XML 40 R20.htm IDEA: XBRL DOCUMENT
v3.20.2

Financial Instruments | 6 Months Ended
--- | ---
Jun. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Financial Instruments | Note 13 – Financial Instruments Cash, Cash Equivalents and Restricted Cash The Company has cash that is legally restricted as to use or withdrawal. A reconciliation of cash and cash equivalents on the consolidated condensed balance sheets to cash, cash equivalents and restricted cash presented on the consolidated condensed statements of cash flows is as follows:
|  | June 30, 2020 |  |  | December 31, 2019 |
Cash and cash equivalents presented in the consolidated condensed balance sheets |  | $ | 209,170 |  |  | $ | 50,443 |
Restricted cash |  |  | 2,505 |  |  |  | 2,505 |
Cash, cash equivalents and restricted cash presented in the consolidated condensed statements of cash flows |  | $ | 211,675 |  |  | $ | 52,948 |
Derivative Financial Instruments The Company is exposed to various market risks including, but not limited to, changes in foreign currency exchange rates, changes in interest rates and commodity price fluctuations. Market risks for changes in interest rates relate primarily to its debt obligations under the Amended Credit Agreement. Foreign currency exchange risks are attributable to sales to foreign customers and purchases from foreign suppliers not denominated in a location’s functional currency, foreign plant operations, intercompany indebtedness, intercompany investments and include exposures to the Euro, Mexican Peso, Canadian Dollar, Hungarian Forint, Macedonian Denar, Ukrainian Hryvnia, Japanese Yen, Chinese Renminbi, Korean Won and Vietnamese Dong. The Company regularly enters into derivative contracts with the objective of managing its financial and operational exposure arising from these risks by offsetting gains and losses on the underlying exposures with gains and losses on the financial instruments used to hedge them. The maximum length of time over which the Company hedges its exposure to foreign currency exchange risks is one year. The Company had foreign currency derivative contracts with a notional value of $15,003 and $14,449 outstanding as of June 30, 2020 and December 31, 2019, respectively. The Company does not enter into derivative financial instruments for speculative or trading purposes. The Company’s hedging relationships are formally documented at the inception of the hedge, and hedges must be highly effective in offsetting changes to future cash flows on hedged transactions both at the inception of a hedge and on an ongoing basis to be designated for hedge accounting treatment. For derivative contracts which can be classified as a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded to accumulated other comprehensive loss in the consolidated condensed balance sheets. When the underlying hedge transaction is realized, the gain or loss included in accumulated other comprehensive loss is recorded in earnings in the consolidated condensed statements of (loss) income on the same line as the gain or loss on the hedged item attributable to the hedged risk. The Company records the ineffective portion of foreign currency hedging instruments, if any, to foreign currency gain (loss) in the consolidated condensed statements of (loss) income. The Company uses an income approach to value derivative instruments, analyzing quoted market prices to calculate the forward values and then discounts such forward values to the present value using benchmark rates at commonly quoted intervals for the instrument’s full term. Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of June 30, 2020 is as follows:
|  |  |  |  |  | Asset Derivatives |  |  | Liability Derivatives |  |  |  |  |
|  | Hedge Designation |  | Fair Value Hierarchy |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |  |  | Net Asset/ (Liabilities) |
Foreign currency derivatives |  | Cash flow hedge |  | Level 2 |  | Other current assets |  | $ | — |  |  | Other current liabilities |  | $ | (2,095 | ) |  | $ | (2,095 | )
Information related to the recurring fair value measurement of derivative instruments in our consolidated condensed balance sheet as of December 31, 2019 is as follows:
|  |  |  |  |  | Asset Derivatives |  |  | Liability Derivatives |  |  |  |  |
|  | Hedge Designation |  | Fair Value Hierarchy |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |  |  | Net Asset/ (Liabilities) |
Foreign currency derivatives |  | Cash flow hedge |  | Level 2 |  | Other current assets |  | $ | 1,242 |  |  | Other current liabilities |  | $ | — |  |  | $ | 1,242 |
Information relating to the effect of derivative instruments on our consolidated condensed statements of (loss) income is as follows:
|  |  |  | Three Months Ended |  |  | Six Months Ended, |
|  |  |  | June 30, |  |  | June 30, |
|  | Location |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Foreign currency derivatives |  | Product revenues |  | $ | — |  |  | $ | 435 |  |  | $ | — |  |  | $ | 675 |
|  | Cost of sales |  | $ | (796 | ) |  | $ | — |  |  | $ | (718 | ) |  | $ | — |
|  | Other comprehensive income (loss) |  |  | 1,458 |  |  |  | 297 |  |  |  | (3,337 | ) |  |  | 1,063 |
|  | Foreign currency loss |  |  | (58 | ) |  |  | (32 | ) |  |  | (129 | ) |  |  | (69 | )
Total foreign currency derivatives |  |  |  | $ | 604 |  |  | $ | 700 |  |  | $ | (4,184 | ) |  | $ | 1,669 |
The Company did not incur any hedge ineffectiveness during the three and six months ended June 30, 2020 and 2019.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration