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FINANCIAL DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

As of December 31, 2023 and 2022, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):

												Asset / (Liability) Derivatives
						Balance Sheet Caption						December 31, 2023						December 31, 2022
Derivatives designated as hedging instruments
Commodity swap contracts						Prepaid expenses and other						$	1,511					$	2,674
Commodity swap contracts						Accounts payable and Other accrued liabilities						(1,045)						(1,653)
Total derivatives designated as hedging instruments												$	466					$	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 December 31, 2023 and 2022 and the amounts reclassified from AOCI into earnings for the years ended December 31, 2023, 2022, and 2021 (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
																								Year Ended December 31,
						December 31, 2023						December 31, 2022												2023						2022						2021
Derivatives instruments
Commodity swap contracts						$	388					$	909					Cost of sales						$	(3,359)					$	4,887					$	54,937

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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

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