Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Commodity option and futures contract commitments for non monetary notional amount

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

Commodity Futures	Long/Short	Total
Aluminum	Long	2,350	MT
Aluminum	Short	2,275	MT
Copper	Long	7,602	MT
Copper	Short	13,860	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 September 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 nine-month periods ended September 30, 2015, and 2014 (in thousands):

	Asset Derivatives					Liability Derivatives
		Fair Value				Fair Value
	Balance sheet location	September 30, 2015		December 31, 2014		September 30, 2015		December 31, 2014
Derivative instruments designated as fair value hedges -
Commodity futures	Other current assets	$	614	$	3,180	$	2,410	$	913

Derivative instruments not designated as hedges -
Commodity futures	Other current assets	1,635		2,132		1,019		626


Total derivative instruments		$	2,249	$	5,312	$	3,429	$	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 in income on	Amount of gain (loss) recognized in income on related hedged items for the three months ended
	in income on derivatives	September 30, 2015			September 30, 2014		fair value hedge relationships	related hedged items	September 30, 2015		September 30, 2014
Derivatives in fair value hedging relationships -
Commodity futures	Costs of goods sold	$	(2,825	)	$	4,371	Firm commitments	Costs of goods sold	$	662	$	784

							Inventory	Costs of goods sold	800		(4,163		)

									$	1,462	$	(3,379	)


Derivatives not designated as hedging instruments -
Commodity futures	Costs of goods sold	$	6,707		$	2,672

	Location of gain (loss) recognized	Amount of gain (loss) recognized in income on derivatives for the nine months ended					Hedged items in	Location of gain recognized in	Amount of gain recognized in income on related hedged items for the nine months ended
	in income on derivatives	September 30, 2015			September 30, 2014		fair value hedge relationships	income on related hedged items	September 30, 2015		September 30, 2014
Derivatives in fair value hedging relationships -
Commodity futures	Costs of goods sold	$	(4,063	)	$	3,356	Firm commitments	Costs of goods sold	$	1,518	$	1,115

							Inventory	Costs of goods sold	1,291		(3,805		)

									$	2,809	$	(2,690	)


Derivatives not designated as hedging instruments -
Commodity futures	Costs of goods sold	$	13,377		$	8,598