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Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Location and Fair Value of Foreign Currency Sales Contracts Recorded on Condensed Consolidated Balance Sheets

The location and fair value of the foreign currency sales contracts recorded on the condensed consolidated balance sheets were as follows:

 

 

 

Location

 

June 30,

2018

 

 

December 31,

2017

 

Fair value hedge contracts

 

Other current assets

 

$

61

 

 

$

961

 

 

 

Other noncurrent assets

 

 

0

 

 

 

0

 

 

 

Other current liabilities

 

 

703

 

 

 

89

 

 

 

Other noncurrent liabilities

 

 

45

 

 

 

1

 

Fair value hedged items

 

Receivables

 

 

326

 

 

 

(269

)

 

 

Other current assets

 

 

502

 

 

 

169

 

 

 

Other noncurrent assets

 

 

77

 

 

 

16

 

 

 

Other current liabilities

 

 

116

 

 

 

907

 

 

 

Other noncurrent liabilities

 

 

0

 

 

 

0

 

 

Summary of Amount Recognized as and Reclassified from Accumulated Other Comprehensive Income (Loss)

The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. The balances as of June 30, 2018, and 2017, and the amount recognized as and reclassified from accumulated other comprehensive loss for each of the periods is summarized below. Amounts recognized as comprehensive income (loss) and reclassified from accumulated other comprehensive loss have no tax effect due to deferred income tax assets being fully valued in the related jurisdictions.

 

Three Months Ended June 30, 2018

 

Accumulated

Other

Comprehensive

Income (Loss)

Beginning of

the Year

 

 

Plus

Recognized as

Comprehensive

Income (Loss)

 

 

Less

Gain

Reclassified

from

Accumulated

Other

Comprehensive

Loss

 

 

Accumulated

Other

Comprehensive

Income (Loss)

End of

the Period

 

Foreign currency purchase contracts

 

$

232

 

 

$

0

 

 

$

2

 

 

$

230

 

Futures contracts – copper and aluminum

 

 

(17

)

 

 

(6

)

 

 

90

 

 

 

(113

)

 

 

$

215

 

 

$

(6

)

 

$

92

 

 

$

117

 

Three Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency purchase contracts

 

$

209

 

 

$

0

 

 

$

6

 

 

$

203

 

Futures contracts – copper and aluminum

 

 

411

 

 

 

15

 

 

 

161

 

 

 

265

 

 

 

$

620

 

 

$

15

 

 

$

167

 

 

$

468

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency purchase contracts

 

$

239

 

 

$

0

 

 

$

9

 

 

$

230

 

Futures contracts – copper and aluminum

 

 

500

 

 

 

(321

)

 

 

292

 

 

 

(113

)

 

 

$

739

 

 

$

(321

)

 

$

301

 

 

$

117

 

Six Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency purchase contracts

 

$

216

 

 

$

0

 

 

$

13

 

 

$

203

 

Futures contracts – copper and aluminum

 

 

335

 

 

 

239

 

 

 

309

 

 

 

265

 

 

 

$

551

 

 

$

239

 

 

$

322

 

 

$

468

 

 

Summary of Change in Fair Value Reclassified or Expected to be Reclassified from Accumulated Other Comprehensive Loss to Earnings

The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax.

 

 

 

Location of

Gain (Loss)

in Statements

 

Estimated to

be Reclassified

in the Next

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

of Operations

 

12 Months

 

 

2018

 

 

 

 

2017

 

 

2018

 

 

2017

 

Foreign currency purchase contracts

 

Depreciation and

amortization

 

$

27

 

 

$

2

 

 

 

 

$

6

 

 

$

9

 

 

$

13

 

Futures contracts – copper and aluminum

 

Costs of products

sold (excluding

depreciation and

amortization)

 

 

(113

)

 

 

90

 

 

 

 

 

161

 

 

 

292

 

 

 

309