Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Commodity futures contract commitments for non monetary notional amount

The following summarizes the company’s futures contract commitments as of June 30, 2016 (MT represents metric tons):

Commodity Futures	Long/Short	Total
Aluminum	Long	1,725	MT
Aluminum	Short	1,095	MT
Copper	Long	15,809	MT
Copper	Short	16,375	MT

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, 2016, and December 31, 2015, 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, 2016, and 2015 (in thousands):

	Asset Derivatives					Liability Derivatives
		Fair Value				Fair Value
	Balance sheet location	June 30, 2016		December 31, 2015		June 30, 2016		December 31, 2015
Derivative instruments designated as fair value hedges -
Commodity futures	Other current assets	$	477	$	857	$	2,009	$	2,860

Derivative instruments not designated as hedges -
Commodity futures	Other current assets	1,201		908		2,829		1,065


Total derivative instruments		$	1,678	$	1,765	$	4,838	$	3,925

	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, 2016			June 30, 2015			fair value hedge relationships	in income on related hedged items	June 30, 2016			June 30, 2015
Derivatives in fair value hedging relationships -
Commodity futures	Costs of goods sold	$	(477	)	$	3,075		Firm commitments	Costs of goods sold	$	(208	)	$	362

								Inventory	Costs of goods sold	541			(2,165		)

										$	333		$	(1,803	)


Derivatives not designated as hedging instruments -
Commodity futures	Costs of goods sold	$	1,116		$	(326	)

	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 (loss) recognized in	Amount of gain (loss) recognized in income on related hedged items for the six months ended
	in income on derivatives	June 30, 2016		June 30, 2015			fair value hedge relationships	income on related hedged items	June 30, 2016			June 30, 2015
Derivatives in fair value hedging relationships -
Commodity futures	Costs of goods sold	$	455	$	(1,238	)	Firm commitments	Costs of goods sold	$	(1,430	)	$	856


							Inventory	Costs of goods sold	819			491


									$	(611	)	$	1,347



Derivatives not designated as hedging instruments -
Commodity futures	Costs of goods sold	$	244	$	6,670