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Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 2019
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,

2019

 

 

December 31,

2018

 

Fair value hedge contracts

 

Other current assets

 

$

0

 

 

$

44

 

 

 

Other current liabilities

 

 

486

 

 

 

950

 

 

 

Other noncurrent liabilities

 

 

123

 

 

 

70

 

Fair value hedged items

 

Receivables

 

 

258

 

 

 

232

 

 

 

Other current assets

 

 

392

 

 

 

967

 

 

 

Other noncurrent assets

 

 

387

 

 

 

105

 

 

 

Other current liabilities

 

 

0

 

 

 

12

 

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, 2019, and 2018, 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, 2019

 

Beginning of

the Period

 

 

Recognized

 

 

Reclassified

 

 

End of

the Period

 

Foreign currency purchase contracts

 

$

209

 

 

$

0

 

 

$

7

 

 

$

202

 

Futures contracts – copper and aluminum

 

 

114

 

 

 

(221

)

 

 

(11

)

 

 

(96

)

 

 

$

323

 

 

$

(221

)

 

$

(4

)

 

$

106

 

Three Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency purchase contracts

 

$

232

 

 

$

0

 

 

$

2

 

 

$

230

 

Futures contracts – copper and aluminum

 

 

(17

)

 

 

(6

)

 

 

90

 

 

 

(113

)

 

 

$

215

 

 

$

(6

)

 

$

92

 

 

$

117

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency purchase contracts

 

$

216

 

 

$

0

 

 

$

14

 

 

$

202

 

Futures contracts – copper and aluminum

 

 

(280

)

 

 

47

 

 

 

(137

)

 

 

(96

)

 

 

$

(64

)

 

$

47

 

 

$

(123

)

 

$

106

 

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

 

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 June 30,

 

 

 

of Operations

 

12 Months

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Foreign currency purchase contracts

 

Depreciation and

amortization

 

$

27

 

 

$

7

 

 

$

2

 

 

$

14

 

 

$

9

 

Futures contracts – copper and aluminum

 

Costs of products

sold (excluding

depreciation and

amortization)

 

 

(96

)

 

 

(11

)

 

 

90

 

 

 

(137

)

 

 

292