Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Financial Instruments

Schedule of Notional Amounts of Outstanding Derivative Positions

The following summarizes the company’s significant futures contract commitments as of March 31, 2020:

Commodity Futures	Long/Short	Metric Tons
Aluminum	Long	1,425
Aluminum	Short	4,475
Copper	Long	8,766
Copper	Short	13,562

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, 2020, and December 31, 2019, and gains and losses related to derivatives included in the company’s statement of income for the three-month periods ended March 31, 2020, and 2019 (in thousands):

		Asset Derivatives				Liability Derivatives
	Balance sheet	Fair Value				Fair Value
	location	March 31, 2020		December 31, 2019		March 31, 2020		December 31, 2019
Derivative instruments designated as hedges
Commodity futures	Other current assets	$	3,283	$	966	$	2,441	$	1,011
Derivative instruments not designated as hedges
Commodity futures	Other current assets		2,111		310		2,598		721
Total derivative instruments		$	5,394	$	1,276	$	5,039	$	1,732

		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 months ended				Hedged items in	in income on	three months ended
	in income on	March 31,				fair value hedge	related hedged	March 31,
	derivatives	2020		2019		relationships	items	2020		2019
Derivatives in fair value
hedging relationships
Commodity futures	Costs of goods sold	$	838	$	(1,453)	Firm commitments	Costs of goods sold	$	1,739	$	(1,499)
						Inventory	Costs of goods sold		(1,239)		721
Derivatives not designated								$	500	$	(778)
as hedging instruments
Commodity futures	Costs of goods sold	$	10,939	$	(4,077)