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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities  
Summary of the Company's outstanding derivative contracts and their effects on the Condensed Consolidated Statements of Financial Position

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2018

 

 

Notional

    

    

    

    

 

 

Amounts

 

Assets

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

11,050

 

$

177

 

$

 -

Commodity futures contracts

 

 

8,285

 

 

 3

 

 

(862)

Total derivatives

 

 

 

 

$

180

 

$

(862)

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

Notional

    

    

    

    

 

 

Amounts

 

Assets

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

919

 

$

79

 

$

 -

Commodity futures contracts

 

 

13,840

 

 

284

 

 

(252)

Total derivatives

 

 

 

 

$

363

 

$

(252)

   

 

 

 

 

 

 

 

 

 

 

 

September 30, 2017

 

 

Notional

    

    

    

    

 

 

Amounts

 

Assets

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

2,059

 

$

147

 

$

 -

Commodity futures contracts

 

 

13,616

 

 

56

 

 

(420)

Total derivatives

 

 

 

 

$

203

 

$

(420)

 

Effects of derivative instruments on the Condensed Consolidated Statement of Earnings and Retained Earnings, and the Condensed Consolidated Statement of Comprehensive Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For Quarter Ended September 30, 2018

 

 

    

    

    

    

Gain (Loss)

 

 

 

 

Gain (Loss)

 

on Amount Excluded

 

 

Gain (Loss)

 

Reclassified from

 

from Effectiveness

 

 

Recognized

 

Accumulated OCI

 

Testing Recognized

 

 

in OCI

 

into Earnings

 

in Earnings

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

177

 

$

 -

 

$

 -

Commodity futures contracts

 

 

(750)

 

 

(795)

 

 

 -

Total

 

$

(573)

 

$

(795)

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

For Quarter Ended September 30, 2017

 

 

    

    

    

    

Gain (Loss)

 

 

 

 

Gain (Loss)

 

on Amount Excluded

 

 

Gain (Loss)

 

Reclassified from

 

from Effectiveness

 

 

Recognized

 

Accumulated OCI

 

Testing Recognized

 

 

in OCI

 

into Earnings

 

in Earnings

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

118

 

$

55

 

$

 -

Commodity futures contracts

 

 

(99)

 

 

(83)

 

 

 -

Total

 

$

19

 

$

(28)

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

For Year to Date Ended September 30, 2018

 

 

    

    

    

    

Gain (Loss)

 

 

 

 

Gain (Loss)

 

on Amount Excluded

 

 

Gain (Loss)

 

Reclassified from

 

from Effectiveness

 

 

Recognized

 

Accumulated OCI

 

Testing Recognized

 

 

in OCI

 

into Earnings

 

in Earnings

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

166

 

$

67

 

$

 -

Commodity futures contracts

 

 

(2,588)

 

 

(1,697)

 

 

 -

Total

 

$

(2,422)

 

$

(1,630)

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

For Year to Date Ended September 30, 2017

 

 

    

    

    

    

Gain (Loss)

 

 

 

 

Gain (Loss)

 

on Amount Excluded

 

 

Gain (Loss)

 

Reclassified from

 

from Effectiveness

 

 

Recognized

 

Accumulated OCI

 

Testing Recognized

 

 

in OCI

 

into Earnings

 

in Earnings

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

266

 

$

 1

 

$

 -

Commodity futures contracts

 

 

(2,001)

 

 

108

 

 

 -

Total

 

$

(1,735)

 

$

109

 

$

 -