Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022:

Commodity Futures	Long/Short	Metric Tons
Aluminum	Long	3,350
Aluminum	Short	10,307
Copper	Long	22,266
Copper	Short	35,689

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, 2022, and December 31, 2021, and gains and losses related to derivatives included in the company’s statement of income for each of the three and six-month periods ended June 30, 2022, and 2021 (in thousands):

		Asset Derivatives				Liability Derivatives
	Balance sheet	Fair Value				Fair Value
	location	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
Derivative instruments designated as hedges
Commodity futures	Other current assets	$	14,717	$	1,278	$	11,403	$	7,430
Derivative instruments not designated as
hedges
Commodity futures	Other current assets		21,981		4,319		11,859		6,171
Total derivative instruments		$	36,698	$	5,597	$	23,262	$	13,601

		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 June 30,				fair value hedge	related hedged	ended June 30,
	derivatives	2022		2021		relationships	items	2022		2021
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	11,956	$	2,184	Firm commitments	Costs of goods sold	$	(4,343)	$	(2,319)
						Inventory	Costs of goods sold		(5,996)		(1,707)
Derivatives not designated								$	(10,339)	$	(4,026)
as hedging instruments
Commodity futures	Costs of goods sold	$	27,391	$	(15,584)

		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-month periods				Hedged items in	in income on	six-month periods
	in income on	June 30,				fair value hedge	related hedged	ended June 30,
	derivatives	2022		2021		relationships	items	2022		2021
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	13,281	$	9,970	Firm commitments	Costs of goods sold	$	(5,535)	$	(4,217)
						Inventory	Costs of goods sold		(6,380)		(2,205)
Derivatives not designated								$	(11,915)	$	(6,422)
as hedging instruments
Commodity futures	Costs of goods sold	$	16,170	$	(45,780)