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Fair Value Information and Derivative Financial Instruments (Tables)

12 Months Ended

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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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.

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