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Derivative Instruments | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative InstrumentsThe Company enters into natural gas swap contracts from time to time to hedge the exposure to variability in expected future cash flows associated with the fluctuations in the price of natural gas related to the Company’s forecasted sales. As of June 30, 2022, the Company had no natural gas swap contracts outstanding, as all swap contracts scheduled to mature in early 2023, were settled during the quarter ended June 30, 2022. As of December 31, 2021, the Company had 6,100,000 metric million British thermal unit natural gas swap contracts outstanding. The Company’s natural gas swap contracts economically hedge certain risks but are not designated as hedges for financial reporting purposes. All changes in the fair value of these derivative instruments are recorded as other revenues in the Condensed Statements of Operations. The Company recognized a loss of $14.5 million and $27.7 million, related to natural gas swap contracts for the three and six months ended June 30, 2022, respectively. For the three and six months ended June 30, 2021, the Company recognized a loss of $3.3 million and $2.8 million, respectively related to natural gas swap contracts. The Company records all derivative instruments at fair value and had no asset or liability recorded as of June 30, 2022 and had an asset of $4.0 million as of December 31, 2021 in prepaid expenses and other in the accompanying Condensed Balance Sheets.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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