FINANCIAL DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

As of September 30, 2021 and December 31, 2020, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):

		Asset / (Liability) Derivatives
	Balance Sheet Caption	September 30, 2021		December 31, 2020
Derivatives designated as hedging instruments
Commodity swap contracts	Prepaid expenses and other	$	24,736	$	13,750
Commodity swap contracts	Accounts payable and Other accrued liabilities	(2,822)		(366)
Total derivatives designated as hedging instruments		$	21,914	$	13,384

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the gain or loss recognized in AOCI as of September 30, 2021 and December 31, 2020 and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Amount of Gain Recognized in AOCI on Derivatives (Effective Portion, net of tax)				Location of Gain (Loss) Reclassified from AOCI into Earnings (Effective Portion)	Amount of Gain (Loss) Reclassified from AOCI into Earnings
	September 30, 2021		December 31, 2020			Three Months Ended September 30,				Nine Months Ended September 30,
						2021		2020		2021		2020
Derivatives instruments
Commodity swap contracts	$	23,789	$	9,815	Cost of sales	$	17,956	$	(2,696)	$	27,365	$	(6,879)