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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Financial Instruments |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following summarizes the company’s significant futures contract commitments as of June 30, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Commodity Futures | ​ | Long/Short | ​ | Metric Tons | ​
​ | Aluminum | ​ | Long | ​ | 8,150 | ​
​ | Aluminum | ​ | Short | ​ | 12,500 | ​
​ | Copper | ​ | Long | ​ | 55,905 | ​
​ | Copper | ​ | Short | ​ | 74,877 | ​
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 June 30, 2023, and December 31, 2022, and gains and losses related to derivatives included in the company’s statement of income for the three and six-month periods ended June 30, 2023, and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Asset Derivatives | ​ | Liability Derivatives
​ | Balance sheet | ​ | Fair Value | ​ | Fair Value
​ | location | ​ | June 30, 2023 | ​ | December 31, 2022 | ​ | June 30, 2023 | ​ | December 31, 2022
Derivative instruments designated as hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | Other current assets | ​ | $ | 4,485 | ​ | $ | 2,169 | ​ | $ | 1,979 | ​ | $ | 2,119
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative instruments not designated as hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | Other current assets | ​ | ​ | 26,915 | ​ | ​ | 2,102 | ​ | ​ | 14,398 | ​ | ​ | 5,269
Total derivative instruments | ​ | ​ | $ | 31,400 | ​ | $ | 4,271 | ​ | $ | 16,377 | ​ | $ | 7,388
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Amount of gain | ​ | ​ | ​ | ​ | Amount of loss
​ | ​ | ​ | recognized in income | ​ | ​ | ​ | Location of loss | recognized in income
​ | ​ | Location of gain | on derivatives for the | ​ | ​ | ​ | recognized | on derivatives for the
​ | ​ | recognized | three-month periods | ​ | Hedged items in | ​ | in income on | three-month periods
​ | ​ | in income on | ended June 30, | ​ | fair value hedge | ​ | related hedged | ended June 30,
​ | ​ | derivatives | 2023 | ​ | 2022 | ​ | relationships | ​ | items | 2023 | ​ | 2022
Derivatives in fair value hedging relationships | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | ​ | Costs of goods sold | $ | 2,430 | ​ | $ | 11,956 | ​ | Firm commitments | ​ | Costs of goods sold | $ | (264) | ​ | $ | (4,343)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Inventory | ​ | Costs of goods sold | ​ | (368) | ​ | ​ | (5,996)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (632) | ​ | $ | (10,339)
Derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | ​ | Costs of goods sold | $ | 18,639 | ​ | $ | 27,391 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ ​ Note 5. Derivative Financial Instruments (Continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Amount of gain | ​ | ​ | ​ | ​ | 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
​ | ​ | recognized | six-month periods | ​ | Hedged items in | ​ | in income on | six-month periods
​ | ​ | in income on | ended June 30, | ​ | fair value hedge | ​ | related hedged | ended June 30,
​ | ​ | derivatives | 2023 | ​ | 2022 | ​ | relationships | ​ | items | 2023 | ​ | 2022
Derivatives in fair value hedging relationships | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | ​ | Costs of goods sold | $ | 2,275 | ​ | $ | 13,281 | ​ | Firm commitments | ​ | Costs of goods sold | $ | 113 | ​ | $ | (5,535)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Inventory | ​ | Costs of goods sold | ​ | (129) | ​ | ​ | (6,380)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (16) | ​ | $ | (11,915)
Derivatives not designated as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | ​ | Costs of goods sold | $ | 7,249 | ​ | $ | 16,170 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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