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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities [Abstract]

Outstanding commodity forward contracts

The Company primarily utilizes commodity contracts with maturities of less than 12 months. The impact of such contracts is intended to offset the effect of price fluctuations on actual inventory purchases. Outstanding commodity forward contracts in place to hedge the Company’s projected commodity purchases were as follows.

As of September 30, 2013:
Commodity	Trade Date	Effective Date	Notional Amount	Termination Date
Copper	2/26/2013	3/1/2013	$2,677	12/31/2013
Copper	3/1/2013	3/1/2013	2,636	12/31/2013
Copper	4/15/2013	5/1/2013	4,033	12/31/2013
Copper	6/21/2013	10/1/2013	2,169	6/30/2014
As of December 31, 2012:
Commodity	Trade Date	Effective Date	Notional Amount	Termination Date
Copper	10/29/2012	1/1/2013	$3,472	9/30/2013
As of  September 30, 2012:
Commodity	Trade Date	Effective Date	Notional Amount	Termination Date
Copper	5/18/2012	7/1/2012	$1,898	12/31/2012

Fair value of derivatives

The following table presents the fair value of the Company’s derivatives not designated as hedging instruments:

		September 30, 2013				December 31, 2012
Commodity contracts		$	(28	)		$	111
Interest rate swaps			-				(2,973	)
Net derivatives liability		$	(28	)		$	(2,862	)

Impact of interest rate swaps and commodity contracts

The following presents the impact of interest rate swaps and commodity contracts on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2013 and 2012:

	Amount of gain recognized in Accumulated Other Comprehensive Loss for the three months ended September 30,			Location of gain (loss) recognized in net income on ineffective portion of hedges	Amount of loss reclassified from Accumulated Other Comprehensive Loss into net income for the three months ended September 30,		Amount of gain (loss) recognized in net income on hedges (ineffective portion) for the three months ended September 30,
	2013		2012		2013	2012	2013	2012
Derivatives not designated as hedging instruments
Interest rate swaps (2)	$       —		$       —	Interest  expense	$   (376)	$     (809)	$  501	$       462
Commodity contracts	$       —		$       —	Cost of goods sold	$       —	$       —	$  578	$        68
	Amount of gain recognized in Accumulated Other Comprehensive Loss for the nine months ended September 30,			Location of gain (loss) recognized in net income on ineffective portion of hedges	Amount of loss reclassified from Accumulated Other Comprehensive Loss into net income for the nine months endedSeptember 30,		Amount of gain (loss) recognized in net income on hedges (ineffective portion) for the nine months ended September 30,
	2013		2012		2013	2012	2013		2012
Derivatives designated as hedging instruments
Interest rate swaps (1)	$       —	$    365		Interest  expense	$       —	$      —	$      —		$      —
Derivatives not designated as hedging instruments
Interest rate swaps (2)	$       —		$       —	Interest  expense	$   (2,381)	$  (1,079)	$ 2,973		$      489
Commodity contracts	$       —		$       —	Cost of goods sold	$       —	$       —	$  (540)		$       322

(1) Periods prior to May 30, 2012, the date the hedging relationships were terminated

    (2) Periods after May 30, 2012, the date the hedging relationships were terminated

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- Definition

Tabular disclosure of derivative assets and liabilities at fair value.

+ References

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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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959

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- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

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