Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Financial Instruments

Schedule of Notional Amounts of Outstanding Derivative Positions

The following summarizes the company’s significant futures contract commitments as of

Commodity Futures	Long/Short	Metric Tons
Aluminum	Long	3,475
Aluminum	Short	7,025
Copper	Long	8,301
Copper	Short	22,725

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 March 31, 2021, and December 31, 2020, and gains and losses related to derivatives included in the company’s statement of income for the three-month periods ended March 31, 2021, and 2020 (in thousands):

		Asset Derivatives				Liability Derivatives
	Balance sheet	Fair Value				Fair Value
	location	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Derivative instruments designated as hedges
Commodity futures	Other current assets	$	17,009	$	5,092	$	3,825	$	4,635
Derivative instruments not designated as hedges
Commodity futures	Other current assets		2,967		1,705		1,680		2,807
Total derivative instruments		$	19,976	$	6,797	$	5,505	$	7,442

		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-month periods				Hedged items in	in income on	three-month periods
	in income on	ended March 31,				fair value hedge	related hedged	ended March 31,
	derivatives	2021		2020		relationships	items	2021		2020
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	7,786	$	838	Firm commitments	Costs of goods sold	$	(1,898)	$	1,739
						Inventory	Costs of goods sold		(498)		(1,239)
Derivatives not designated								$	(2,396)	$	500
as hedging instruments
Commodity futures	Costs of goods sold	$	(30,195)	$	10,939