Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Commodity futures contract commitments for non monetary notional amount

The following summarizes the company’s futures contract commitments as of March 31, 2016 (MT represents metric tons and Lbs represents pounds):

Commodity Futures	Long/Short	Total
Aluminum	Long	3,075	MT
Aluminum	Short	1,125	MT
Copper	Long	8,736	MT
Copper	Short	11,796	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, 2016, and December 31, 2015, and gains and losses related to derivatives included in the company’s statement of income for the three months ended March 31, 2016, and 2015 (in thousands):

	Asset Derivatives					Liability Derivatives
		Fair Value				Fair Value
	Balance sheet location	March 31, 2016		December 31, 2015		March 31, 2016		December 31, 2015
Derivative instruments designated as fair value hedges -
Commodity futures	Other current assets	$	890	$	857	$	1,945	$	2,860

Derivative instruments not designated as hedges -
Commodity futures	Other current assets	752		908		1,232		1,065


Total derivative instruments		$	1,642	$	1,765	$	3,177	$	3,925

		Amount of gain (loss)								Amount of gain (loss)
		recognized in income on								recognized in income on
	Location of gain	derivatives for the three							Location of gain	related hedged items for
	(loss) recognized	months ended						Hedged items	(loss) recognized	the three months ended
	in income on	March 31,			March 31,			in fair value	in income on	March 31,			March 31,
	derivatives	2016			2015			hedge	derivatives	2016			2015
Derivatives in fair value hedging relationships -
Commodity futures	Costs of goods sold	$	932		$	(4,313	)	Firm commitments	Costs of goods sold	$	(1,222	)	$	494

								Inventory	Costs of goods sold	278			2,656

										$	(944	)	$	3,150

Derivatives not designated as hedging instruments -
Commodity futures	Costs of goods sold	$	(872	)	$	6,996