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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2013
Derivative Financial Instruments  
Commodity option and futures contract commitments for non monetary notional amount

The following summarizes the company’s futures contract commitments as of March 31, 2013 (MT represents metric tons and Lbs represents pounds):

 

Commodity Futures

 

Long/Short

 

Total

 

 

 

Aluminum

 

Long

 

2,950

 

MT

 

Aluminum

 

Short

 

3,050

 

MT

 

Copper

 

Long

 

2,813

 

MT

 

Copper

 

Short

 

11,884

 

MT

 

Nickel

 

Short

 

78

 

MT

 

Silver

 

Short

 

686

 

Lbs

 

 
Summary of the location and amounts of the fair values and gains or losses related to derivatives included in the entity's financial statements

The following summarizes the location and amounts of the fair values and gains or losses related to derivatives included in the company’s financial statements as of March 31, 2013, and December 31, 2012, and for the three-month periods ended March 31, 2013 and 2012 (in thousands):

 

 

 

Asset Derivatives

 

Liability Derivatives

 

 

 

 

 

Fair Value

 

Fair Value

 

 

 

Balance sheet location

 

March 31,
2013

 

December 31,
2012

 

March 31,
2013

 

December 31,
2012

 

Derivative instruments designated as fair value hedges -

 

 

 

 

 

 

 

 

 

 

 

Commodity futures

 

Other current assets

 

$

3,417

 

 

 

$

(521

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments not designated as hedges -

 

 

 

 

 

 

 

 

 

 

 

Commodity futures

 

Other current assets

 

$

2,296

 

$

4,024

 

$

(327

)

$

(1,854

)

 

 

 

 

 

 

 

 

 

 

 

 

Total derivative instruments

 

 

 

$

5,713

 

$

4,024

 

$

(848

)

$

(1,854

)

 

 

 

Location of gain

 

Amount of gain (loss)
recognized in income on
derivatives for the three
 months ended

 

Hedged items

 

Location of gain (loss)

 

Amount of gain (loss)
recognized in income on
related hedged items for the
three months ended

 

 

 

(loss) recognized in
income on derivatives

 

March 31,
2013

 

March 31,
 2012

 

in fair value hedge
 relationships

 

recognized in income on
related hedged item

 

March 31,
2013

 

March 31,
2012

 

Derivatives in fair value hedging relationships -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity futures

 

Cost of goods sold

 

$

5,684

 

 

 

Firm commitments

 

Cost of goods sold

 

$

1,316

 

 

 

 

 

 

 

 

 

 

 

Inventory

 

Cost of goods sold

 

(6,779

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(5,463

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedging instruments -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity futures

 

Cost of goods sold

 

$

2,401

 

$

(3,618

)