Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2022 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Details of Derivative Contracts |
Details of the zero cost collar contracts as of June 30, 2022 are as follows (in thousands):
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| May 13, 2021 |
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$ |
9,000 |
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July 2022 to September 2022 |
| August 13, 2021 |
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$ |
30,000 |
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July 2022 to December 2022 |
| January 04, 2022 |
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$ |
39,000 |
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October 2022 to June 2023 |
| March 07, 2022 |
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$ |
24,000 |
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July 2023 to December 2023 |
| April 27, 2022 |
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$ |
51,000 |
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October 2022 to December 2023 | Details of the zero cost collar contracts as of December 31, 2021 are as follows (in thousands):
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| May 13, 2021 |
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$ |
39,000 |
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January 2022 to September 2022 |
| August 13, 2021 |
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$ |
48,000 |
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January 2022 to December 2022 |
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| 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):
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Derivatives designated as hedging instruments: |
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| Zero cost collars |
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Other current liabilities |
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$ |
5,677 |
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$ |
2,020 |
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| Zero cost collars |
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Other non-current liabilities |
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$ |
1,348 |
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$ |
— |
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| Offsetting of Derivative Liabilities |
Offsetting of derivative liabilities as of June 30, 2022 is as follows (in thousands):
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Gross amounts of
recognized
liabilities |
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Gross amounts
offset in the
balance sheets |
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Net amounts of
liabilities
presented in the
balance sheets |
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Gross amounts not offset
in the balance sheets |
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| Zero cost collars |
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$ |
7,025 |
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$ |
— |
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$ |
7,025 |
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$ |
— |
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$ |
(5,990 |
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$ |
1,035 |
| Offsetting of derivative liabilities as of December 31, 2021 is as follows (in thousands):
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Gross amounts of
recognized
liabilities |
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Gross amounts
offset in the
balance sheets |
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Net amounts of
liabilities
presented in the
balance sheets |
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Gross amounts not offset
in the balance sheets |
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| Zero cost collars |
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$ |
2,020 |
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$ |
— |
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$ |
2,020 |
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$ |
— |
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$ |
(2,060 |
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$ |
(40 |
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| 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):
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Amount of Income
(Loss)
Recognized in
AOCI on
Derivatives |
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Location/Amount of Gain
(Loss)
Reclassified from AOCI
Into Statement of Operations |
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Location/Amount of Gain (Loss)
Recognized in
Statement of Operations on Derivatives |
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Three Months Ended
June 30, |
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Three Months Ended
June 30, |
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Three Months Ended
June 30, |
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Zero cost collars |
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$ |
(6,477 |
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$ |
432 |
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Net sales |
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$ |
(1,796 |
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$ |
475 |
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Other income, net |
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$ |
184 |
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$ |
(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).
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Amount of Loss
Recognized in
AOCI on
Derivatives |
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Location/Amount of Gain
(Loss)
Reclassified from AOCI
Into Statement of Operations |
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Location/Amount of Gain (Loss)
Recognized in
Statement of Operations on Derivatives |
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Zero cost collars |
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$ |
(7,741 |
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$ |
(1,693 |
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Net sales |
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$ |
(2,558 |
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$ |
986 |
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Other income, net |
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$ |
55 |
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$ |
(144 |
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| 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):
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