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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Details of Derivative Contracts | Details of the zero cost collar contracts as of June 30, 2022 are as follows (in thousands):
Date of transaction |  | Total notional amount |  |  | Month of settlement
May 13, 2021 |  | $ | 9,000 |  |  | July 2022 to September 2022
August 13, 2021 |  | $ | 30,000 |  |  | July 2022 to December 2022
January 04, 2022 |  | $ | 39,000 |  |  | October 2022 to June 2023
March 07, 2022 |  | $ | 24,000 |  |  | July 2023 to December 2023
April 27, 2022 |  | $ | 51,000 |  |  | October 2022 to December 2023
Details of the zero cost collar contracts as of December 31, 2021 are as follows (in thousands):
Date of transaction |  | Total notional amount |  |  | Month of settlement
May 13, 2021 |  | $ | 39,000 |  |  | January 2022 to September 2022
August 13, 2021 |  | $ | 48,000 |  |  | January 2022 to December 2022
Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities | The fair values of the Company’s outstanding zero cost collar contracts recorded as liabilities as of June 30, 2022 and December 31, 2021 are as follows (in thousands):
Derivatives designated as hedging instruments: |  |  |  |  | June 30, 2022 |  |  | December 31, 2021 |
Liability Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Zero cost collars |  |  | Other current liabilities |  |  | $ | 5,677 |  |  | $ | 2,020 |
Zero cost collars |  |  | Other non-current liabilities |  |  | $ | 1,348 |  |  | $ | — |
Offsetting of Derivative Liabilities | Offsetting of derivative liabilities as of June 30, 2022 is as follows (in thousands):
As of June 30, 2022 |  | Gross amounts of recognized liabilities |  |  | Gross amounts offset in the balance sheets |  |  | Net amounts of liabilities presented in the balance sheets |  |  | Gross amounts not offset in the balance sheets |  |  | Net amount |
| Financial instruments |  |  | Cash collateral pledged |
Liability Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zero cost collars |  | $ | 7,025 |  |  | $ | — |  |  | $ | 7,025 |  |  | $ | — |  |  | $ | (5,990 | ) |  | $ | 1,035 |
Offsetting of derivative liabilities as of December 31, 2021 is as follows (in thousands):
As of December 31, 2021 |  | Gross amounts of recognized liabilities |  |  | Gross amounts offset in the balance sheets |  |  | Net amounts of liabilities presented in the balance sheets |  |  | Gross amounts not offset in the balance sheets |  |  | Net amount |
| Financial instruments |  |  | Cash collateral pledged |
Liability Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zero cost collars |  | $ | 2,020 |  |  | $ | — |  |  | $ | 2,020 |  |  | $ | — |  |  | $ | (2,060 | ) |  | $ | (40 | )
Impact of Derivative Instruments on Consolidated Statement of Operations | The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the three months ended June 30, 2022 and 2021 (in thousands):
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Amount of Income (Loss) Recognized in AOCI on Derivatives |  |  | Location/Amount of Gain (Loss) Reclassified from AOCI Into Statement of Operations |  |  | Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives |
|  | Three Months Ended June 30, |  |  |  |  |  | Three Months Ended June 30, |  |  |  |  |  | Three Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |
Zero cost collars |  | $ | (6,477 | ) |  | $ | 432 |  |  |  | Net sales |  |  | $ | (1,796 | ) |  | $ | 475 |  |  |  | Other income, net |  |  | $ | 184 |  |  | $ | (58 | )
The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2022 and 2021 (in thousands).
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Amount of Loss Recognized in AOCI on Derivatives |  |  | Location/Amount of Gain (Loss) Reclassified from AOCI Into Statement of Operations |  |  | Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives |
|  | Six Months Ended June 30, |  |  |  |  |  | Six Months Ended June 30, |  |  |  |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |
Zero cost collars |  | $ | (7,741 | ) |  | $ | (1,693 | ) |  |  | Net sales |  |  | $ | (2,558 | ) |  | $ | 986 |  |  |  | Other income, net |  |  | $ | 55 |  |  | $ | (144 | )
Summary Of Cash Deposits | These cash deposits are recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of June 30, 2022 and December 31, 2021 are as follows (in thousands):
Counterparties |  | June 30, 2022 |  |  | December 31, 2021 |
SC |  | $ | 1,000 |  |  | $ | 1,000 |

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