Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of Derivative Contracts

Details of derivative contracts as of September 30, 2020 are as follows (in thousands):

Date of transaction	Type of derivative		Total notional amount		Month of settlement
December 4, 2019		Zero cost collar	$	15,000	October 2020 to December 2020
January 31, 2020		Zero cost collar	$	15,000	October 2020 to December 2020
February 3, 2020		Zero cost collar	$	9,000	October 2020 to December 2020
February 21, 2020		Zero cost collar	$	15,000	October 2020 to December 2020
July 13, 2020		Zero cost collar	$	30,000	January 2021 to June 2021

Details of derivative contracts as of December 31, 2019 are as follows (in thousands):

Date of transaction	Type of derivative		Total notional amount		Month of settlement
August 13, 2019		Zero cost collar	$	60,000		January 2020 to June 2020
September 27, 2019		Zero cost collar	$	42,000		January 2020 to June 2020
December 4, 2019		Zero cost collar	$	30,000		July 2020 to December 2020

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 September 30, 2020 and December 31, 2019 are as follows (in thousands):

Derivatives designated as hedging instruments:		September 30, 2020		December 31, 2019
Asset Derivatives:
Zero cost collars	Other current assets	$	262	$	1,456
Liability Derivatives:
Zero cost collars	Other current liabilities	$	33	$	—

Offsetting of Derivative Assets and Liabilities

Offsetting of derivative assets and liabilities as of September 30, 2020 is as follows (in thousands):

As of September 30, 2020	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
							Financial instruments		Cash collateral pledged
Asset Derivatives:
Zero cost collars	$	262	$	—	$	262	$	—	$	—	$	262
Liability Derivatives:
Zero cost collars	$	33	$	—	$	33	$	—	$	—	$	33

Offsetting of Derivative Assets

Offsetting of derivative assets as of December 31, 2019 is as follows (in thousands):

As of December 31, 2019	Gross amounts of recognized assets		Gross amounts offset in the balance sheets		Net amounts of assets presented in the balance sheets		Gross amounts not offset in the balance sheets				Net amount
							Financial instruments		Cash collateral pledged
Asset Derivatives:
Zero cost collars	$	1,456	$	—	$	1,456	$	—	$	1,070	$	2,526

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 and nine months ended September 30, 2020 and 2019 and net sales of discontinued operation are included in the below table (in thousands):

Derivatives in ASC 815 Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCI on Derivatives					Location/Amount of Loss Reclassified from AOCI Into Statement of Operations								Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives
	Three Months Ended September 30,							Three Months Ended September 30,								Three Months Ended September 30,
	2020		2019					2020			2019					2020		2019
Zero cost collars	$	1,390	$	(2,803	)		Net sales	$	(41	)	$	(1,600	)		Other income, net	$	50	$	(33	)

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 Gain (Loss) Recognized in Statement of Operations on Derivatives
	Nine Months Ended September 30,								Nine Months Ended September 30,								Nine Months Ended September 30,
	2020			2019					2020			2019					2020		2019
Zero cost collars	$	(1,410	)	$	(3,905	)		Net sales	$	(292	)	$	(1,803	)		Other income, net	$	222	$	(44	)
Forwards	$	—		$	(1,798	)		Net sales	$	—		$	(1,750	)		Other income, net	$	—	$	(125	)
	$	(1,410	)	$	(5,703	)			$	(292	)	$	(3,553	)			$	222	$	(169	)