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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Financial Instruments [Abstract] |
Details of Derivative Contracts | Details of the zero cost collar contracts as of March 31, 2023 are as follows (in thousands):
Date of transaction |  | Total notional amount |  | Month of settlement
January 04, 2022 |  | $ | 15,000 |  | April 2023 to June 2023
March 07, 2022 |  | $ | 24,000 |  | July 2023 to December 2023
April 27, 2022 |  | $ | 33,000 |  | April 2023 to December 2023
March 08, 2023 |  | $ | 18,000 |  | July 2023 to December 2023
Details of the zero cost collar contracts as of December 31, 2022 are as follows (in thousands):
Date of transaction |  | Total notional amount |  | Month of settlement
January 04, 2022 |  | $ | 30,000 |  | January 2023 to June 2023
March 07, 2022 |  | $ | 24,000 |  | July 2023 to December 2023
April 27, 2022 |  | $ | 42,000 |  | January 2023 to December 2023
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 assets and liabilities as of March 31, 2023 and December 31, 2022 are as follows (in thousands):
Derivatives designated as hedging instruments: |  |  | March 31, 2023 |  |  | December 31, 2022 |
Asset Derivatives: |  |  |  |  |  |  |
Zero cost collars | Other current assets |  | $ | 2 |  |  | $ | — |
Liability Derivatives: |  |  |  |  |  |  |  |  |
Zero cost collars | Other current liabilities |  | $ | 2,641 |  |  | $ | 2,015 |
Offsetting of Derivative Assets and Liabilities | Offsetting of derivative assets and liabilities as of March 31, 2023 is as follows (in thousands):
|  | Gross amounts of recognized Assets/liabilities |  |  | Gross amounts offset in the balance sheets |  |  | Net amounts of Assets/liabilities presented in the balance sheets |  |  | Gross amounts not offset in the balance sheets |  |  | Net amount |
As of March 31, 2023 |  |  |  |  |  |  |  | Financial instruments |  |  | Cash collateral pledged |  |  |
Asset Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zero cost collars |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Liability Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zero cost collars |  | $ | 2,641 |  |  | $ | — |  |  | $ | 2,641 |  |  | $ | — |  |  | $ | (1,820 | ) |  | $ | 821 |
Offsetting of derivative liabilities as of December 31, 2022 is as follows (in thousands):
|  | 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 |
As of December 31, 2022 |  |  |  |  |  |  |  | Financial instruments |  |  | Cash collateral pledged |  |  |
Liability Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zero cost collars |  | $ | 2,015 |  |  | $ | — |  |  | $ | 2,015 |  |  | $ | — |  |  | $ | (1,940 | ) |  | $ | 75 |
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 March 31, 2023 and 2022 (in thousands):
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Amount of Loss Recognized in AOCI on Derivatives |  | Location/Amount of Loss Reclassified from AOCI Into Statement of Operations |  | Location/Amount of Loss Recognized in Statement of Operations on Derivatives |
|  | Three Months Ended March 31, |  |  |  | Three Months Ended March 31, |  |  |  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |  |  |  | 2023 |  |  | 2022 |  |  |  | 2023 |  |  | 2022 |
Zero cost collars |  | $ | (1,135 | ) |  | $ | (1,264 | ) | Net sales |  | $ | (603 | ) |  | $ | (762 | ) | Other income, net |  | $ | (54 | ) |  | $ | (129 | )
|  | $ | (1,135 | ) |  | $ | (1,264 | ) |  |  | $ | (603 | ) |  | $ | (762 | ) |  |  | $ | (54 | ) |  | $ | (129 | )
Summary Of Cash Deposits | This cash deposit is recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of March 31, 2023 and December 31, 2022 are as follows (in thousands):
Counterparty |  | March 31, 2023 |  |  | December 31, 2022 |
SC |  | $ | 1,000 |  |  | $ | 1,000 |
Total |  | $ | 1,000 |  |  | $ | 1,000 |

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