Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Financial Instruments

Commodity option and futures contract commitments for non monetary notional amount

The following summarizes the company’s futures contract commitments as of June 30, 2013 (MT represents metric tons and Lbs represents pounds):

Commodity Futures	Long/Short	Total
Aluminum	Long	1,925	MT
Aluminum	Short	1,750	MT
Copper	Long	5,232	MT
Copper	Short	5,699	MT
Silver	Long	343	Lbs
Silver	Short	686	Lbs

Summary of the location and amounts of the fair values and gains or losses related to derivatives included in the entity's financial statements

The following summarizes the location and amounts of the fair values and gains or losses related to derivatives included in the company’s financial statements as of June 30, 2013, and December 31, 2012, and for the three and six-month periods ended June 30, 2013 and 2012 (in thousands):

	Asset Derivatives					Liability Derivatives
		Fair Value				Fair Value
	Balance sheet location	June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012
Derivative instruments designated as fair value hedges -
Commodity futures	Other current assets	$	1,747			$	1,577
Derivative instruments not designated as hedges -
Commodity futures	Other current assets	$	1,714	$	4,024	$	595	$	1,854
Total derivative instruments		$	3,461	$	4,024	$	2,172	$	1,854

Location of gain

Amount of gain (loss) recognized in income on derivatives for the three months ended

Hedged items

Location of gain (loss)

Amount of gain (loss) recognized in income on related hedged items for the three months ended

(loss) recognized in income on derivatives

June 30, 2013

June 30, 2012

in fair value hedge relationships

recognized in income on related hedged item

June 30, 2013

June 30, 2012

Derivatives in fair value hedging relationships -

Commodity futures

Costs of goods sold

$

(654

)

Firm commitments

Costs of goods sold

$

1,297

Inventory

Costs of goods sold

(2,014

)

$

(717

)

Derivatives not designated as hedging instruments -

Commodity futures

Costs of goods sold

$

6,621

$

5,893

	Location of gain	Amount of gain (loss) recognized in income on derivatives for the six months ended				Hedged items	Location of gain (loss)	Amount of gain (loss) recognized in income on related hedged items for the six months ended
	(loss) recognized in income on derivatives	June 30, 2013		June 30, 2012		in fair value hedge relationships	recognized in income on related hedged item	June 30, 2013			June 30, 2012
Derivatives in fair value hedging relationships -
Commodity futures	Costs of goods sold	$	7,392			Firm commitments	Costs of goods sold	$	2,613
						Inventory	Costs of goods sold	(8,822		)
								$	(6,209	)
Derivatives not designated as hedging instruments -
Commodity futures	Costs of goods sold	$	6,629	$	2,275