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Fair Value Information and Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of fair value information and derivative financial instruments | The following table summarizes the financial instruments measured at fair value on the Consolidated Balance Sheets at December 31, 2022 and 2021:
|  |  |  | Fair Value Measurements
(Thousands) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Other Significant Unobservable Inputs (Level 3)
December 31, 2022 |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |
Deferred compensation investments |  | $ | 3,001 |  |  | $ | 3,001 |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts |  | 1,291 |  |  | — |  |  | 1,291 |  |  | — |
Interest rate swap |  | 7,863 |  |  |  |  | 7,863 |  |  |
Precious metal swaps |  | 118 |  |  | — |  |  | 118 |  |  | — |
Total |  | $ | 12,273 |  |  | $ | 3,001 |  |  | $ | 9,272 |  |  | $ | — |
Financial Liabilities |  |  |  |  |  |  |  |
Deferred compensation liability |  | $ | 3,001 |  |  | $ | 3,001 |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts |  | 1,757 |  |  | — |  |  | 1,757 |  |  | — |
Interest rate swap |  | — |  |  |  |  | — |  |  |
Precious metal swaps |  | 411 |  |  | — |  |  | 411 |  |  | — |
Total |  | $ | 5,169 |  |  | $ | 3,001 |  |  | $ | 2,168 |  |  | $ | — |
December 31, 2021 |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |
Deferred compensation investments |  | $ | 4,246 |  |  | $ | 4,246 |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts |  | 3,368 |  |  | — |  |  | 3,368 |  |  | — |
Precious metal swaps |  | 116 |  |  | — |  |  | 116 |  |  | — |
Total |  | $ | 7,730 |  |  | $ | 4,246 |  |  | $ | 3,484 |  |  | $ | — |
Financial Liabilities |  |  |  |  |  |  |  |
Deferred compensation liability |  | $ | 4,246 |  |  | $ | 4,246 |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts |  | 136 |  |  | — |  |  | 136 |  |  | — |
Precious metal swaps |  | 24 |  |  | — |  |  | 24 |  |  | — |
Total |  | $ | 4,406 |  |  | $ | 4,246 |  |  | $ | 160 |  |  | $ | — |
Derivatives Not Designated as Hedging Instruments | The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives not designated as hedging instruments (on a gross basis) and balance sheet classification as of December 31, 2022 and 2021:
|  | December 31, 2022 |  | December 31, 2021
(Thousands) |  | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Foreign currency forward contracts |  |  |  |  |  |  |  |
Prepaid expenses |  | $ | 12,242 |  |  | $ | 791 |  |  | $ | 55,063 |  |  | $ | 2,132 |
Other liabilities and accrued items |  | 17,061 |  |  | 1,048 |  |  | 9,425 |  |  | 128 |
Summary of the notional amount and the fair value of the Company's outstanding derivatives | The following table summarizes the notional amount and the fair value of the Company’s outstanding derivatives designated as cash flow hedges (on a gross basis) and balance sheet classification at December 31, 2022 and 2021:
|  | December 31, 2022
|  |  |  | Fair Value
(Thousands) |  | Notional Amount |  | Prepaid and other current assets |  | Other assets |  | Other liabilities and accrued items |  | Other long-term liabilities
Foreign currency forward contracts - yen |  | $ | 2,985 |  |  | $ | 145 |  |  | $ | — |  |  | $ | 74 |  |  | $ | 26 |
Foreign currency forward contracts - euro |  | 25,712 |  |  | 355 |  |  | — |  |  | 472 |  |  | 137 |
Precious metal swaps |  | 8,758 |  |  | 118 |  |  | — |  |  | 411 |  |  | — |
Interest rate swap |  | 100,000 |  |  | 3,114 |  |  | 4,749 |  |  | — |  |  | — |
Total |  | $ | 137,455 |  |  | $ | 3,732 |  |  | $ | 4,749 |  |  | $ | 957 |  |  | $ | 163 |
|  | December 31, 2021
|  |  |  | Fair Value
|  | Notional Amount |  | Prepaid and other current assets |  | Other assets |  | Other liabilities and accrued items |  | Other long-term liabilities
Foreign currency forward contracts - yen |  | $ | 3,907 |  |  | $ | 131 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Foreign currency forward contracts - euro |  | 28,412 |  |  | 1,102 |  |  | — |  |  | — |  |  | 8 |
Precious metal swaps |  | 6,256 |  |  | 116 |  |  | — |  |  | 24 |  |  |
Total |  | $ | 38,575 |  |  | $ | 1,349 |  |  | $ | 2 |  |  | $ | 24 |  |  | $ | 8 |
Derivative Instruments, Gain (Loss) | The following table summarizes the pre-tax amounts reclassified from accumulated other comprehensive income relating to the hedging relationship of the Company’s outstanding derivatives designated as cash flow hedges and income statement classification for years ended December 31, 2022 and 2021:
(Thousands) |  |  |  | 2022 |  | 2021
Hedging relationship |  | Line item |  |  |  |
Foreign currency forward contracts |  | Net sales |  | $ | (176) |  |  | $ | 123 |
Precious metal swaps |  | Cost of sales |  | (126) |  |  | (193) |
Interest rate swap |  | Interest expense - net |  | (250) |  |  | — |
Copper swaps |  | Cost of sales |  | — |  |  | (3,049) |
Total |  |  |  | $ | (552) |  |  | $ | (3,119) |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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