Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 (MT represents metric tons and Lbs represents pounds):

Commodity Futures	Long/Short	Total
Aluminum	Long	3,550	MT
Aluminum	Short	3,575	MT
Copper	Long	7,129	MT
Copper	Short	21,636	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 June 30, 2014, and December 31, 2013, and gains and losses related to derivatives included in the company’s statement of income for the three and six-month periods ended June 30, 2014 and 2013 (in thousands):

	Asset Derivatives					Liability Derivatives
		Fair Value				Fair Value
				December 31,					December 31,
	Balance sheet location	June 30, 2014		2013		June 30, 2014			2013
Derivative instruments designated as fair value hedges -
Commodity futures	Other current assets	$	274	$	658	$	(1,800	)	$	1,886
Derivative instruments not designated as hedges -
Commodity futures	Other current assets	$	708	$	352	$	(1,781	)	2,601
Total derivative instruments		$	982	$	1,010	$	(3,581	)	$	4,487

		Amount of gain (loss)								Amount of gain (loss)
		recognized in income on								recognized in income on
		derivatives for the three								related hedged items for the
	Location of gain (loss)	months ended						Hedged items	Location of gain (loss)	three months ended
	recognized in income	June 30,			June 30,			in fair value hedge	recognized in income	June 30,			June 30,
	on derivatives	2014			2013			relationships	on related hedged item	2014			2013
Derivatives in fair value hedging relationships -
Commodity futures	Costs of goods sold	$	(2,632	)	$	(654	)	Firm commitments	Costs of goods sold	$	(653	)	$	1,297
								Inventory	Costs of goods sold	2,846			(2,014		)
										$	2,193		$	(717	)
Derivatives not designated as hedging instruments -
Commodity futures	Costs of goods sold	$	(2,030	)	$	6,621

		Amount of gain (loss)							Amount of gain (loss)
		recognized in income on							recognized in income on
		derivatives for the six months							related hedged items for the
	Location of gain (loss)	ended					Hedged items	Location of gain (loss)	six months ended
	recognized in income	June 30,			June 30,		in fair value hedge	recognized in income	June 30,		June 30,
	on derivatives	2014			2013		relationships	on related hedged item	2014		2013
Derivatives in fair value hedging relationships -
Commodity futures	Costs of goods sold	$	(1,015	)	$	7,392	Firm commitments	Costs of goods sold	$	331	$	2,613
							Inventory	Costs of goods sold	358		(8,822		)
									$	689	$	(6,209	)
Derivatives not designated as hedging instruments -
Commodity futures	Costs of goods sold	$	5,926		$	6,629