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FINANCIAL DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

As of September 30, 2020 and December 31, 2019, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):

												Asset / (Liability) Derivatives
						Balance Sheet Caption						September 30, 2020						December 31, 2019
Derivatives designated as hedging instruments
Commodity swap contracts						Prepaid expenses and other						$	467					$	1,290
Commodity swap contracts						Accounts payable and Other accrued liabilities						(1,158)						(3,216)
Total derivatives designated as hedging instruments												$	(691)					$	(1,926)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the gain or loss recognized in AOCI as of September 30, 2020 and December 31, 2019 and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2020 and 2019 (in thousands):

						Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion, net of tax)												Location of Gain (Loss) Reclassified from AOCI into Earnings (Effective Portion)						Amount of Gain (Loss) Reclassified from AOCI into Earnings
															September 30, 2020																														December 31, 2019									Three Months Ended September 30,												Nine Months Ended September 30,
																					2020						2019						2020						2019
Derivatives instruments
Commodity swap contracts						$	(1,213)					$	(2,112)					Cost of sales						$	(2,696)					$	(424)					$	(6,879)					$	(1,070)

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

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