Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Financial Instruments

Schedule of Notional Amounts of Outstanding Derivative Positions

. The following summarizes the company’s futures contract commitments as of December 31, 2017 (MT represents metric tons):

Commodity Futures	Long/Short	Total
Aluminum	Long	1,550	MT
Aluminum	Short	1,775	MT
Copper	Long	5,555	MT
Copper	Short	26,091	MT

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position

		Asset Derivatives				Liability Derivatives
	Balance sheet	Fair Value				Fair Value
	location	December 31, 2017		December 31, 2016		December 31, 2017		December 31, 2016
Derivative instruments designated
as fair value hedges -
Commodity futures	Other current assets	$	1,211	$	2,910	$	5,364	$	1,300
Derivative instruments not designated
as hedges -
Commodity futures	Other current assets		1,579		1,150		5,142		783
Total derivative instruments		$	2,790	$	4,060	$	10,506	$	2,083

The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting agreements totaled $5.6 million and $3.2 million at December 31, 2017, and2016, respectively, and are reflected in other current assets in the consolidated balance sheets.

Note 7.  Derivative Financial Instruments (Continued)

			Amount of
	Location of gain		gain (loss)		Location of gain		Amount of gain
	(loss) recognized		recognized in	Hedged items in	(loss) recognized		(loss) recognized in
	in income on		income on	fair value hedge	in income on		income on related
	derivatives		derivatives	relationships	related hedged items		hedged items
For the Year Ended
December 31, 2017
Derivatives in fair value
hedging relationships -
Commodity futures	Costs of goods sold	$	5,763	Firm commitments	Costs of goods sold	$	1,814
				Inventory	Costs of goods sold		3,008
Derivatives not designated						$	4,822
as hedging instruments -
Commodity futures	Costs of goods sold	$	(18,784)

For the Year Ended
December 31, 2016
Derivatives in fair value
hedging relationships -
Commodity futures	Costs of goods sold	$	3,596	Firm commitments	Costs of goods sold	$	(3,901)
				Inventory	Costs of goods sold		(538)
Derivatives not designated						$	(4,439)
as hedging instruments -
Commodity futures	Costs of goods sold	$	(8,450)

For the Year Ended
December 31, 2015
Derivatives in fair value
hedging relationships -
Commodity futures	Costs of goods sold	$	(4,254)	Firm commitments	Costs of goods sold	$	2,084
				Inventory	Costs of goods sold		1,269
Derivatives not designated						$	3,353
as hedging instruments -
Commodity futures	Costs of goods sold	$	16,261