Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Details of Zero Cost Collar Contracts |
Details of the zero cost collar contracts as of June 30, 2026 are as follows (in thousands):
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|
|
|
|
|
Date of transaction |
|
Total notional
amount |
|
|
Month of settlement |
July 17, 2025 |
|
$ |
9,000 |
|
|
July 2026 to September 2026 |
September 30, 2025 |
|
$ |
15,000 |
|
|
July 2026 to December 2026 |
November 07, 2025 |
|
$ |
36,000 |
|
|
July 2026 to June 2027 |
April 23, 2026 |
|
$ |
18,000 |
|
|
April 2027 to September 2027 |
Details of the zero cost collar contracts as of December 31, 2025 are as follows (in thousands):
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|
|
|
|
|
|
Date of transaction |
|
Total notional
amount |
|
|
Month of settlement |
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 |
November 07, 2025 |
|
$ |
42,000 |
|
|
April 2026 to June 2027 |
|
| 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 June 30, 2026 and December 31, 2025 are as follows (in thousands):
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Derivatives designated as hedging instruments: |
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|
June 30,
2026 |
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|
December 31,
2025 |
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Assets Derivatives: |
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|
|
|
|
|
|
Zero cost collars |
|
Other current assets |
|
$ |
— |
|
|
$ |
3 |
|
Liability Derivatives: |
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|
|
|
|
|
|
|
Zero cost collars |
|
Other current liabilities |
|
$ |
4,948 |
|
|
$ |
1,644 |
|
Zero cost collars |
|
Other non-current liabilities |
|
$ |
358 |
|
|
$ |
126 |
|
|
| Offsetting of Derivative Assets and Liabilities |
Offsetting of derivative liabilities as of June 30, 2026 is as follows (in thousands):
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Gross |
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|
Gross
amounts
offset |
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|
Net amounts
of liabilities
presented |
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|
Gross amounts not offset
in the balance sheets |
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|
|
As of June 30, 2026 |
|
amounts of
recognized
liabilities |
|
|
in the
balance
sheets |
|
|
in the
balance
sheets |
|
|
Financial
instruments |
|
|
Cash
collateral
pledged |
|
|
Net
amount |
|
Liability Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Zero cost collars |
|
$ |
5,306 |
|
|
$ |
— |
|
|
$ |
5,306 |
|
|
$ |
— |
|
|
$ |
(4,540 |
) |
|
$ |
766 |
|
Offsetting of derivative assets and liabilities as of December 31, 2025 is as follows (in thousands):
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|
Gross
amounts of |
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|
Gross
amounts
offset |
|
|
Net amounts
of assets/
liabilities
presented |
|
|
Gross amounts not offset
in the balance sheets |
|
|
|
|
As of December 31, 2025 |
|
recognized
assets/
liabilities |
|
|
in the
balance
sheets |
|
|
in the
balance
sheets |
|
|
Financial
instruments |
|
|
Cash
collateral
pledged |
|
|
Net
amount |
|
Asset Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zero cost collars |
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3 |
|
Liability Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zero cost collars |
|
$ |
1,770 |
|
|
$ |
— |
|
|
$ |
1,770 |
|
|
$ |
— |
|
|
$ |
(1,200 |
) |
|
$ |
570 |
|
|
| 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, 2026 and 2025 (in thousands):
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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 |
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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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|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
|
Zero cost collars |
|
$ |
(1,574 |
) |
|
$ |
1,617 |
|
|
Net sales |
|
$ |
(1,404 |
) |
|
$ |
(79 |
) |
|
Other income, net |
|
$ |
279 |
|
|
$ |
(80 |
) |
|
|
$ |
(1,574 |
) |
|
$ |
1,617 |
|
|
|
|
$ |
(1,404 |
) |
|
$ |
(79 |
) |
|
|
|
$ |
279 |
|
|
$ |
(80 |
) |
The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2026 and 2025 (in thousands):
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|
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 |
|
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|
Six Months Ended
June 30, |
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Six Months Ended
June 30, |
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|
Six Months Ended
June 30, |
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|
2026 |
|
|
2025 |
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|
2026 |
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|
2025 |
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|
2026 |
|
|
2025 |
|
Zero cost collars |
|
$ |
(5,267 |
) |
|
$ |
1,753 |
|
|
Net sales |
|
$ |
(1,629 |
) |
|
$ |
(604 |
) |
|
Other income, net |
|
$ |
259 |
|
|
$ |
(51 |
) |
|
|
$ |
(5,267 |
) |
|
$ |
1,753 |
|
|
|
|
$ |
(1,629 |
) |
|
$ |
(604 |
) |
|
|
|
$ |
259 |
|
|
$ |
(51 |
) |
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