Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2013 (MT represents metric tons and Lbs represents pounds):

Commodity Futures	Long/Short	Total
Aluminum	Long	2,300	MT
Aluminum	Short	2,225	MT
Copper	Long	2,710	MT
Copper	Short	8,448	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 September 30, 2013, and December 31, 2012, and for the three and nine-month periods ended September 30, 2013 and 2012 (in thousands):

	Asset Derivatives					Liability Derivatives
		Fair Value				Fair Value
	Balance sheet location	September 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
Derivative instruments designated as fair value hedges -
Commodity futures	Other current assets	$	413			$	660
Derivative instruments not designated as hedges -
Commodity futures	Other current assets	$	285	$	4,024	$	625	$	1,854
Total derivative instruments		$	698	$	4,024	$	1,285	$	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	September 30, 2013			September 30, 2012			in fair value hedge relationships	recognized in income on related hedged item	September 30, 2013			September 30, 2012
Derivatives in fair value hedging relationships -
Commodity futures	Costs of goods sold	$	381					Firm commitments	Costs of goods sold	$	(1,736	)
								Inventory	Costs of goods sold	364
										$	(1,372	)
Derivatives not designated as hedging instruments -
Commodity futures	Costs of goods sold	$	(2,836	)	$	(9,085	)

Location of gain

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

Hedged items

Location of gain (loss)

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

(loss) recognized in income on derivatives

September 30, 2013

September 30, 2012

in fair value hedge relationships

recognized in income on related hedged item

September 30, 2013

September 30, 2012

Derivatives in fair value hedging relationships -

Commodity futures

Costs of goods sold

$

7,773

Firm commitments

Costs of goods sold

$

877

Inventory

Costs of goods sold

(8,458

)

$

(7,581

)

Derivatives not designated as hedging instruments -

Commodity futures

Costs of goods sold

$

3,793

$

(6,810

)