Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Details of Derivative Contracts

Details of the zero cost collar contracts as of March 31, 2025 are as follows (in thousands):

Date of transaction	Total notional amount		Month of settlement
July 09, 2024	$	18,000	April 2025 to September 2025
October 17, 2024	$	9,000	October 2025 to December 2025
February 03, 2025	$	9,000	January 2026 to March 2026

Details of the zero cost collar contracts as of December 31, 2024 are as follows (in thousands):

Date of transaction	Total notional amount		Month of settlement
April 05, 2024	$	9,000	January 2025 to March 2025
July 09, 2024	$	18,000	April 2025 to September 2025
October 17, 2024	$	9,000	October 2025 to December 2025

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 March 31, 2025 and December 31, 2024 are as follows (in thousands):

Derivatives designated as hedging instruments:		March 31, 2025		December 31, 2024
Liability Derivatives:
Zero cost collars	Other current liabilities	$	1,321	$	1,956

Offsetting of Derivative Assets and Liabilities

Offsetting of derivative liabilities as of March 31, 2025 is as follows (in thousands):

As of March 31, 2025	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	$	1,321	$	—	$	1,321	$	—	$	(1,080	)	$	241

Offsetting of derivative assets and liabilities as of December 31, 2024 is as follows (in thousands):

As of December 31, 2024	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	$	1,956	$	—	$	1,956	$	—	$	(1,080	)	$	876

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, 2025 and 2024 (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 Recognized in Statement of Operations on Derivatives
	Three Months Ended March 31,							Three Months Ended March 31,								Three Months Ended March 31,
	2025		2024					2025			2024					2025		2024
Zero cost collars	$	136	$	(605	)		Net sales	$	(525	)	$	(59	)		Other income, net	$	29	$	25
	$	136	$	(605	)			$	(525	)	$	(59	)			$	29	$	25

Summary Of Cash Deposits

This cash deposit is recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of March 31, 2025 and December 31, 2024 are as follows (in thousands):

Counterparty	March 31, 2025		December 31, 2024
SC	$	1,000	$	1,000
Total	$	1,000	$	1,000