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Hedging Transactions and Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of June 30, 2019, the volume of our copper contracts outstanding was as follows:
Volume of Copper Derivatives
July 2019 - September 2019 | 191 metric tons per month
October 2019 - December 2019 | 195 metric tons per month
January 2020 - March 2020 | 202 metric tons per month
April 2020 - June 2020 | 202 metric tons per month
July 2020 - September 2020 | 201 metric tons per month
As of June 30, 2019, the notional values of the remaining foreign currency forward contracts were:
Notional Values of Foreign Currency Derivatives
USD/CNY | $ | 33,351,869 |
KRW/USD | ₩ | 4,620,000,000 |
EUR/USD | € | 8,750,874 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | In March 2017, we entered into an interest rate swap to hedge the variable interest rate on $75.0 million of our $450.0 million revolving credit facility. This transaction has been designated as a cash flow hedge and qualifies for hedge accounting treatment. For additional information regarding our revolving credit facility, refer to “Note 10 – Debt.” Effects on Financial Statements
(Dollars in thousands) |  |  |  | The Effect of Current Derivative Instruments on the Financial Statements for the Period Ended June 30, 2019 |  | Fair Values of Derivative Instruments as of June 30, 2019
|  |  |  | Gain (Loss) |  | Other Assets/ (Other Liabilities)(1)
|  | Location |  | Three Months Ended |  | Six Months Ended |  |
Foreign Currency Contracts |  |  |  |  |  |  |  |
Contracts not designated as hedging instruments |  | Other income (expense), net |  | $ | 125 |  |  | $ | (586 | ) |  | $ | (184 | )
Copper Derivative Contracts |  |  |  |  |  |  |  |
Contracts not designated as hedging instruments |  | Other income (expense), net |  | $ | (775 | ) |  | $ | (465 | ) |  | $ | 762 |
Interest Rate Swap |  |  |  |  |  |  |  |
Contract designated as hedging instrument |  | Other comprehensive income (loss) |  | $ | (1,113 | ) |  | $ | (1,745 | ) |  | $ | (1,284 | )
(Dollars in thousands) |  |  |  | The Effect of Current Derivative Instruments on the Financial Statements for the Period Ended June 30, 2018 |  | Fair Values of Derivative Instruments as of June 30, 2018
|  |  |  | Gain (Loss) |  | Other Assets/(Other Liabilities)(1)
|  | Location |  | Three Months Ended |  | Six Months Ended |  |
Foreign Currency Contracts |  |  |  |  |  |  |  |
Contracts not designated as hedging instruments |  | Other income (expense), net |  | $ | (60 | ) |  | $ | (124 | ) |  | $ | 118 |
Copper Derivative Contracts |  |  |  |  |  |  |  |
Contracts not designated as hedging instruments |  | Other income (expense), net |  | $ | (363 | ) |  | $ | (1,185 | ) |  | $ | 827 |
Interest Rate Swap |  |  |  |  |  |  |  |
Contract designated as hedging instrument |  | Other comprehensive income (loss) |  | $ | 410 |  |  | $ | 1,399 |  |  | $ | 1,439 |
(1) All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the consolidated statements of financial position, except the 2019 interest rate swap balance, which was recorded in the “Other long-term liabilities” line item in the condensed consolidated statements of financial position.

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