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Derivative Financial Instruments (Tables)

6 Months Ended

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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