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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Details of Derivative Contracts | Details of the zero cost collar contracts as of September 30, 2025 are as follows (in thousands):
Date of transaction |  | Total notional amount |  |  | Month of settlement |
October 17, 2024 |  | $ | 9,000 |  |  |  | October 2025 to December 2025 |
February 03, 2025 |  | $ | 9,000 |  |  |  | January 2026 to March 2026 |
July 10, 2025 |  | $ | 9,000 |  |  |  | April 2026 to June 2026 |
July 17, 2025 |  | $ | 9,000 |  |  |  | July 2026 to September 2026 |
September 30, 2025 |  | $ | 27,000 |  |  |  | January 2026 to December 2026 |
Details of the zero cost collar contracts as of December 31, 2024 are as follows (in thousands):
Date of transaction |  | Total notional amount |  |  | Month of settlement |
April 05, 2024 |  | $ | 9,000 |  |  |  | January 2025 to March 2025 |
July 09, 2024 |  | $ | 18,000 |  |  |  | April 2025 to September 2025 |
October 17, 2024 |  | $ | 9,000 |  |  |  | October 2025 to December 2025 |
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 September 30, 2025 and December 31, 2024 are as follows (in thousands):
Derivatives designated as hedging instruments: |  |  |  |  | September 30, 2025 |  |  | December 31, 2024 |
Assets Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Zero cost collars |  |  | Other current assets |  |  | $ | 79 |  |  | $ | — |
Liability Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Zero cost collars |  |  | Other current liabilities |  |  | $ | 693 |  |  | $ | 1,956 |
Zero cost collars |  |  | Other non-current liabilities |  |  | $ | 94 |  |  | $ | — |
Offsetting of Derivative Assets and Liabilities | Offsetting of derivative assets and liabilities as of September 30, 2025 is as follows (in thousands):
As of September 30, 2025 |  | 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 |
| Financial instruments |  |  | Cash collateral pledged |
Assets Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zero cost collars |  | $ | 79 |  |  | $ | — |  |  | $ | 79 |  |  | $ | — |  |  | $ | — |  |  | $ | 79 |
Liability Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zero cost collars |  | $ | 787 |  |  | $ | — |  |  | $ | 787 |  |  | $ | — |  |  | $ | — |  |  | $ | 787 |
Offsetting of derivative liabilities as of December 31, 2024 is as follows (in thousands):
As of December 31, 2024 |  | 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 |  | $ | 1,956 |  |  | $ | — |  |  | $ | 1,956 |  |  | $ | — |  |  | $ | (1,080 | ) |  | $ | 876 |
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 September 30, 2025 and 2024 (in thousands):
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Amount of Gain (Loss) Recognized in AOCI on Derivatives |  |  | Location/Amount of Loss Reclassified from AOCI Into Statement of Operations |  |  | Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives |
|  | Three Months Ended September 30, |  |  |  |  |  | Three Months Ended September 30, |  |  |  |  |  | Three Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  |  |  |  | 2025 |  |  | 2024 |  |  |  |  |  | 2025 |  |  | 2024 |
Zero cost collars |  | $ | (1,022 | ) |  | $ | 935 |  |  |  | Net sales |  |  | $ | — |  |  | $ | (118 | ) |  |  | Other income, net |  |  | $ | — |  |  | $ | (52 | )
|  | $ | (1,022 | ) |  | $ | 935 |  |  |  |  |  |  | $ | — |  |  | $ | (118 | ) |  |  |  |  |  | $ | — |  |  | $ | (52 | )
The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the nine months ended September 30, 2025 and 2024 (in thousands):
Derivatives in ASC 815 Cash Flow Hedging Relationships |  | Amount of Gain (Loss) Recognized in AOCI on Derivatives |  |  | Location/Amount of Loss Reclassified from AOCI Into Statement of Operations |  |  | Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives |
|  | Nine Months Ended September 30, |  |  |  |  |  | Nine Months Ended September 30, |  |  |  |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  |  |  |  | 2025 |  |  | 2024 |  |  |  |  |  | 2025 |  |  | 2024 |
Zero cost collars |  | $ | 731 |  |  | $ | (477 | ) |  |  | Net sales |  |  | $ | (604 | ) |  | $ | (704 | ) |  |  | Other income, net |  |  | $ | (51 | ) |  | $ | 58 |
|  | $ | 731 |  |  | $ | (477 | ) |  |  |  |  |  | $ | (604 | ) |  | $ | (704 | ) |  |  |  |  |  | $ | (51 | ) |  | $ | 58 |
Summary Of Cash Deposits | This cash deposit is recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of September 30, 2025 and December 31, 2024 are as follows (in thousands):
Counterparty |  | September 30, 2025 |  |  | December 31, 2024 |
SC |  | $ | — |  |  | $ | 1,000 |
Total |  | $ | — |  |  | $ | 1,000 |

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