Fair Value Information and Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss) [Table Text Block]

The following table summarizes the amounts reclassified from accumulated OCI relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification for year ended December 31, 2019: 

(Thousands)		2019
Hedging relationship	Line item
Foreign currency forward contracts	Net sales	$	(29	)
Precious metal swaps	Cost of sales	595
Copper swaps	Cost of sales	393
Total		$	959

Summary of fair value information and derivative financial instruments

The following table summarizes the financial instruments measured at fair value in the Consolidated Balance Sheets at December 31, 2019 and 2018:

			Fair Value Measurements
(Thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Other Significant Unobservable Inputs (Level 3)
December 31, 2019
Financial Assets
Deferred compensation investments	$	3,391	$	3,391	$	—	$	—
Foreign currency forward contracts	188		—		188		—
Precious metal swaps	35		—		35		—
Copper swaps	61		—		61		—
Total	$	3,675	$	3,391	$	284	$	—
Financial Liabilities
Deferred compensation liability	$	3,391	$	3,391	$	—	$	—
Foreign currency forward contracts	211		—		211		—
Precious metal swaps	623		—		623		—
Copper swaps	28		—		28		—
Total	$	4,253	$	3,391	$	862	$	—
December 31, 2018
Financial Assets
Deferred compensation investments	$	2,156	$	2,156	$	—	$	—
Foreign currency forward contracts	246		—		246		—
Precious metal swaps	237		—		237		—
Total	$	2,639	$	2,156	$	483	$	—
Financial Liabilities
Deferred compensation liability	$	2,156	$	2,156	$	—	$	—
Foreign currency forward contracts	432		—		432		—
Precious metal swaps	135		—		135		—
Copper swaps	569		—		569		—
Total	$	3,292	$	2,156	$	1,136	$	—

Summary of the notional amount and the fair value of the Company's outstanding derivatives

The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and balance sheet classification at December 31, 2019 and 2018:

	December 31, 2019				December 31, 2018
(Thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Prepaid expenses
Foreign currency forward contracts - yen	$	1,025	$	10	$	—	$	—
Foreign currency forward contracts - euro	3,466		83		725		2
Precious metal swaps	1,116		34		4,533		237
Copper swaps	1,951		61		—		—
	7,558		188		5,258		239
Other assets
Precious metal swaps	157		1		—		—
Other liabilities and accrued items
Foreign currency forward contracts - yen	2,355		12		1,264		17
Foreign currency forward contracts - euro	15,686		183		19,158		166
Precious metal swaps	7,034		618		2,864		135
Copper swaps	1,266		28		11,170		569
	26,341		841		34,456		887
Other long-term liabilities
Precious metal swaps	149		5		—		—
Total	$	34,205	$	657	$	39,714	$	648

Derivatives Not Designated as Hedging Instruments

The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments (on a gross basis) and balance sheet classification as of December 31, 2019 and 2018:

	December 31, 2019				December 31, 2018
(Thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value
Foreign currency forward contracts
Prepaid expenses	$	13,734	$	95	$	8,767	$	244
Other liabilities and accrued items	5,757		16		8,771		249