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FINANCIAL DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of March 31, 2023 and December 31, 2022, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):
|  |  |  | Asset / (Liability) Derivatives
|  | Balance Sheet Caption |  | March 31, 2023 |  | December 31, 2022
Derivatives designated as hedging instruments |  |  |  |  |  |
Commodity swap contracts |  | Prepaid expenses and other |  | $ | 3,947 |  |  | $ | 2,674 |
Commodity swap contracts |  | Accounts payable and Other accrued liabilities |  | (2,228) |  |  | (1,653) |
Total derivatives designated as hedging instruments |  |  |  | $ | 1,719 |  |  | $ | 1,021 |
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 March 31, 2023 and December 31, 2022 and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2023 and 2022 (in thousands):
|  | Amount of Gain 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
|  | March 31, 2023 |  | December 31, 2022 |  |  | Three Months Ended March 31, |  |
|  |  |  |  | 2023 |  | 2022 |  |  |  |
Derivatives instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity swap contracts |  | $ | 673 |  |  | $ | 909 |  |  | Cost of sales |  | $ | 487 |  |  | $ | 5,298 |  |  |  |  |

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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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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