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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Financial Instruments |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following summarizes the company’s futures contract commitments as of December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Commodity Futures | ​ | Long/Short | ​ | Metric Tons | ​
​ | Aluminum | ​ | Long | ​ | 3,550 | ​
​ | Aluminum | ​ | Short | ​ | 8,800 | ​
​ | Copper | ​ | Long | ​ | 12,837 | ​
​ | Copper | ​ | Short | ​ | 33,589 | ​
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 and gains or losses related to derivatives included in the company’s consolidated statements of income as of and for the years ended December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Asset Derivatives | ​ | Liability Derivatives | ​
​ | ​ | ​ | Fair Value | ​ | Fair Value | ​
​ | Balance sheet location | ​ | December 31, 2023 | ​ | December 31, 2022 | ​ | December 31, 2023 | ​ | December 31, 2022 | ​
Derivative instruments designated as hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | Other current assets | ​ | $ | 1,065 | ​ | $ | 2,169 | ​ | $ | 1,097 | ​ | $ | 2,119 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative instruments not designated as hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | Other current assets | ​ | ​ | 1,418 | ​ | ​ | 2,102 | ​ | ​ | 8,208 | ​ | ​ | 5,269 | ​
Total derivative instruments | ​ | ​ | $ | 2,483 | ​ | $ | 4,271 | ​ | $ | 9,305 | ​ | $ | 7,388 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Amount of | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Location of gain | ​ | ​ | gain (loss) | ​ | ​ | ​ | Location of gain | ​ | ​ | Amount of gain
​ | ​ | (loss) recognized | ​ | ​ | recognized in | ​ | Hedged items in | ​ | (loss) recognized | ​ | ​ | (loss) recognized in
​ | ​ | in income on | ​ | ​ | income on | ​ | fair value hedge | ​ | in income on | ​ | ​ | income on related
​ | ​ | derivatives | ​ | ​ | derivatives | ​ | relationships | ​ | related hedged items | ​ | ​ | hedged items
For the Year Ended December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
hedging relationships | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | ​ | Costs of goods sold | ​ | $ | 536 | ​ | Firm commitments | ​ | Costs of goods sold | ​ | $ | 853
​ | ​ | ​ | ​ | ​ | ​ | ​ | Inventory | ​ | Costs of goods sold | ​ | ​ | (217)
Derivatives not designated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 636
as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | ​ | Costs of goods sold | ​ | $ | 4,734 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
hedging relationships | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | ​ | Costs of goods sold | ​ | $ | 2,284 | ​ | Firm commitments | ​ | Costs of goods sold | ​ | $ | (2,290)
​ | ​ | ​ | ​ | ​ | ​ | ​ | Inventory | ​ | Costs of goods sold | ​ | ​ | (708)
Derivatives not designated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | (2,998)
as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | ​ | Costs of goods sold | ​ | $ | 24,748 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Year Ended December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
hedging relationships | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | ​ | Costs of goods sold | ​ | $ | (1,369) | ​ | Firm commitments | ​ | Costs of goods sold | ​ | $ | 3,354
​ | ​ | ​ | ​ | ​ | ​ | ​ | Inventory | ​ | Costs of goods sold | ​ | ​ | 1,054
Derivatives not designated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 4,408
as hedging instruments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity futures | ​ | Costs of goods sold | ​ | $ | (33,517) | ​ | ​ | ​ | ​ | ​ | ​ | ​
​

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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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