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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of September 30, 2023 and December 31, 2022, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands):
|  |  |  | Asset / (Liability) Derivatives
Derivatives designated as hedging instruments |  | Balance Sheet Caption |  | September 30, 2023 |  | December 31, 2022
Net Investment Hedges |  |  |  |  |  |
Cross-currency swaps |  | Accrued liabilities |  | $ | (6,270) |  |  | $ | — |
Cross-currency swaps |  | Other long-term liabilities |  | — |  |  | (7,090) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of September 30, 2023 and December 31, 2022, and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands):
| Amount of Income Recognized in AOCI on Derivatives (Effective Portion, net of tax) |  |  |  | Amount of Income (Loss) Reclassified from AOCI into Earnings
|  |  |  | Three months ended September 30, |  | Nine months ended September 30,
| As of September 30, 2023 |  | As of December 31, 2022 |  | Location of Income Reclassified from AOCI into Earnings (Effective Portion) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net Investment Hedges |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps | $ | 15,950 |  |  | $ | 15,320 |  |  | Other income (expense), net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives Not Designated as Hedging Instruments | The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands):
|  |  |  | Amount of Income Recognized in Earnings on Derivatives
|  |  |  | Three months ended September 30, |  | Nine months ended September 30,
|  | Location of Income Recognized in Earnings on Derivatives |  | 2023 |  | 2022 |  | 2023 |  | 2022
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other income (expense), net |  | $ | 940 |  |  | $ | 2,860 |  |  | $ | 130 |  |  | $ | 6,170 |
Fair Value Measurements, Recurring and Nonrecurring | Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 are shown below (dollars in thousands):
Description |  | Frequency |  | Asset / (Liability) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Cross-currency swaps |  | Recurring |  | $ | (6,270) |  |  | $ | — |  |  | $ | (6,270) |  |  | $ | — |
Foreign exchange contracts |  | Recurring |  | $ | (1,460) |  |  | $ | — |  |  | $ | (1,460) |  |  | $ | — |
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Cross-currency swaps |  | Recurring |  | $ | (7,090) |  |  | $ | — |  |  | $ | (7,090) |  |  | $ | — |
Foreign exchange contracts |  | Recurring |  | $ | (1,790) |  |  | $ | — |  |  | $ | (1,790) |  |  | $ | — |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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