Certain operations of the Corporation are subject to risk from exchange rate fluctuations in connection with sales in foreign currencies. To minimize this risk, foreign currency sales contracts are entered into which are designated as cash flow or fair value hedges. As of December 31, 2019, approximately $18,060 of anticipated foreign-denominated sales has been hedged which are covered by fair value contracts settling at various dates through April 2021.

Additionally, certain divisions of the Air and Liquid Processing segment are subject to risk from increases in the price of commodities (copper and aluminum) used in the production of inventory. To minimize this risk, futures contracts are entered into which are designated as cash flow hedges. At December 31, 2019, approximately 49% or $2,287 of anticipated copper purchases over the next ten months and 56% or $480 of anticipated aluminum purchases over the next six months are hedged.

As of December 31, 2019, the Corporation has purchase commitments covering approximately 75% or $1,368 of anticipated natural gas usage for 2020 for one of its subsidiaries. The commitments qualify as normal purchases and, accordingly, are not reflected on the consolidated balance sheet. Purchases of natural gas under previously existing commitments approximated $682 and $1,285 for 2019 and 2018, respectively.

The Corporation previously entered into foreign currency purchase contracts to manage the volatility associated with euro-denominated progress payments to be made for certain machinery and equipment. As of December 31, 2010, all contracts had been settled and the underlying fixed assets were placed in service.

No portion of the existing cash flow or fair value hedges is considered to be ineffective, including any ineffectiveness arising from the unlikelihood of an anticipated transaction to occur. Additionally, no amounts have been excluded from assessing the effectiveness of a hedge. The Corporation does not enter into derivative transactions for speculative purposes and, therefore, holds no derivative instruments for trading purposes.

The following summarizes location and fair value of the foreign currency sales contracts recorded on the consolidated balance sheets as of December 31:

	Location	2019			2018
Fair value hedge contracts	Other current assets	$	677		$	44
	Other noncurrent assets		153			0
	Other current liabilities		0			950
	Other noncurrent liabilities		0			70
Fair value hedged item	Receivables		(260	)		232
	Other current assets		0			967
	Other noncurrent assets		0			105
	Other current liabilities		323			12
	Other noncurrent liabilities		95			0

The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. Amounts recognized as and reclassified from accumulated other comprehensive loss are recorded as a component of other comprehensive income (loss) and are summarized below. Amounts are after-tax, where applicable. Certain amounts recognized as or reclassified from comprehensive income (loss) for 2019 and 2018 have no tax effect due to the Corporation recording a valuation allowance against its deferred income tax assets in the related jurisdictions.

For the Year Ended December 31, 2019	Beginning of the Year			Recognized			Reclassified			End of the Year
Foreign currency purchase contracts	$	216		$	0		$	27		$	189
Future contracts – copper and aluminum		(280	)		97			(285	)		102
Change in fair value	$	(64	)	$	97		$	(258	)	$	291

For the Year Ended December 31, 2018
Foreign currency purchase contracts	$	239		$	0		$	23		$	216
Future contracts – copper and aluminum		500			(713	)		67			(280	)
Change in fair value	$	739		$	(713	)	$	90		$	(64	)

The change in fair value reclassified or expected to be reclassified from accumulated other comprehensive loss to earnings is summarized below. All amounts are pre-tax.

	Location of Gain (Loss) in Statements	Estimated to be Reclassified in the Next		Year Ended December 31,
	of Operations	12 Months		2019			2018
Foreign currency purchase contracts	Depreciation and amortization	$	27	$	27		$	23
Futures contracts – copper and aluminum	Costs of products sold (excluding depreciation and amortization)		102		(285	)		67

Losses on foreign exchange transactions included in other expense approximated $(1,081) and $(1,480) for 2019 and 2018, respectively.