Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Commodity option and futures contract commitments for non monetary notional amount

The following summarizes the company’s futures contract commitments as of June 30, 2015 (MT represents metric tons and Lbs represents pounds):

Commodity Futures	Long/Short	Total
Aluminum	Long	2,825	MT
Aluminum	Short	3,275	MT
Copper	Long	8,912	MT
Copper	Short	16,041	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, 2015, and December 31, 2014, 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, 2015, and 2014 (in thousands):

	Asset Derivatives					Liability Derivatives
		Fair Value				Fair Value
	Balance sheet location	June 30, 2015		December 31, 2014		June 30, 2015		December 31, 2014
Derivative instruments designated as fair value hedges -
Commodity futures	Other current assets	$	2,508	$	3,180	$	1,479	$	913

Derivative instruments not designated as hedges -
Commodity futures	Other current assets	1,964		2,132		1,974		626


Total derivative instruments		$	4,472	$	5,312	$	3,453	$	1,539

	Location of gain (loss) recognized	Amount of gain (loss) recognized in income on derivatives for the three months ended						Hedged items in	Location of gain (loss) recognized	Amount of gain (loss) recognized in income on related hedged items for the three months ended
	in income on derivatives	June 30, 2015			June 30, 2014			fair value hedge relationships	in income on related hedged items	June 30, 2015			June 30, 2014
Derivatives in fair value hedging relationships - Commodity futures	Costs of goods sold	$	3,075		$	(2,632	)	Firm commitments	Costs of goods sold	$	362		$	(653	)

								Inventory	Costs of goods sold	(2,165		)	2,846

										$	(1,803	)	$	2,193


Derivatives not designated as hedging instruments - Commodity futures	Costs of goods sold	$	(326	)	$	(2,030	)


	Location of gain (loss) recognized	Amount of gain (loss) recognized in income on derivatives for the six months ended						Hedged items in	Location of gain recognized in	Amount of gain recognized in income on related hedged items for the six months ended

	in income on derivatives	June 30, 2015			June 30, 2014			fair value hedge relationships	income on related hedged items	June 30, 2015			June 30, 2014

Derivatives in fair value hedging relationships - Commodity futures	Costs of goods sold	$	(1,238	)	$	(1,015	)	Firm commitments	Costs of goods sold	$	856		$	331

								Inventory	Costs of goods sold	491			358

										$	1,347		$	689


Derivatives not designated as hedging instruments - Commodity futures	Costs of goods sold	$	6,670		$	5,926