Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Commodity option and futures contract commitments for non monetary notional amount

The following summarizes the company’s futures contract commitments as of March 31, 2014 (MT represents metric tons and Lbs represents pounds):

Commodity Futures	Long/Short	Total
Aluminum	Long	2,625	MT
Aluminum	Short	1,525	MT
Copper	Long	4,260	MT
Copper	Short	15,014	MT
Silver	Short	343	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 reported on the company’s balance sheets as of March 31, 2014, and December 31, 2013, and gains and losses related to derivatives included in the company’s statement of income for the three-month periods ended March 31, 2014 and 2013 (in thousands):

	Asset Derivatives					Liability Derivatives
		Fair Value				Fair Value
	Balance sheet location	March 31, 2014		December 31, 2013		March 31, 2014			December 31, 2013
Derivative instruments designated as fair value hedges - Commodity futures	Other current assets	$	2,154	$	658	$	(1,048	)	$	1,886

Derivative instruments not designated as hedges - Commodity futures	Other current assets	$	1,466	$	352	$	(478	)	2,601

Total derivative instruments		$	3,620	$	1,010	$	(1,526	)	$	4,487

	Location of gain	Amount of gain recognized in income on derivatives for the three				Hedged items	Location of gain (loss)	Amount of gain (loss) recognized in income on related hedged items for
	recognized in income on	months ended				in fair value hedge	recognized in income on	the three months ended
	derivatives	March 31, 2014		March 31, 2013		relationships	related hedged item	March 31, 2014			March 31, 2013
Derivatives in fair value hedging relationships - Commodity futures	Costs of goods sold	$	1,617	$	8,046	Firm commitments	Costs of goods sold	$	984		$	1,316
						Inventory	Costs of goods sold	(2,488		)	(6,808		)
								$	(1,504	)	$	(5,492	)

Derivatives not designated as hedging instruments - Commodity futures	Costs of goods sold	$	7,956	$	2,401