Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of Derivative Contracts

Details of derivative contracts as of December 31, 2021 are as follows (in thousands):

Date of transaction	Type of derivative		Total notional amount		Month of settlement
May 13, 2021		Zero cost collar	$	39,000	January 2022 to September 2022
August 13, 2021		Zero cost collar	$	48,000	January 2022 to December 2022

Details of derivative contracts as of December 31, 2020 are as follows (in thousands):

Date of transaction	Type of derivative		Total notional amount		Month of settlement
July 13, 2020		Zero cost collar	$	30,000	January 2021 to June 2021
December 15, 2020		Zero cost collar	$	30,000	July 2021 to December 2021
December 18, 2020		Zero cost collar	$	18,000	March 2021 to June 2021

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 December 31, 2021 and 2020 are as follows (in thousands):

Derivatives designated as hedging instruments:		December 31,
		2021		2020
Asset Derivatives:
Zero cost collars	Other current assets	$	—	$	2,036
Liability Derivatives:
Zero cost collars	Other current liabilities	$	2,020	$	195

Offsetting of Derivative Assets and Liabilities

Offsetting of derivative assets and liabilities as of December 31, 2020 is as follows (in thousands): 

As of December 31, 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	$	2,036	$	—	$	2,036	$	—	$	—	$	2,036
Liability Derivatives:
Zero cost collars	$	195	$	—	$	195	$	—	$	—	$	195

Offsetting of Derivative Liabilities

Offsetting of derivative liabilities as of December 31, 2021 is as follows (in thousands):

As of December 31, 2021	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
							Financial instruments		Cash collateral pledged
Liability Derivatives:
Zero cost collars	$	2,020	$	—	$	2,020	$	—	$	(2,060	)	$	(40	)

Impact of Derivative Instruments on Consolidated Statement of Operations

Summary Of Cash Deposits

These cash deposits are recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of December 31, 2021 and 2020 are as follows (in thousands):

	December 31,
Counterparties	2021		2020
NFIK	$	—	$	3,250
DB		—		1,000
SC		1,000		1,000
Total	$	1,000	$	5,250