Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of Derivative Contracts

Details of derivative contracts as of December 31, 2023 are as follows (in thousands):

Date of transaction	Type of derivative		Total notional amount		Month of settlement
April 03, 2023		Zero cost collar	$	18,000	January 2024 to June 2024
August 09, 2023		Zero cost collar	$	27,000	January 2024 to September 2024

Details of derivative contracts as of December 31, 2022 are as follows (in thousands):

Date of transaction	Type of derivative		Total notional amount		Month of settlement
January 04, 2022		Zero cost collar	$	30,000	January 2023 to June 2023
March 07, 2022		Zero cost collar	$	24,000	July 2023 to December 2023
April 27, 2022		Zero cost collar	$	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 liabilities as of December 31, 2023 and 2022 are as follows (in thousands):

Derivatives designated as hedging instruments:		December 31,
		2023		2022
Asset Derivatives:
Zero cost collars	Other current assets	$	152	$	—
Liability Derivatives:
Zero cost collars	Other current liabilities	$	1	$	2,015

Offsetting of Derivative Assets and Liabilities

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

As of December 31, 2023	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	$	152	$	—	$	152	$	—	$	—	$	152
Liability Derivatives:
Zero cost collars	$	1	$	—	$	1	$	—	$	—	$	1

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

As of December 31, 2022	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	$	2,015	$	—	$	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 years ended December 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 Gain (Loss) Recognized in Statement of Operations on Derivatives
	2023			2022					2023			2022					2023			2022
Zero cost collars	$	(1,085	)	$	(8,273	)		Net sales	$	(3,452	)	$	(8,514	)		Other income, net	$	(299	)	$	135

Summary Of Cash Deposits

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

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