Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Financial Instruments

Schedule of Notional Amounts of Outstanding Derivative Positions

Commodity Futures	Long/Short	Metric Tons
Aluminum	Long	500
Aluminum	Short	2,625
Copper	Long	4,479
Copper	Short	16,420

Schedule of Derivative Instruments Statements of Financial Performance and Financial Position

The following summarizes the location and amounts of the fair values reported on the company’s consolidated balance sheets and gains or losses related to derivatives included in the company’s consolidated statements of operations as of and for the years ended December 31 (in thousands):

		Asset Derivatives				Liability Derivatives
		Fair Value				Fair Value
	Balance sheet location	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Derivative instruments designated as hedges
Commodity futures	Other current assets	$	966	$	2,999	$	1,011	$	1,837
Derivative instruments not designated as hedges
Commodity futures	Other current assets		310		1,559		721		2,053
Total derivative instruments		$	1,276	$	4,558	$	1,732	$	3,890

Note 7. Derivative Financial Instruments (Continued)

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

			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, 2019
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	(801)	Firm commitments	Costs of goods sold	$	(1,613)
				Inventory	Costs of goods sold		832
Derivatives not designated						$	(781)
as hedging instruments
Commodity futures	Costs of goods sold	$	704

For the Year Ended
December 31, 2018
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	4,920	Firm commitments	Costs of goods sold	$	582
				Inventory	Costs of goods sold		(2,779)
Derivatives not designated						$	(2,197)
as hedging instruments
Commodity futures	Costs of goods sold	$	19,830

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)