Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2022:

Commodity Futures	Long/Short	Metric Tons
Aluminum	Long	12,150
Aluminum	Short	17,975
Copper	Long	13,144
Copper	Short	25,997

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 September 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 nine-month periods ended September 30, 2022 and 2021 (in thousands):

		Asset Derivatives				Liability Derivatives
	Balance sheet	Fair Value				Fair Value
	location	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Derivative instruments designated as hedges
Commodity futures	Other current assets	$	4,357	$	1,278	$	5,753	$	7,430
Derivative instruments not designated as hedges
Commodity futures	Other current assets		8,399		4,319		4,069		6,171
Total derivative instruments		$	12,756	$	5,597	$	9,822	$	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 September 30,				fair value hedge	related hedged	ended September 30,
	derivatives	2022		2021		relationships	items	2022		2021
Derivatives in fair value hedging relationships
Commodity futures	Costs of goods sold	$	(7,663)	$	(5,205)	Firm commitments	Costs of goods sold	$	3,389	$	4,404
						Inventory	Costs of goods sold		4,941		500
								$	8,330	$	4,904
Derivatives not designated as hedging instruments
Commodity futures	Costs of goods sold	$	18,164	$	12,160

		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	nine-month periods				Hedged items in	in income on	nine-month periods
	in income on	ended September 30,				fair value hedge	related hedged	ended September 30,
	derivatives	2022		2021		relationships	items	2022		2021
Derivatives in fair value hedging relationships
Commodity futures	Costs of goods sold	$	5,618	$	4,765	Firm commitments	Costs of goods sold	$	(2,146)	$	187
						Inventory	Costs of goods sold		(1,440)		(1,705)
								$	(3,586)	$	(1,518)
Derivatives not designated as hedging instruments
Commodity futures	Costs of goods sold	$	34,333	$	(33,620)