |
|
Three Months Ended September 30, 2019 |
|
Amount of Gain or
(Loss) Recognized in
AOCI on Derivatives |
|
|
Amount of Pre-tax
Gain or (Loss) Reclassified
from AOCI into Income |
|
|
Amount of Pre-tax
Gain or (Loss)
Recognized in Income
on Derivatives |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Contracts |
|
$ |
(8,302 |
) |
|
$ |
703 |
|
|
$ |
1,817 |
|
|
Total |
|
$ |
(8,302 |
) |
|
$ |
703 |
|
|
$ |
1,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
Amount of Gain or
(Loss) Recognized in
AOCI on Derivatives |
|
|
Amount of Pre-tax
Gain or (Loss) Reclassified
from AOCI into Income |
|
|
Amount of Pre-tax
Gain or (Loss)
Recognized in Income
on Derivatives |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Contracts |
|
$ |
(1,520 |
) |
|
$ |
2,417 |
|
|
$ |
3,557 |
|
|
Total |
|
$ |
(1,520 |
) |
|
$ |
2,417 |
|
|
$ |
3,557 |
|
|