Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Financial Instruments

Schedule of Notional Amounts of Outstanding Derivative Positions

The following summarizes the company’s futures contract commitments as of December 31, 2023:

Commodity Futures	Long/Short	Metric Tons
Aluminum	Long	3,550
Aluminum	Short	8,800
Copper	Long	12,837
Copper	Short	33,589

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 income as of and for the years ended December 31 (in thousands):

		Asset Derivatives				Liability Derivatives
		Fair Value				Fair Value
	Balance sheet location	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Derivative instruments designated as hedges
Commodity futures	Other current assets	$	1,065	$	2,169	$	1,097	$	2,119
Derivative instruments not designated as hedges
Commodity futures	Other current assets		1,418		2,102		8,208		5,269
Total derivative instruments		$	2,483	$	4,271	$	9,305	$	7,388

			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, 2023
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	536	Firm commitments	Costs of goods sold	$	853
				Inventory	Costs of goods sold		(217)
Derivatives not designated						$	636
as hedging instruments
Commodity futures	Costs of goods sold	$	4,734

For the Year Ended December 31, 2022
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	2,284	Firm commitments	Costs of goods sold	$	(2,290)
				Inventory	Costs of goods sold		(708)
Derivatives not designated						$	(2,998)
as hedging instruments
Commodity futures	Costs of goods sold	$	24,748

For the Year Ended December 31, 2021
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	(1,369)	Firm commitments	Costs of goods sold	$	3,354
				Inventory	Costs of goods sold		1,054
Derivatives not designated						$	4,408
as hedging instruments
Commodity futures	Costs of goods sold	$	(33,517)