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60
14. DERIVATIVE FINANCIAL INSTRUMENTS
The following tables summarize information regarding Nucor’s derivative instruments:
Fair Value of Derivative Instruments
(in thousands)
Fair Value
December 31, Consolidated Balance Sheet Location 2013 2012
Liability derivatives not designated
as hedging instruments:
Commodity contracts Accrued expenses and other current liabilities $ (553) $ (303)
Foreign exchange contracts Accrued expenses and other current liabilities (2) (15)
Total liability derivatives
not designated as
hedging instruments $ (555) $ (318)
The Effect of Derivative Instruments on the Consolidated Statements of Earnings
Derivatives Designated as Hedging Instruments (in thousands)
Derivatives
in Cash
Flow Hedging
Relationships
Statement of
Earnings
Location
Amount of Gain or (Loss)
Recognized
in OCI on Derivatives
(Effective Portion)
Amount of Gain or (Loss)
Reclassified from Accumulated
OCI into Earnings
(Effective Portion)
Amount of Gain or (Loss)
Recognized
in Earnings on Derivatives
(Ineffective Portion)
2013 2012 2 011 2013 2012 2 011 2013 2012 2011
Commodity
contracts
Cost of
products
sold $ — $(2,264) $(8,454) $ — $(42,515) $ (37,0 9 3) $ — $500 $600
Derivatives Not Designated as Hedging Instruments
(in thousands)
Derivatives Not Designated
as Hedging Instruments
Statement of Earnings
Location
Amount of Gain or (Loss) Recognized
in Earnings on Derivatives
2013 2012 2 011
Commodity contracts Cost of products sold $4,622 $1,321 $11,757
Foreign exchange contracts Cost of products sold 112 198 (665)
Total $4,734 $1,519 $11,092
During the first quarter of 2012, Nucor settled all of its open natural gas forward purchase contracts that were previously in place.
These settlements affected earnings over the periods specified in the original agreements throughout the remainder of 2012.