XML 106 R50.htm IDEA: XBRL DOCUMENT v3.22.0.1
Fair Value Information and Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of fair value information and derivative financial instruments
The following table summarizes the financial instruments measured at fair value on the Consolidated Balance Sheets at December 31, 2021 and 2020:
  Fair Value Measurements
(Thousands)TotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Other
Significant
Unobservable
Inputs
(Level 3)
December 31, 2021
Financial Assets
Deferred compensation investments$4,426 $4,426 $— $— 
Foreign currency forward contracts3,368 — 3,368 — 
Precious metal swaps116 — 116 — 
Copper swaps— — — — 
Total$7,910 $4,426 $3,484 $— 
Financial Liabilities
Deferred compensation liability$4,426 $4,426 $— $— 
Foreign currency forward contracts136 — 136 — 
Precious metal swaps24 — 24 — 
Copper swaps— — — — 
Total$4,586 $4,426 $160 $— 
December 31, 2020
Financial Assets
Deferred compensation investments$3,802 $3,802 $— $— 
Foreign currency forward contracts107 — 107 — 
Precious metal swaps127 — 127 — 
Copper swaps632 — 632 — 
Total$4,668 $3,802 $866 $— 
Financial Liabilities
Deferred compensation liability$3,802 $3,802 $— $— 
Foreign currency forward contracts1,203 — 1,203 — 
Precious metal swaps349 — 349 — 
Copper swaps27 — 27 — 
Total$5,381 $3,802 $1,579 $— 
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, 2021 and 2020:
 December 31, 2021December 31, 2020
(Thousands)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Foreign currency forward contracts
Prepaid expenses$55,063 $2,132 $62,012 $107 
Other liabilities and accrued items9,425 128 7,695 55 
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, 2021 and 2020:
 December 31, 2021December 31, 2020
(Thousands)Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Prepaid expenses
Foreign currency forward contracts - yen$3,764 $131 $— $— 
Foreign currency forward contracts - euro27,269 1,102 — — 
Precious metal swaps4,096 116 2,155 127 
Copper swaps— — 6,225 632 
35,129 1,349 8,380 759 
Other assets
Foreign currency forward contracts - yen143 2 — — 
Other liabilities and accrued items
Foreign currency forward contracts - yen— — 2,668 59 
Foreign currency forward contracts - euro— — 17,611 1,089 
Precious metal swaps2,160 24 4,964 349 
Copper swaps— — 2,445 27 
2,160 24 27,688 1,524 
Other long-term liabilities
Foreign currency forward contracts - euro1,143 8 — — 
Total$38,575 $1,319 $36,068 $(765)
Derivative Instruments, Gain (Loss)
The following table summarizes the pre-tax amounts reclassified from accumulated other comprehensive income relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification for years ended December 31, 2021 and 2020: 
(Thousands)20212020
Hedging relationshipLine item
Foreign currency forward contractsNet sales$123 $222 
Precious metal swapsCost of sales(193)2,041 
Copper swapsCost of sales(3,049)354 
Total$(3,119)$2,617