Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of Derivative Contracts

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

Date of transaction	Total notional amount		Month of settlement
May 13, 2021	$	24,000	April 2022 to September 2022
August 13, 2021	$	39,000	April 2022 to December 2022
January 04, 2022	$	39,000	October 2022 to June 2023
March 07, 2022	$	24,000	July 2023 to December 2023

Details of the zero cost collar contracts as of December 31, 2021 are as follows (in thousands):

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

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, 2022 and December 31, 2021 are as follows (in thousands):

Derivatives designated as hedging instruments:		March 31, 2022		December 31, 2021
Asset Derivatives:
Zero cost collars	Other non-current assets	$	94	$	—
Liability Derivatives:
Zero cost collars	Other current liabilities	$	2,421	$	2,020
Zero cost collars	Other non-current liabilities	$	149	$	—

Offsetting of Derivative Assets and Liabilities

Offsetting of derivative assets and liabilities as of March 31, 2022 is as follows (in thousands):

As of March 31, 2022	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	$	94	$	—	$	94	$	—	$	—	$	94
Liability Derivatives:
Zero cost collars	$	2,570	$	—	$	2,570	$	—	$	(3,060)	$	(490)

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

The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the three months ended March 31, 2022 and 2021 (in thousands):

Derivatives in ASC 815 Cash Flow Hedging Relationships	Amount of Loss Recognized in AOCI on Derivatives						Location/Amount of Gain (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,
	2022			2021					2022			2021				2022			2021
Zero cost collars	$	(1,264	)	$	(2,125	)		Net sales	$	(762	)	$	511		Other income, net	$	(129	)	$	(86)
	$	(1,264	)	$	(2,125	)			$	(762	)	$	511			$	(129	)	$	(86)

Summary Of Cash Deposits

These cash deposits are recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of March 31, 2022 and December 31, 2021 are as follows (in thousands):

Counterparties	March 31, 2022		December 31, 2021
SC	$	1,000	$	1,000
Total	$	1,000	$	1,000