Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Financial Instruments

Schedule of Notional Amounts of Outstanding Derivative Positions

The following summarizes the company’s futures contract commitments as of March 31, 2019:  

Commodity Futures	Long/Short	Metric Tons
Aluminum	Long	3,075
Aluminum	Short	5,925
Copper	Long	12,440
Copper	Short	22,759

Schedule of Derivative Instruments Statements of Financial Performance and Financial Position

		Asset Derivatives				Liability Derivatives
	Balance sheet	Fair Value				Fair Value
	location	March 31, 2019		December 31, 2018		March 31, 2019		December 31, 2018
Derivative instruments designated as hedges
Commodity futures	Other current assets	$	552	$	2,999	$	1,068	$	1,837
Derivative instruments not designated as hedges
Commodity futures	Other current assets		1,480		1,559		1,752		2,053
Total derivative instruments		$	2,032	$	4,558	$	2,820	$	3,890

The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $3.7 million at March 31, 2019, and $4.9 million at December 31, 2018, and are reflected in other current assets in the consolidated balance sheets.

		Amount of gain (loss) recognized					Location of gain	Amount of gain (loss) recognized
	Location of gain	in income on derivatives					(loss) recognized	in income on related hedged items
	(loss) recognized	for the three months ended				Hedged items in	in income on	for the three months ended
	in income on	March 31,		March 31,		fair value hedge	related hedged	March 31,		March 31,
	derivatives	2019		2018		relationships	items	2019		2018
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	(1,453)	$	8,516	Firm commitments	Costs of goods sold	$	(1,499)	$	(793)
						Inventory	Costs of goods sold		721		(2,596)
Derivatives not designated								$	(778)	$	(3,389)
as hedging instruments
Commodity futures	Costs of goods sold	$	(4,077)	$	2,756