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FINANCIAL DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

As of June 30, 2024 and December 31, 2023, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):

												Asset / (Liability) Derivatives
						Balance Sheet Caption						June 30, 2024						December 31, 2023
Derivatives designated as hedging instruments
Commodity swap contracts						Prepaid expenses and other						$	1,940					$	1,511
Commodity swap contracts						Accounts payable and Other accrued liabilities						(1,818)						(1,045)
Total derivatives designated as hedging instruments												$	122					$	466

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 June 30, 2024 and December 31, 2023 and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2024 and 2023 (in thousands):

						Amount of (Loss) 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
															June 30, 2024																														December 31, 2023									Three Months Ended June 30,												Six Months Ended June 30,
																					2024						2023						2024						2023
Derivatives instruments
Commodity swap contracts						$	(277)					$	388					Cost of sales						$	624					$	(369)					$	(124)					$	117

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- References

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-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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