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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023:



	Commodity Futures		Long/Short		Metric Tons
	Aluminum		Long		8,625
	Aluminum		Short		15,750
	Copper		Long		14,297
	Copper		Short		33,348

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, 2023, and December 31, 2022, and gains and losses related to derivatives included in the company’s statement of income for the three-month periods ended March 31, 2023 and 2022 (in thousands):



			Asset Derivatives						Liability Derivatives
	Balance sheet		Fair Value						Fair Value
	location		March 31, 2023			December 31, 2022			March 31, 2023			December 31, 2022
Derivative instruments designated as hedges
Commodity futures	Other current assets		$	3,055		$	2,169		$	1,958		$	2,119

Derivative instruments not designated as hedges
Commodity futures	Other current assets			3,104			2,102			3,234			5,269
Total derivative instruments			$	6,159		$	4,271		$	5,192		$	7,388

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 March 31,

fair value hedge

related hedged

ended March 31,

derivatives

2023

2022

relationships

items

2023

2022

Derivatives in fair value hedging relationships

Commodity futures

Costs of goods sold

$

(155)

$

1,326

Firm commitments

Costs of goods sold

$

377

$

(1,192)

Inventory

Costs of goods sold

239

(384)

$

616

$

(1,576)

Derivatives not designated as hedging instruments

Commodity futures

Costs of goods sold

$

(11,390)

$

(11,221)