Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Financial Instruments

Schedule of Notional Amounts of Outstanding Derivative Positions

The following summarizes the company’s significant futures contract commitments as of June 30, 2020:

Commodity Futures	Long/Short	Metric Tons
Aluminum	Long	3,525
Aluminum	Short	4,475
Copper	Long	11,453
Copper	Short	19,493

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 as of June 30, 2020, and December 31, 2019, 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, 2020, and 2019 (in thousands):

		Asset Derivatives				Liability Derivatives
	Balance sheet	Fair Value				Fair Value
	location	June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019
Derivative instruments designated as hedges
Commodity futures	Other current assets	$	2,060	$	966	$	4,260	$	1,011
Derivative instruments not designated as hedges
Commodity futures	Other current assets		3,500		310		2,588		721
Total derivative instruments		$	5,560	$	1,276	$	6,848	$	1,732

		Amount of gain (loss)						Amount of gain (loss)
		recognized in income					Location of gain	recognized in income
	Location of gain	on derivatives for the					(loss) recognized	on derivatives for the
	(loss) recognized	three months ended				Hedged items in	in income on	three months ended
	in income on	June 30,				fair value hedge	related hedged	June 30,
	derivatives	2020		2019		relationships	items	2020		2019
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	(3,287)	$	591	Firm commitments	Costs of goods sold	$	(484)	$	1,415
						Inventory	Costs of goods sold		2,579		(294)
Derivatives not designated								$	2,095	$	1,121
as hedging instruments
Commodity futures	Costs of goods sold	$	(1,289)	$	5,487

		Amount of gain (loss)						Amount of gain (loss)
		recognized in income					Location of gain	recognized in income
	Location of gain	on derivatives for the					(loss) recognized	on derivatives for the
	(loss) recognized	six months ended				Hedged items in	in income on	six months ended
	in income on	June 30,				fair value hedge	related hedged	June 30,
	derivatives	2020		2019		relationships	items	2020		2019
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	(2,449)	$	(862)	Firm commitments	Costs of goods sold	$	1,255	$	(84)
						Inventory	Costs of goods sold		1,340		427
Derivatives not designated								$	2,595	$	343
as hedging instruments
Commodity futures	Costs of goods sold	$	9,650	$	1,410