Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Financial Instruments [Abstract]

Details of Derivative Contracts

Details of the zero cost collar contracts as of March 31, 2023 are as follows (in thousands):

Date of transaction	Total notional amount		Month of settlement
January 04, 2022	$	15,000	April 2023 to June 2023
March 07, 2022	$	24,000	July 2023 to December 2023
April 27, 2022	$	33,000	April 2023 to December 2023
March 08, 2023	$	18,000	July 2023 to December 2023

Details of the zero cost collar contracts as of December 31, 2022 are as follows (in thousands):

Date of transaction	Total notional amount		Month of settlement
January 04, 2022	$	30,000	January 2023 to June 2023
March 07, 2022	$	24,000	July 2023 to December 2023
April 27, 2022	$	42,000	January 2023 to December 2023

Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities

The fair values of the Company’s outstanding zero cost collar contracts recorded as assets and liabilities as of March 31, 2023 and December 31, 2022 are as follows (in thousands):

Derivatives designated as hedging instruments:		March 31, 2023		December 31, 2022
Asset Derivatives:
Zero cost collars	Other current assets	$	2	$	—
Liability Derivatives:
Zero cost collars	Other current liabilities	$	2,641	$	2,015

Offsetting of Derivative Assets and Liabilities

Offsetting of derivative assets and liabilities as of March 31, 2023 is as follows (in thousands):

	Gross amounts of recognized Assets/liabilities		Gross amounts offset in the balance sheets		Net amounts of Assets/liabilities presented in the balance sheets		Gross amounts not offset in the balance sheets					Net amount
As of March 31, 2023							Financial instruments		Cash collateral pledged
Asset Derivatives:
Zero cost collars	$	2	$	—	$	2	$	—	$	—		$	2
Liability Derivatives:
Zero cost collars	$	2,641	$	—	$	2,641	$	—	$	(1,820	)	$	821

Offsetting of derivative liabilities as of December 31, 2022 is as follows (in thousands):

	Gross amounts of recognized liabilities		Gross amounts offset in the balance sheets		Net amounts of liabilities presented in the balance sheets		Gross amounts not offset in the balance sheets					Net amount
As of December 31, 2022							Financial instruments		Cash collateral pledged
Liability Derivatives:
Zero cost collars	$	2,015	$	—	$	2,015	$	—	$	(1,940	)	$	75

Impact of Derivative Instruments on Consolidated Statement of Operations

The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the three months ended March 31, 2023 and 2022 (in thousands):

Derivatives in ASC 815 Cash Flow Hedging Relationships	Amount of Loss Recognized in AOCI on Derivatives						Location/Amount of Loss Reclassified from AOCI Into Statement of Operations							Location/Amount of Loss Recognized in Statement of Operations on Derivatives
	Three Months Ended March 31,							Three Months Ended March 31,							Three Months Ended March 31,
	2023			2022				2023			2022				2023			2022
Zero cost collars	$	(1,135	)	$	(1,264	)	Net sales	$	(603	)	$	(762	)	Other income, net	$	(54	)	$	(129	)
	$	(1,135	)	$	(1,264	)		$	(603	)	$	(762	)		$	(54	)	$	(129	)

Summary Of Cash Deposits

This cash deposit is recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of March 31, 2023 and December 31, 2022 are as follows (in thousands):

Counterparty	March 31, 2023		December 31, 2022
SC	$	1,000	$	1,000
Total	$	1,000	$	1,000