Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
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. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. Amounts are after-tax, where applicable. Certain amounts recognized as or reclassified from comprehensive income (loss) for 2022 and 2021 have no tax effect due to the Corporation recording a valuation allowance against the deferred income tax assets in the related jurisdictions.

For the Year Ended December 31, 2022

 

Beginning of
the Year

 

 

Recognized

 

 

Reclassified

 

 

End of
the Year

 

Foreign currency purchase contracts

 

$

135

 

 

$

—

 

 

$

27

 

 

$

108

 

Future contracts – copper and aluminum

 

 

142

 

 

 

(512

)

 

 

(414

)

 

 

44

 

Change in fair value

 

$

277

 

 

$

(512

)

 

$

(387

)

 

$

152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency purchase contracts

 

$

162

 

 

$

—

 

 

$

27

 

 

$

135

 

Future contracts – copper and aluminum

 

 

427

 

 

 

774

 

 

 

1,059

 

 

 

142

 

Change in fair value

 

$

589

 

 

$

774

 

 

$

1,086

 

 

$

277

 
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

 

Estimated to be
Reclassified in
the Next

 

 

Years Ended December 31,

 

 

 

Consolidated Statements of Operations

 

12 Months

 

 

2022

 

 

2021

 

Foreign currency purchase contracts

 

Depreciation and amortization

 

$

27

 

 

$

27

 

 

$

27

 

Futures contracts – copper and
   aluminum

 

Costs of products sold (excluding depreciation and amortization)

 

 

44

 

 

 

(414

)

 

 

1,059