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 periodically entered into which would be designated as cash flow or fair value hedges. As of March 31, 2022, no anticipated foreign-denominated sales have been hedged. As of March 31, 2021, approximately $4,694 of anticipated foreign-denominated sales were hedged.

Certain divisions of the ALP 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 March 31, 2022, approximately 46%, or $3,498, of anticipated copper purchases over the next eight months and 56%, or $755, of anticipated aluminum purchases over the next six months are hedged. At March 31, 2021, approximately 34%, or $2,200, of anticipated copper purchases over the next seven months and 56%, or $512, of anticipated aluminum purchases over the next six months were hedged.

The Corporation periodically enters into purchase commitments to cover a portion of its anticipated natural gas and electricity usage. The commitments qualify as normal purchases and, accordingly, are not reflected on the condensed consolidated balance sheets. At March 31, 2022, the Corporation has purchase commitments covering approximately 25%, or $1,313, of anticipated natural gas usage through December 31, 2023, for one of its subsidiaries and approximately 29%, or $2,313, of anticipated electricity usage through December 31, 2025, for two of its subsidiaries. Purchases of natural gas and electricity under previously existing commitments equaled $440 and $147, respectively, for the three months ended March 31, 2022. There were no such purchases of natural gas or electricity under previously existing commitments for the three months ended March 31, 2021.

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 were settled, the underlying fixed assets were placed in service and the change in fair value of the foreign currency purchase contract deferred in accumulated other comprehensive loss began being amortized to earnings (depreciation and amortization) over the life of the underlying assets.

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.

Gains (losses) on foreign exchange transactions included in other income – net equaled $256 and $(1,221) for the three months ended March 31, 2022, and 2021, respectively.

The change in the fair value of the cash flow contracts is recorded as a component of accumulated other comprehensive loss. The balances as of March 31, 2022, and 2021, and the amounts recognized as and reclassified from accumulated other comprehensive loss for each of the periods are summarized below. Amounts are after tax where applicable. Certain amounts recognized as comprehensive income (loss) or reclassified from accumulated other comprehensive loss have no tax effect due to the Corporation having a valuation allowance recorded against the deferred income tax assets for the jurisdiction where the income or expense is recognized.

Three Months Ended March 31, 2022	Beginning of the Period		Recognized		Reclassified		End of the Period
Foreign currency purchase contracts	$	135	$	0	$	7	$	128
Futures contracts – copper and aluminum		142		443		88		497
	$	277	$	443	$	95	$	625
Three Months Ended March 31, 2021
Foreign currency purchase contracts	$	162	$	0	$	7	$	155
Futures contracts – copper and aluminum		427		310		324		413
	$	589	$	310	$	331	$	568

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		Three Months Ended March 31,
	of Operations	12 Months		2022		2021
Foreign currency purchase contracts	Depreciation and amortization	$	28	$	7	$	7
Futures contracts – copper and aluminum	Costs of products sold (excluding depreciation and amortization)	$	497	$	88	$	324