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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Derivative Instruments [Abstract]

Summary Of Location And Fair Value Of Derivative Financial Instruments

The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021:

			March 31, 2022												December 31, 2021
(In thousands)			Balance Sheet Account						Fair Value						Balance Sheet Account						Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts			Prepaid expenses and other						$	6,665					Prepaid expenses and other						$	2,085
Aluminum futures contracts			Other assets						521						Other assets						—
Liability derivatives: Aluminum futures contracts			Accrued expenses						(43)						Accrued expenses						(119)
Net asset									$	7,143											$	1,966

The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021:

			March 31, 2022												December 31, 2021
(In thousands)			Balance Sheet Account						Fair Value						Balance Sheet Account									Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Foreign currency forward contracts			Prepaid expenses and other						$	2,127					Prepaid expenses and other									$	—
Foreign currency forward contracts			Other assets						481						Other assets									—
Liability derivatives: Foreign currency forward contracts			Accrued expenses						—						Accrued expenses									(1,255)
Net asset (liability)									$	2,608														$	(1,255)

Derivative, Description of Hedged Item

Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars:

USD Notional Amount (000s)			Average Forward Rate Contracted on USD/BRL			R$ Equivalent Amount (000s)			Applicable Month			Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged
$1,615			5.4247			R$8,761			Apr-22			68%
$1,647			5.4545			R$8,984			May-22			70%
$1,596			5.4890			R$8,760			Jun-22			68%
$1,719			5.5200			R$9,489			Jul-22			74%
$1,708			5.5560			R$9,490			Aug-22			74%
$1,780			5.5915			R$9,953			Sep-22			77%
$1,793			5.6264			R$10,088			Oct-22			78%
$1,784			5.6597			R$10,097			Nov-22			78%
$1,659			5.6962			R$9,450			Dec-22			73%
$625			5.5145			R$3,447			Jan-23			24%
$625			5.5581			R$3,474			Feb-23			24%
$625			5.6014			R$3,501			Mar-23			24%
$625			5.6446			R$3,528			Apr-23			24%
$625			5.6866			R$3,554			May-23			24%
$625			5.7323			R$3,583			Jun-23			24%
$625			5.7756			R$3,610			Jul-23			25%
$625			5.8197			R$3,637			Aug-23			25%
$625			5.8627			R$3,664			Sep-23			25%
$625			5.9028			R$3,689			Oct-23			25%
$625			5.9414			R$3,713			Nov-23			25%
$625			5.9800			R$3,738			Dec-23			25%
$22,801			5.6230			R$128,210						39%

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021:

			March 31, 2022												December 31, 2021
(In thousands)			Balance Sheet Account						Fair Value						Balance Sheet Account						Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts			Prepaid expenses and other						$	6,665					Prepaid expenses and other						$	2,085
Aluminum futures contracts			Other assets						521						Other assets						—
Liability derivatives: Aluminum futures contracts			Accrued expenses						(43)						Accrued expenses						(119)
Net asset									$	7,143											$	1,966

The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021:

			March 31, 2022												December 31, 2021
(In thousands)			Balance Sheet Account						Fair Value						Balance Sheet Account									Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Foreign currency forward contracts			Prepaid expenses and other						$	2,127					Prepaid expenses and other									$	—
Foreign currency forward contracts			Other assets						481						Other assets									—
Liability derivatives: Foreign currency forward contracts			Accrued expenses						—						Accrued expenses									(1,255)
Net asset (liability)									$	2,608														$	(1,255)

Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges

The pre-tax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three month periods ended March 31, 2022 and 2021 is summarized in the table below:

			Cash Flow Derivative Hedges
			Three Months Ended March 31,
			Aluminum Futures Contracts												Foreign Currency Forwards
			2022						2021						2022									2021
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss)			$	6,182					$	1,515					$	—		$	3,821					$	—					$	(1,283)
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion)			Cost of goods sold						Cost of goods sold						Cost of goods sold			Selling, general & admin						Cost of goods sold						Selling, general & admin
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion)			$	(1,005)					$	640					$	(15)		$	(137)					$	17					$	(2)

X

- Definition

Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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