Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Financial Instruments

Schedule of Notional Amounts of Outstanding Derivative Positions

. The following summarizes the company’s futures contract commitments as of December 31, 2018:

Commodity Futures	Long/Short	Metric Tons
Aluminum	Long	2,575
Aluminum	Short	3,100
Copper	Long	7,201
Copper	Short	14,320

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position

		Asset Derivatives				Liability Derivatives
		Fair Value				Fair Value
	Balance sheet location	December 31, 2018		December 31, 2017		December 31, 2018		December 31, 2017
Derivative instruments designated as hedges
Commodity futures	Other current assets	$	2,999	$	1,211	$	1,837	$	5,364
Derivative instruments not designated as hedges
Commodity futures	Other current assets		1,559		1,579		2,053		5,142
Total derivative instruments		$	4,558	$	2,790	$	3,890	$	10,506

Note 7.  Derivative Financial Instruments (Continued)

The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting agreements totaled $4.9 million and $5.6 million at December 31, 2018, and2017, respectively, and are reflected in other current assets in the consolidated balance sheets.

			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, 2018
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	4,920	Firm commitments	Costs of goods sold	$	582
				Inventory	Costs of goods sold		(2,779)
Derivatives not designated						$	(2,197)
as hedging instruments
Commodity futures	Costs of goods sold	$	19,830

For the Year Ended
December 31, 2017
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	5,763	Firm commitments	Costs of goods sold	$	1,814
				Inventory	Costs of goods sold		3,008
Derivatives not designated						$	4,822
as hedging instruments
Commodity futures	Costs of goods sold	$	(18,784)

For the Year Ended
December 31, 2016
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	3,596	Firm commitments	Costs of goods sold	$	(3,901)
				Inventory	Costs of goods sold		(538)
Derivatives not designated						$	(4,439)
as hedging instruments
Commodity futures	Costs of goods sold	$	(8,450)